COLUMBUS, Ohio, Oct. 20 /PRNewsire/ -- BANC ONE CORPORATION (NYSE: ONE)
and First Commerce Corporation (Nasdaq: FCOM), a multi-bank holding company
headquartered in New Orleans, Louisiana jointly announced today that they have
signed a definitive agreement for the merger of First Commerce with BANC ONE
CORPORATION. The announcement was made by John B. McCoy, Chairman and Chief
Executive Officer of BANC ONE, and Ian Arnof, President and Chief Executive
Officer of First Commerce Corporation.
Terms of the agreement call for First Commerce Corporation shareholders
to receive 1.28 shares of BANC ONE stock for each share of First Commerce.
The value of the transaction is approximately $3 Billion based on BANC ONE's
closing share price on Friday, October 17, 1997.
McCoy 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."
Arnof said, "We are very pleased to be joining BANC ONE. The combination
of our Louisiana franchises creates a very strong organization and certainly
makes sense in light of the consolidation taking place in our industry today.
This association will permit us to play an even more significant role in the
strong economic growth we are experiencing in Louisiana." It is anticipated
that First Commerce will join with Bank One, Louisiana at the end of the first
quarter of 1998.
First Commerce had assets of approximately $9.3 billion at the end of
the third quarter 1997 and operates six Louisiana banks in Alexandria Baton
Rouge, Lafayette, Lake Charles, Monroe and New Orleans.
BANC ONE CORPORATION had managed total assets of $140.7 billion and common
equity of $9.7 billion at June 30, 1997. BANC ONE currently operates more than
1,200 offices 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 and through InvestQuest at
http://www.investquest.com or Fax-on-demand: 614-844-3860.
SOURCE Banc One Corporation
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CONTACT:
Analysts, Holly Hobson 504-623-2917, or
Media, Ed Marshall, 504-623-1872, both of First Commerce; or John
A. Russell of Banc One, 614-248-5989
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