MONROE, N.C. -- First Union Corp. has agreed to acquire $243 million-asset American Bancshares, the parent corporation of American Commercial Savings Bank, in a stock swap.

The agreement provides for the issuance of 0.21 1 shares of Charlotte-based First Union's common stock for each of the approximately 2.3 million shares of Monroe-based American Bancshares' common stock, subject to adjustment.

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