CHARLOTTE, N.C. -- First Union Corp. said it has received approvals from the Federal Reserve Board, Office of the Comptroller of the Currency, and Office of Thrift Supervision to acquire BancFlorida Financial Corp., a Naples-based thrift company with $1.5 billion of assets and 37 offices in southwest Florida.

The acquisition was announced on Jan. 17 and received BancFlorida shareholders' approval June 10. The expected closing date is Aug. 1.

The Florida subsidiary of First Union Corp. is the nation's 12th-largest bank, with assets of $27 billion and 485 statewide offices. The parent holding company has $72 billion of assets and ranks ninth in the country.

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