CHARLOTTE, N.C. -- First Union Corp. has completed its acquisition of First American Metro Corp., which was formerly part of First American Bankshares Inc.
First Union paid $453 million in cash, or 124% of the book value of McLean, Va.-based First American Metro. First Union, with First American's $4.6 billion in assets, grew to $71 billion in total assets. It said it will spend the next five months merging First American's computer and deposit systems into First Union's existing systems.
In December, First Union will erect new signs to replace First American signs at all 174 branches and other corporate locations.