Mellon Bank Corp. said Monday it plans to buy United Bankshares, an $830 million-asset Miami bank that caters to high-net-worth people and small businesses.

The Pittsburgh banking company declined to disclose how much it is paying for United, which is privately held. But sources put the price tag at between $350 million and $400 million in cash and stock, or 3.5 times United's book value, a sum analysts called reasonable.

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