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FIRST UNITED BANCORP ENTERS DEFINITIVE AGREEMENT WITH SUNTRUST BANKS

FIRST UNITED BANCORP ENTERS DEFINITIVE AGREEMENT WITH SUNTRUST BANKS
 FLORENCE, Ala., Sept. 30 /PRNewswire/ -- Simpson Russell, chairman and chief executive officer of First United Bancorp, Inc., the parent holding company of The First National Bank of Florence, Florence, Ala., has announced that First United and SunTrust Banks, Inc. (NYSE: STI) have entered into a definitive agreement that provides for the merger of First United into SunTrust.
 SunTrust Banks, Inc. is an Atlanta-based regional bank holding company operating in the Southeast.
 Under the plan, each share of common stock of First United would be exchanged for 0.9 shares of SunTrust common stock. A total of 1,214,586 shares of SunTrust stock would be issued in the exchange. In connection with the definitive agreement, SunTrust has been granted an option to acquire up to 19.9 percent of the outstanding stock of First United under certain circumstances.
 It is anticipated that First United Bancorp will become part of Third National Corporation, the SunTrust subsidiary based in Tennessee. Russell said: "The Tennessee company already operates banks in Lawrenceburg, Pulaski and Savannah. Under the plan, our holding company and the First National Bank of Florence will retain their corporate structure. This new partnership with Third National simply represents a natural extension and recognition of our mutual interests in this growing market area."
 First United's subsidiary, the 103-year-old First National Bank of Florence has assets of over $370 million. The transaction, which is subject to several conditions including approval by First United shareholders and regulatory authorities, is expected to require several months for completion.
 -0- 09/30/92
 CONTACT: Simpson Russell of First United Bancorp, 205-767-8400
 (STI) CO: FIRST UNITED BANCORP, INC.; SUNTRUST BANK, INC. IN: FIN SU: TNM ST: GA,AL -- AT009 -- X720 09/30/92
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Publication:PR Newswire
Date:Sep 30, 1992
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