Expanding its Florida beachhead, Union Planters Corp. of Tennessee announced an agreement to pay $412 million in cash for Republic Banking Corp. of Miami.

The $1.6 billion-asset Republic would be Union Planters' fifth Florida acquisition in 14 months. It would make the Memphis-based buyer No. 3 in the hotly competitive Miami market, after BankAmerica Corp. and First Union Corp.

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.