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CENTRAL BANKING GROUP IN OKLAHOMA TO JOIN BANC ONE

 COLUMBUS, Ohio, May 20 /PRNewswire/ -- Banc One Corporation (NYSE: ONE) and Central Banking Group, Inc., a multi-bank holding company headquartered in Oklahoma City, jointly announced today that they have signed an agreement for the merger of Central Banking Group with Banc One. The announcement was made by John B. McCoy, chairman and chief executive officer of Banc One, and Russell Lawson, Central Banking Group, Inc. president and chief executive officer. Central Banking Group, Inc. operates the Friendly Bank of Oklahoma City, Central Bank of Oklahoma City and Central Financial Life Insurance Company, Inc.
 Terms of the agreement call for Central Banking Group shareholders to receive shares of Banc One stock with a market value of $27 for each Central Banking Group share, if Banc One stock is trading between $52 and $60 per share. If Banc One shares are trading at or below $52 per share, Central Banking Group shareholders will receive .51923 shares of Banc One for each Central Banking Group share. If Banc One is trading at or above $60, Central Banking Group shareholders will receive .45 shares of Banc One stock for each share of Central Banking Group stock. Central Banking Group, Inc. may terminate the agreement if Banc One is trading below $50 per share for a defined period of time prior to closing.
 McCoy said, "We are pleased to be entering the Oklahoma market with such a fine financial organization. Central Banking affiliates represent excellent consumer and middle-market financial service providers which is a Banc One strength."
 Lawson, president of Central Banking Group, Inc., said, "We are delighted to become part of the growing Banc One family of banks across America. We consider Banc One to be the premier banking organization in the country."
 Jim Daniel, secretary of Central Banking Group, Inc. and president of Friendly Bank, said, "This partnership will permit us to expand our product offering to middle market and retail customers, and to continue the tradition of serving our communities and customers in a superior fashion."
 Central Banking Group, Inc. had assets of $541 million as of March 31, 1993, and operates seven banking offices and Central Financial Life Insurance Company, Inc. in Oklahoma. As of March 31, 1993, Banc One Corporation had assets of $70 billion and now operates 78 banks with 1,340 offices in Arizona, California, Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio, Texas, Utah, West Virginia and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 5/20/93
 /CONTACT: John A. Russell of Banc One Corporation, 614-248-5989; or Russell Lawson, 405-232-5551, or Jim R. Daniel, 405-681-5521, both of Central Banking Group/
 (ONE)


CO: Banc One Corporation; Central Banking Group, Inc. ST: Ohio, Oklahoma IN: FIN SU: TNM

KL -- CL010 -- 0736 05/20/93 11:36 EDT
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Publication:PR Newswire
Date:May 20, 1993
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