Leaner, Wiser Union Planters Back on Acquisition Trail
Union Planters Corp. returned to the mergers and acquisitions arena in June with the announcement of a deal to acquire Fidelity Bancshares Inc., a $1 billion-asset thrift in Nashville. The deal signals not only the Tennessee banking company's renewed focus on expansion, but also the emergence of a leaner, wiser Union Planters.
Memphis-based Union Planters, with $3.8 billion in assets, was an active player in 1989, announcing six acquisitions with a combined value of about $82.1 million between March and October of that year. Although two of the proposed deals were subsequently terminated, the four remaining transactions allowed Union Planters to attain further geographic diversity by entering markets in Alabama and Arkansas and expanding its franchises in Tennessee and Mississippi.