KNOXVILLE, Tenn. -- The Bank of East Tennessee said it agreed with Union Planters Corp. to have Union Planters acquire the remaining 38% of the bank.

The Knoxville bank said it signed a nonbinding letter of intent with Memphis-based Union Planters, which currently owns 18% of the common stock of Bank of East Tennessee and previously contracted to purchase 44% more, subject to regulatory approval.

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