COLUMBUS, Ohio, April 24 /PRNewswire/ -- BANC ONE CORPORATION, Columbus,
Ohio (NYSE: ONE) confirmed that it has reviewed the earnings restatement
reported earlier today by First USA, Inc. (NYSE: FUS), its announced merger
partner.  BANC ONE has, after this review, confirmed that the fact of such
restatement shall not serve as a basis for terminating the transaction.  The
restatement reflected the adoption of two accounting policies made in
anticipation of the merger.  The accounting changes have no impact on net
income previously reported by First USA for fiscal years 1995 and 1996, though
net income for fiscal 1994 increased $48 million.
    One accounting change conformed the accounting treatment of marketing
expense of First USA to the practice of BANC ONE.  Specifically, First USA
amortized marketing expense over a 12 month period, whereas BANC ONE reported
marketing expense in the period incurred.
    The second accounting change was required to effect the historic adoption
of recording gains on securitizations of credit card receivables prior to
January 1, 1997.  As a result of this action, a new asset in the amount of
$271 million appears on the restated First USA balance sheet as of December
31, 1996.  This asset will be fully reduced over calendar year 1997 and will
not affect 1998.  For the three months ended March 31, 1997, this reduction of
the new asset adversely impacted First USA's reported earnings by $53 million,
and will reduce earnings by a total of $176 million for the twelve months
ending December 31, 1997.  The amortization of this accounting entry will not
affect cash earnings per share of either First USA or BANC ONE and will have
no adverse effect upon capital.
    John B. McCoy, Chairman and Chief Executive Officer of BANC ONE
CORPORATION, said, "We remain extremely pleased with the operating trends and
business prospects of First USA.  We fully anticipate First USA will meet or
exceed the earnings projections made at the time the acquisition was
announced, excluding the effect of the second accounting change.  Further, we
have every confidence that 1998 reported earnings will meet our earlier
projections and expect the merger will close by the end of the second
quarter."
    BANC ONE CORPORATION had assets of $101.6 billion and common equity of
$8.2 billion at March 31, 1997.  BANC ONE now operates 1,502 offices in
Arizona, Colorado, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma,
Texas, Utah, West Virginia and Wisconsin.  BANC ONE also owns several
additional corporations that engage in credit card and merchant processing,
consumer finance, mortgage banking, insurance, venture capital, investment and
merchant banking, trust, brokerage, investment management, equipment leasing
and data processing.
    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(TM) at http://www.investquest.com or Fax-on-demand:
614-844-3860.

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