THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Tuesday, December 6, 1994 TAG: 9412060407
SECTION: BUSINESS PAGE: D2 EDITION: FINAL
TYPE: DIGEST
LENGTH: Short : 22 lines
First Union Corp., a Charlotte-based banking company with operations in Virginia, said it agreed to acquire Florida's American Savings in a stock-swap deal valued at about $250 million. Miami-based American Savings has 29 offices in south Florida and approximately $3.5 billion is assets. It also operates eight mortgage offices in Florida and two in Chicago. American Savings had been seeking a buyer for several months. Its largest shareholder, Enstar Group, is in bankruptcy proceedings and has until June 1 to sell its stake. (Associated Press) by CNB