MIAMI -- First Union National Bank of Florida agreed to purchase First Florida Savings Bank for $9,S million in cash, or 1.4 times book value,

Miami-based First Florida, which has $97 mi11ion in assets, $80 million of depositS; and three branches, is a subsidiary of First Federal Savings of Puerto Rico. The transaction, which was announced Monday, is expected to close in next year's first quarter.

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