Union Planters Corp. announced Friday the biggest acquisition in its history, saying it had signed a definitive agreement to acquire Grenada Sunburst System Corp. of Mississippi.

Union Planters said it would pay $361 million in stock for Grenada Sunburst, the thirdlargest Mississippi-based banking company, with assets of $2.5 billion and 127 offices in Mississippi and Louisiana.

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.