Wheat First Butcher Singer Inc. is paying $350,000 to members of its corporate finance department to provide a fairness opinion in the brokerage's merger with First Union Corp.

Proxy materials filed this week with the Securities and Exchange Commission said both the Virginia-based brokerage and First Union, the nation's sixth-largest banking company, used their own staffs to advise on the merger, which was announced Aug. 20.

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.