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BANC ONE REPORTS RECORD FOURTH QUARTER AND FULL YEAR EARNINGS

 BANC ONE REPORTS RECORD FOURTH QUARTER AND FULL YEAR EARNINGS
 COLUMBUS, Ohio, Jan. 22 /PRNewswire/ -- Banc One Corporation (NYSE: ONE) reported record 1991 earnings of $529.5 million or $3.20 per share for the full year 1991. Earnings per share grew 15.9 percent over 1990 earnings of $2.76. This represents a continuation of Banc One's record of increased earnings per share as originally reported every year since the corporation was founded in 1968. Fourth quarter earnings of $144.3 million or $.85 a share grew 25 percent over 1990 fourth quarter earnings of $.68 a share.
 John B. McCoy, chairman and chief executive officer of Banc One, indicated, "This truly has been another outstanding year for Banc One. We couldn't be more pleased with the earnings performance of our affiliates, especially considering the condition of the economy."
 The results of the fourth quarter of 1991 included the operations of Bank One, Texas, NA on a fully consolidated basis. For all prior operating periods since Jan. 1, 1990, Bank One, Texas' operations were accounted for on an equity basis. Since Banc One's acquisition of the remaining shares of Bank One, Texas, NA from the FDIC as of Oct. 1, 1991 was accounted for as a purchase, prior quarterly results were not restated.
 Banc One's provision for loan and lease losses in the fourth quarter was $154 million. Net charge-offs were $142 million. The loan loss reserve was 1.78 percent of ending loans which is the same as the third quarter of 1991, had Bank One, Texas, NA been included. Non-performing assets, including other real estate owned, totaled $588 million as of Dec. 31, 1991 and were 1.95 percent of ending loans. This reflects a decline from $612 million had Bank One, Texas, NA been included in the third quarter.
 For 1991, Banc One reported a return on average assets of 1.56 percent, the highest in its history. The return on average common shareholders' equity was 16.6 percent, marking the 16th consecutive year of achieving a return on common equity in excess of 15 percent as originally reported. At year end, Banc One's common equity was 7.7 percent of total assets, one of the strongest ratios of the industry.
 During the fourth quarter, Banc One reached agreements to affiliate with Bedford National Bank in Bedford, Ind., First Security Bank in Lexington, Ky., Jefferson Bank in Peoria, Ill. and Affiliated Bankshares headquartered in Denver. During 1991, Banc One announced affiliations of financial institutions with combined assets of more than $12 billion, which represented our most successful year ever based on that measure. In addition, approximately $570 million of new equity capital was raised during 1991.
 Banc One Corporation had assets of $46.3 billion including Bank One, Texas, NA, and total common equity of $3.5 billion as of Dec. 31, 1991. Banc One operates 53 banks with 843 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, merchant banking, trust, investment management, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 1/22/92
 /CONTACT: George R. L. Meiling, 614-248-5908 or John A. Russell, 614-248-5989, both of Banc One Corporation/
 (ONE) CO: Banc One Corporation ST: Ohio IN: FIN SU: ERN


LC -- CL007 -- 2123 01/22/92 09:36 EST
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Publication:PR Newswire
Date:Jan 22, 1992
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