CHARLOTTE, N.C. -- First Union Corp. completed the acquisition of American Bancshares, the parent of American Commercial Savings Bank Inc., in a stock transaction valued at about $22.7 million.

American Bancshares had assets of $215.9 million as of March 31, according to a First Union press release.

As was previously reported, the acquisition agreement of Nov. 17, 1993, called for the issuance of 0.211 First Union common shares for each of American Bancshares' 2.3 million common shares.

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