Union Planters Corp. of Memphis said it plans to buy Jefferson Savings Bancorp of Ballwin, Mo., for $140 million in stock, continuing its march into Missouri and Texas.

The deal, announced late Wednesday, is in keeping with Union Planters' strategy of acquiring smaller companies to fill in its core territory. Talks between the companies were initiated by Benjamin W. Rawlins Jr., chief executive officer of Union Planters who died last week.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.