Southern National Corp. announced an agreement Monday to acquire United Carolina Bancshares in a pricey transaction that would make it the largest in North Carolina deposits.

For $985 million in stock, or 2.85 times book value, Southern National's Branch Banking & Trust Co. would vault past First Union Corp.'s First Union National Bank to become No. 1 in the state that is also home to NationsBank Corp. and Wachovia Corp.

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