Bank One Finances Community Action Project of Tulsa County Head Start Facilities.

Business Editors

TULSA, Okla.--(BUSINESS WIRE)--Aug. 24, 2000

Bank One, Oklahoma (NYSE:ONE), the Community Action Project of Tulsa County (CAPTC), Tulsa Public Schools (TPS) and the Tulsa Industrial Authority (TIA) today announced the culmination of their partnership that has created two new Head Start centers in North and East Tulsa.

Through $3.5 million in financing from Bank One and the TIA, CAPTC has transformed two abandoned elementary schools into neighborhood Head Start and First Start megacenters, said Steven Dow, Executive Director of CAPTC. The schools are Frost Elementary School in North Tulsa and Reed Elementary School in East Tulsa.

Each school will serve approximately 200 children and families a day through the Head Start and First Start programs, Dow said.

"The renovation of the Frost and Reed schools is an example of a terrific community collaboration and partnership among Tulsa Public Schools, Community Action Project, Bank One and the Tulsa Industrial Authority," Dow said. "The renovations represent a unified effort to help reinvigorate the neighborhoods and provide a sustained community commitment to children."

Bank One and the TIA financed the renovations to Frost and Reed schools through issuance of approximately $3.5 million in tax exempt revenue bonds, said Bank One, Oklahoma Chairman Ed Keller.

"We are proud to play a key role in making the dream of full-day comprehensive early childhood educational programs a reality for these underserved areas of Tulsa," Keller said. "This is a great day for Tulsa children, because we are confident they will flourish through the enriched early childhood education programs that will be offered at these facilities."

Dow said CAPTC and TPS entered into a long-term agreement so that half of each school will be devoted to early childhod education through the Head Start and First Start programs for at least 15 years.

By partnering together, CAPTC and TPS will provide an easy transition from pre-school to kindergarten, said Dr. Brad Schoeppey, executive director of elementary/early childhood education for Tulsa Public Schools.

"The reopening of Frost and Reed is the culmination of two years of collaboration between Tulsa Public Schools and Community Action Project of Tulsa," Schoeppey said. "It has been a common goal for both groups for the children of Tulsa to receive a world class education, and this project is just one more step in helping our students reach that goal. It is very exciting to see what we can accomplish when we work together."

Bank One, CAPTC and TPS announced the program today at a dedication ceremony held at Reed and Frost Elementary Schools. A number of Tulsa-area civic leaders participated in the ceremony.

Bank One, Oklahoma is a subsidiary of Chicago-based BANK ONE CORPORATION (NYSE:ONE), the nation's fourth-largest bank holding company with assets of more than $272 billion. Bank One offers a full range of financial services to commercial and business customers and consumers. It is the second-largest domestic VISA/Mastercard issuer, the third-largest bank lender to small businesses, a leading national automotive lender and one of the top 25 managers of mutual funds. A leader in the retail market, Bank One operates more than 1,800 banking centers and a nationwide network of ATMs. In addition, it is a major commercial bank in the United States and in select international markets. It can be found on the internet at www.bankone.com.