First Union Corp.'s deal for Everen Capital Corp. would give it a stake in a securities clearing operation that is majority-owned by another banking company.

BNY Clearing Services LLC was created in November when Bank of New York bought 80% of Everen Capital's clearing subsidiary.

BNY Clearing does correspondent clearing of securities trades for broker-dealers that are too small to clear on their own.

First Union's two brokerage divisions, Wheat First Union and First Union Brokerage Services, clear trades through another unit of the Charlotte, N.C., banking company, First Clearing Corp.

First Union announced last week that it would buy Chicago-based Everen Capital for about $1.1 billion.

Everen's 20% stake in BNY Clearing would shift to First Union, according to spokespeople for both banking companies. Bank of New York and Everen have a five-year contract, a First Union spokeswoman said.

"That 20% interest is among those situations that will be reviewed between now and the closing" of the deal in September, she said. "No decision has been made."

"No one sees any major changes," a Bank of New York spokesman said.

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