GREENWOOD, S.C. - United Financial Corporation of South Carolina said its pending acquisition by First Union Corp. has been approved by federal banking regulators.

The transaction remains subject to approval by United Financial shareholders and other conditions of closing.

United Financial said it expects the merger to be completed in the third quarter of this year.

United Financial is a savings and loan holding company consisting of two subsidiaries: United Savings Bank of Greenwood, S.C., and Home Federal Savings Bank of Rock Hill, S.C.

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