PARIS, Tenn. -- Union Planters Corp. said it will acquire Liberty Bancshares Inc. in a stock swap valued at $34 million.

Union Planters will give Liberty shareholders about $50 in Union Planters common stock for each Liberty share held.

Liberty Bancshares said its Liberty Federal Savings Bank unit in Tennessee will continue to operate as a separate federally chartered savings bank after the merger.

Completion of the merger, expected by early in the second quarter, is subject to regulatory and Liberty shareholder approval.

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