Union Planters Corporation Acquires Eastern National Bank in Strategic Expansion

Strategic Insights -

Union Planters Corporation, a $9.7 billion multi-bank holding company, has announced the acquisition of Eastern National Bank, a Miami-based commercial bank with over $250 million in total assets. The merger, subject to regulatory approval, is expected to be complete by the end of the third quarter of 1995. Eastern National Bank will retain its leadership role and continue to serve the Dade County area, now operating under the name Union Planters Bank of Florida.

Key Takeaways:

  • Union Planters Corporation, a $9.7 billion multi-bank holding company, has acquired Eastern National Bank, a Miami-based commercial bank with over $250 million in total assets.
  • The merger is subject to regulatory approval and is expected to be complete by the end of the third quarter of 1995.
  • Eastern National Bank will retain its leadership role and continue to serve the Dade County area, now operating under the name Union Planters Bank of Florida.
  • Eastern National Bank brings expertise in trade finance, an area that Union Planters has been studying for almost three years.
  • The acquisition will leverage Eastern National Bank's trade finance expertise throughout Union Planters' Southeastern base, which blends the traditions of agriculture with the sophistication of manufacturing.
  • The merger aims to provide expertise in trade finance issues to existing exporters as well as to manufacturers who have been considering taking their products globally.
  • Union Planters' relationship with Eastern National Bank is designed to help existing customers expand into the global marketplace.

Statistics:

  • Union Planters Corporation's total assets: $9.7 billion
  • Eastern National Bank's total assets: over $250 million
  • Number of Union Planters locations: 375
  • Number of Eastern National Bank offices: 5
  • Assets in Southeastern states (Union Planters): N/A (information not provided)

Sources:

  • Union Planters Corporation (NYSE:UPC) ("Union Planters Corporation Acquires Eastern National Bank in Strategic Expansion", May 25, 1995)
  • Eastern National Bank ("Eastern National Bank to Merge with Union Planters Corporation", May 25, 1995)
  • Business Wire ("Union Planters Corporation Acquires Eastern National Bank", May 25, 1995)