NASHVILLE - First American Corp. has completed its previously announced acquisition of Charter Federal Savings Bank in Bristol, Va.
The $740 million-asset Charter Federal has 27 offices in Tennessee and Virginia.
First American said it issued 1.7 million shares, valued at a total of about $77 million, to effect the tax-free exchange at $15.10 per Charter share. About 80% of the 1.7 million had been repurchased as of Dec. 1 in open market transactions.
Another recent acquisition by the $7.8 billion-asset First American - Heritage Federal Bancshares - boosted its market share in the same East Tennessee-Virginia region where Charter was based.