COLUMBUS, Ohio, Jan. 20 /PRNewswire/ -- John B. McCoy, Chairman and Chief
Executive Officer of BANC ONE, announced that the Corporation's Board of
Directors approved a 10 percent stock dividend payable on February 26, 1998 to
shareholders of record as of February 12, 1998. This represents the fifteenth
10 percent stock dividend declared since 1968.
The current cash dividend of $.38 per share will continue to be paid on
existing and new shares which represents an effective increase in the cash
dividend of 10 percent. Over the last decade, BANC ONE's cash dividend has
been increased on 12 occasions and has grown at an annual compounded rate of
13 percent.
The cash dividend of $.38 cents per share will be paid March 31, 1998 to
shareholders of record on March 13, 1998.
McCoy indicated, "This truly has been another solid year for BANC ONE. We
couldn't be more pleased with the earnings performance throughout the company.
The stock and dividend increase represents our confidence in our prospects and
continued intention of rewarding our shareholders as increasing earnings
warrant."
The Corporation's Board of Directors also declared a cash dividend of
$.875 per share on shares of BANC ONE's Series C Cumulative Convertible
Preferred stock. This dividend is payable on March 31, 1998 to shareholders
of record as of March 13, 1998.
The Corporation's Board of Directors also announced the election to redeem
all of the shares of BANC ONE's Series C Cumulative Convertible Preferred
stock on April 16, 1998 (the "Redemption Date") at the redemption price of
$51.05 per share plus the amount of any dividends accrued and unpaid thereon
to the Redemption Date.
BANC ONE CORPORATION (NYSE: ONE) had managed total assets of
$147.0 billion, total assets of $115.9 billion, and common equity of
$10.2 billion at December 31, 1997. BANC ONE operates over 1,200 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 CORPORATION
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Related links:
http://www.bankone.com
CONTACT:
Jay S. Gould, 614-248-0189, or John A.
Russell, 614-248-5989, both of Banc One
CNOC: http://www.prnewswire.com or fax, 800-758-5804, ext.
084675
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