CHARLOTTE, N.C. -- First Union Corp. said it does not intend to acquire any of the former bank subsidiaries of First City Bancorporations of Texas.

First City's bank units were seized by the federal government on Oct. 30 after the Comptroller of the Currency and the Texas banking commissioner declared First City's largest banks insolvent.

A group of bondholders of First City filed a petition Tuesday that forced the Houston bank holding company into involuntary reorganization proceedings.

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.