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.

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