COLUMBUS, Ohio, June 12 /PRNewswire/ -- BANC ONE CORPORATION (NYSE: ONE)
announced today that it has completed the acquisition of First Commerce
Corporation, a multi-bank holding company headquartered in New Orleans,
Louisiana (Nasdaq: FCOM).
Terms of the agreement call for First Commerce Corporation shareholders to
receive 1.408 shares of BANC ONE stock for each share of First Commerce. The
value of the transaction is approximately $3.5 billion based on BANC ONE's
closing share price on Thursday, June 11, 1998.
John B. McCoy, Chairman and Chief Executive Officer of BANC ONE, said,
"This is an important affiliation for us in that our stated objective is to be
one of the top three banks in the markets we serve. BANC ONE currently
operates Bank One, Louisiana which has assets of approximately $5.5 billion.
Combined, these two affiliates will become the largest bank in Louisiana as
well as the largest in five of the top six markets in the state."
Ian Arnof, President and Chief Executive Officer of First Commerce
Corporation, said, "We are very pleased to be joining BANC ONE which has
demonstrated an exceptional ability to dramatically improve operating
performance of its affiliates. This association will permit us to play an
even more significant role in the future growth of Louisiana."
First Commerce Corporation had assets of approximately $9.4 billion as
of March 31, 1998 and operates 144 banking offices throughout Louisiana.
BANC ONE CORPORATION had managed total assets of $146.7 billion, total
assets of $116.3 billion, and common equity of $10.4 billion at March 31,
1998. BANC ONE operates over 1,300 banking centers in 12 states. BANC ONE
also owns several additional corporations that engage in a full range of
financial services. Information about BANC ONE's financial results and its
products and services can be accessed on the Internet at:
http://www.bankone.com; through InvestQuest at:
http://www.investquest.com; or through Fax-on-demand at: 614-844-3860.
SOURCE BANC ONE
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Related links:
http://www.investquest.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 084675
CONTACT:
John A. Russell of BANC ONE, 614-248-5989; or
Chris Spencer of First Commerce, 214-290-2780
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