FIRST UNION <FUNC> TO BUY FLORIDA BANK First Union Corp said it has agreed to acquire First State Bancshares Inc of Pensacola, Fla., and its First State Bank of Pensacola subsidiary for about 457,000 common shares. First State has assets of about 110 mln dlrs. The acquisition, expected to be treated as a pooling of interests, is expected to be completed in the third quarter of 1987 subject to approval by regulatory agencies and First State shareholders.