Magna Group chief executive G. Thomas Andes is to realize a tremendous windfall by selling his bank to Union Planters Corp., including severance pay totaling $3.4 million.

Mr. Andes is to get options on Union Planters shares and restricted shares worth more than $9 million at current prices, according to a regulatory filing. The options would vest over three years, or immediately if Mr. Andes decides to leave the Memphis banking company.

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