
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, November 2, 1994                   TAG: 9411020098
SECTION: BUSINESS                    PAGE: B-8   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Short

FIRST UNION BUYOUT OF THRIFT IS COMPLETE

First Union Corp. on Tuesday completed its acquisition of Home Federal Savings Bank of Washington, D.C.

Home Federal, with $232 million in assets and $204 million in deposits as of June 30, operated six branches in Washington and a mortgage office in Annandale. The thrift became part of First Union National Bank of Washington, D.C., which is based in Roanoke.

Under terms of the agreement announced in May, Home Federal shareholders will receive 0.4835 of a share of First Union stock for each share of Home Federal. The acquisition is worth about $25 million.

First Union, through its Washington, Virginia and Maryland banks, is the area's third-largest banking operation with $4.5 billion in deposits. The three banks operate 120 branches in the Washington area.

- Staff report

by CNB