News In Brief

First Union Corp., the US's sixth-largest bank, is set to buy North Carolina rival Wachovia Corp. for about $13 billion in stock, The Wall Street Journal reported. The deal would make Charlotte-based First Union No. 4 in assets, with about $331 billion. First Union has about 2,100 branches in 11 Eastern states and Washington. Wachovia, a holding company with headquarters in Winston-Salem and Atlanta, has more than 650 offices, primarily in Florida, Georgia, the Carolinas, and Virginia. The combined company will carry the Wachovia name but will be based in Charlotte.

(c) Copyright 2001. The Christian Science Monitor

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