Union Planters Corp. announced plans Wednesday to acquire Merchants Bancshares, Houston, for $124 million in stock, or about 16.5 times Merchants' 1997 earnings.

Merchants has about $550 million of assets and 14 branches in three Texas counties. The acquisition is expected to close in the second quarter.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.