FIRST Union Corp. is negotiating to acquire Dominion Bankshares Corp., parent of Virginia's third-largest bank, according to sources.

First Union, based in Charlotte, N.C., issued a statement on Thursday sying it is in merger discussions with an unidentified partner. So did Roanoke-based Dominion.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.