UPC To Buy Southeast Bancorp

Union Planters Corp., Memphis, has signed a definitive agreement to acquire Southeast Bancorp, Corbin, Ky., the companies have announced.Under the agreement, shareholders of Southeast would receive 11.87 shares of UPC common stock for each share of Southeast common stock in a tax-free exchange. The transaction would be valued at approximately $65 million and is expected to be accounted for as a pooling of interests. UPC is the parent company of Union Planters Mortgage, Cordova, Tenn., which ranked 87th in retail originations in the first quarter, according to the Database Products Group, a MortgageWire affiliate. Southeast is the parent of First National Bank & Trust Co., Corbin, Ky., and First Bank of East Tennessee NA. UPC's website address is http://www.unionplanters.com.