In Brief: Union Planters Nears Deal for Capital Bancorp

Union Planters Corp., Memphis, seemed to be closing in Friday on a deal for Capital Bancorp, sources said. Lawyers from the firm of Alston & Bird were finalizing arrangements for Union Planters to buy the controversial Miami banking company, these sources said. A deal could be announced as early as Monday. The purchase price could not be determined at press time. Capital announced last week that it was in talks with possible buyers. (See related story, page 10.) The deal would be something of a coup for Union Planters. It had been expected that Barnett Banks Inc. would buy Capital, which is under pressure from regulators to sell.