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Alabama's Regions Financial to Merge with Union Planters in $6 Billion Deal.

By Michael E. Kanell, The Atlanta Journal-Constitution Knight Ridder/Tribune Business News

Jan. 24--Birmingham-based Regions Financial Corp. has forged a $6 billion compact to acquire Memphis-based Union Planters Corp., the latest in a recent string of planned bank consolidations.

Described by the companies as a merger of equals, the deal would create the Southeast's fourth-largest bank in terms of assets.

It is to be known as Regions Financial Corp., but the deal appears to split power while keeping a presence in the home city of each company

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