First Security Corp. has agreed to buy $122 million- asset Xeon Financial Corp., Stateline, Nev., for approximately $32 million. The price represents 291% of Xeon Financial's book value.

The deal, announced last week and slated to close in the second quarter, would expand the Salt Lake City-based banking company's Nevada operations north and boost its presence in the state by four branches, to 18. The $20 billion-asset bank would increase its deposits in Nevada by $109 million, to roughly $981 million.

Xeon, the parent of Nevada Banking Co., operates three full-service branches and a loan production office in the Lake Tahoe area.

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