Venturing into Missouri for the first time, Union Planters Corp. said Tuesday that it had reached a definitive agreement to acquire Capital Bancorp. of Cape Girardeau, which has $982 million of assets.

Union Planters, based in Memphis, said it agreed to pay $114 million in stock, or 1.56 times Capital's book value of $20.50 a share.

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.