CHARLOTTE, N.C. - First Union Corp. said it completed its acquisition of Meritor Savings last Thursday. The cash purchase price was $46 million, or 72% of book value.
Meritor, a Winter Haven, Fla.-based affiliate of Meritor Savings Bank of Philadelphia, had $1.2 billion in assets.
Byron E. Hodnett, chairman and chief executive of First Union National Bank of Florida, said Meritor's 29 central Florida branches would strengthen the company in five counties that are among the state's 10 fastest-growing.
Fifteen other Meritor branches in the Washington, D.C., area will augment First Union's pending acquisition of Virginia-based Dominion Bankshares Corp.