First Union Corp. of Charlotte, N.C., will pay approximately $1.1 billion in stock to purchase EVEREN Capital Corp. of Chicago, the companies announced last week. First Union said the merger will give it national retail distribution.

EVEREN, with approximately 1,800 registered representatives, has its highest concentration of offices in Illinois, California, Wisconsin, Ohio, Texas and Colorado. First Union's broker/dealer operations primarily are in the eastern half of the U.S. Executives expect the transaction to close by Sept. 30.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.