ANNANDALE, Va. - The shareholders of Ameribanc Investors Group approved an agreement to merge it with First Union Corp., Ameribanc said.

Ameribanc Investors is the parent company of Ameribanc Savings Bank, a $1.1 billion-asset thrift headquartered in Annandale, Va. The savings bank operates 28 branches in Northern Virginia, Hampton Roads, and Charlottesville.

Ameribanc shareholders will receive $3 per outstanding share. The transaction is expected to close April 1.

Earlier this month, the Office of the Comptroller of the Currency also approved the merger.

The Office of Thrift Supervision has indicated that it has no supervisory objection to merger, Ameribanc said. Fed approval is pending.

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