	first granite fgbi agrees to be uired first granite bancorp inc said it agreed in principle to become a wholly owned subsidiary of magna group inc magi under terms of the agreement first granite shareholders will receive shares of magna for each first granite share held first granite shareholders will be asked to approve the tranaction in late summer first granite which has shares outstanding as of dec had assets of mln dlrs it owns first granite city national bank and colonial bank of granite city ill magna groups as of dec had assets of billion dlrs it owns banks a data services company a mortgage company and a trust company serving st louis as well as springfield centralia and decatur ill reuter 
