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Southern bank deal: First American Corp. is buying Deposit Guaranty Corp. in a $2.7 billion stock swap to combine two Southern-based banks that have operations in 11 states stretching from Texas and Nebraska to Virginia. The deal would create a financial institution with assets of $17.4 billion, making it the nation’s 42nd largest bank. Deposit Guaranty, based in Jackson, Miss., has been looking for a buyer. First American is based in Nashville.
