CONCORD, N.C. - First Charter Corp. has agreed to buy four of First Union National Bank's branches in western North Carolina.
Lawrence M. Kimbrough, president and chief executive officer of $2.8 billion-asset First Charter, said he approached First Union Corp. this year after the Charlotte giant said it would sell some branches in the Carolinas and Georgia.
First Charter said it would purchase the leases for these branches and assume a total of $107 million of deposits and $12 million of loans. Mr. Kimbrough said he expects the branch conversion to be completed by the fourth quarter.
The price of the deal, which was announced Tuesday, was not disclosed. First Charter has been expanding in western North Carolina. Earlier this year it bought Carolina First Bancshares, of Lincolnton.