MOODY'S PLACES RATINGS OF UNION PLANTERS CORPORATION ON REVIEW FOR POSSIBLE UPGRADE
New York, 03-12-96 -- Moody's Investors Service placed under review for possible upgrade the long-term ratings of Union Planters National Bank and its parent company, Union Planters Corporation. This action follows the announcement of the agreed merger of Leader Financial Corporation with Union Planters Corporation through a pooling transaction by which Leader Financial shares would be exchanged for Union Planters shares. The in-market merger of Union Planters and Leader Financial will create the largest bank holding company in Tennessee with combined assets of approximately $15 billion. The review will examine the potential enhancement of Union Planters' existing franchise and efficiencies which may be generated in the cost structure of the combined entity.
The following ratings were placed on review for possible upgrade:
Union Planters Corporation--Baa3 for subordinated debt.
Union Planters National Bank--the ratings of the bank for its long- and short-term deposits and other senior obligations of A3/Prime-2 and its bank financial strength rating of C.
Union Planters National Bank reported assets of $2.2 billion as of September 30, 1995, and is the lead bank of Union Planters Corporation, headquartered in Memphis, with total assets of $11.3 billion as of December 31, 1995. Leader Financial Corporation is a Memphis-based thrift with total assets of $3.1 billion as of December 31, 1995.
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