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Union Planters sows deal
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August 13, 1997: 12:28 p.m. ET
UPC will acquire south Florida's Capital Bancorp in $358M stock deal
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NEW YORK (CNNfn) - Union Planters Corp. said Wednesday it had signed a definitive agreement to acquire Capital Bancorp in a stock swap worth approximately $358 million.
Holding company Union Planters will add the Miami-based Capital Bancorp's $1.9 billion in assets to the $15 billion in bank assets it already holds.
UPC will exchange 0.85 shares of its own stock for each share of Capital Bancorp. Based on Union Planters' (UPC) Tuesday closing price of 50-7/16, Capital Bancorp will get about $43 in UPC shares for each share of its outstanding stock (CBCP).
Capital Bancorp said it has been shopping around for a merger partner. "This strategic merger should put to rest the uncertainty that has surrounded Capital for the past few years and will allow our shareholders to participate in the growth potential of Union Planters," said Capital Bancorp CEO Daniel M. Holtz.
The Memphis, Tennessee-based Union Planters, operates banking offices chiefly in the South, including Mississippi, Alabama, Louisiana and Kentucky.
For its part, Capital Bancorp, which is the parent of Capital Bank, has 28 bank offices in south Florida with about $1.2 billion in deposits. It also owns approximately 81 percent of Capital Factors Holding, Inc., which offers specialized financial services.
-- Randy Schultz
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Union Planters
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