First Union maintains the purchase price covers the branch's real estate and not the branch's assets and deposits which are not being sold. First Citizens declined comment. First Citizens rents space for a SouthPark branch of its own at 6201 Fairview Road, not far from the building it has bought. The bank has 20 branches in Charlotte and owns several of the properties, including its main branch at 128 South Tryon Street.

Earlier in the year, First Union sold several branches and their accounts and loans as part of a cost-cutting program. At that time, a few small branches in western North Carolina were sold to First Citizens. None were sold in Charlotte.

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