First Union Corp. said its lead bank has agreed to sell its Lillington, N.C., branch to First Bancorp of Troy for an undisclosed sum.

The branch has $26.8 million of deposits.

First Union said its strategy is to concentrate resources in larger markets that have more growth potential.

First Bancorp, which has about $345 million of assets, is using the branch purchase as an entry into Lillington. Its First Bank operates 33 branches in a 12-county area.

The sale is expected to be completed in the fourth quarter.

No. 6-ranked First Union has $140 billion of assets.

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