Printer Friendly

BANC ONE ANNOUNCES AFFILIATION OF TEAM BANK

 COLUMBUS, Ohio, Nov. 30 ~PRNewswire~ -- Banc One Corporation (NYSE: ONE) said that its acquisition of Team Bancshares, Inc. of Dallas, was completed effective Nov. 30, 1992.
 Terms of the agreement called for each Team Bancshares' common stock share to be exchanged for 1.6962 shares of Banc One common stock, giving the transaction a total value of approximately $725 million.
 The acquisition of Team Bancshares will strengthen a number of markets already served by Bank One, Texas. Harvey R. Mitchell, chairman of Bank One, Texas, said, "This is another milestone for Bank One, Texas. Bringing together the financial strengths and people of both banks gives us the opportunity not only to maintain our position as one of the best banks in the state but also sets the tone for the revival of te? banking industry in Texas." With the addition of Team Bank's 60 locations, Bank One, Texas now ranks first in the number of branches in Austin and the Dallas~Fort Worth area, and has more than 50 offices in Houston. In addition, Bank One, Texas is the second largest bank in the state with approximately $19 billion in assets and about 200 branches.
 Ronald Steinhart, president and chief operating officer of Bank One, Texas, said, "This transaction is significant in that it is the first major in-market affiliation for Banc One. Team Bank strengthens our presence in Texas where it has the characteristics Bank One has traditionally favored, including being a retail and middle-market lending organization." Steinhart was chairman and chief executive officer of Team Bancshares Inc. before affiliation with Banc One.
 Banc One Corporation had assets of $51.2 billion as of Sept. 30, 1992, and total equity of $4.5 billion. Banc One operates 62 banks with 1,008 offices in Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio, Texas and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 11~30~92
 ~CONTACT: Saundra Dunn of Bank One, Texas, 214-290-7975, or John Russell of Banc One, 614-248-5989~
 (ONE)


CO: Banc One Corporation ST: Ohio IN: FIN SU:

LC -- CL010 -- 2081 11~30~92 16:52 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 30, 1992
Words:371
Previous Article:LOWE'S ANNOUNCES NOVEMBER SALES
Next Article:BOSSERT AND NORTON SETTLE LITIGATION
Topics:


Related Articles
JEFFERSON BANCORP TO AFFILIATE WITH BANC ONE CORPORATION
TEAM BANK TO JOIN BANC ONE CORPORATION
KEY CENTURION TO JOIN BANC ONE
FIRST SECURITY CORPORATION OF KENTUCKY JOINS BANC ONE CORPORATION
JEFFERSON BANCORP, INC. AFFILIATES WITH BANC ONE CORPORATION
AFFILIATED OF COLORADO JOINS BANC ONE CORPORATION
BANC ONE TO ACQUIRE FIRST FINANCIAL ASSOCIATES IN KENOSHA
CAPITAL BANCORP IN UTAH TO JOIN BANC ONE
LIBERTY NATIONAL BANCORP TO JOIN BANC ONE
BANK ONE, TEXAS, NA PLANS TO ACQUIRE 1ST-BANK

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters