Union Planters Corp. said Thursday that it has a deal to acquire CB&T Inc. of McMinnville, Tenn., for $95 million in stock.

The price equals 2.67 times CB&T's book value, Union Planters said.

CB&T has $268 million of assets and six offices in central Tennessee. The acquisition is expected to be completed by the end of the second quarter.

The agreement calls for Union Planters to exchange 5.488 shares of its common stock for each common share of CB&T in a tax-free exchange. The deal will be accounted for as a pooling of interests.

Union Planters, which has about $18.5 billion of assets, operates in eight states and has about 513 branches.

The CB&T deal is one of seven acquisitions, totaling $2.4 billion of assets, that Union Planters currently has pending.

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