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BANC ONE ANNOUNCES AFFILIATION OF VALLEY NATIONAL

 COLUMBUS, Ohio, March 31 /PRNewswire/ -- Banc One Corporation, (NYSE: ONE), Columbus, Ohio, said that its acquisition of Valley National Corporation (NASDAQ: VNCP), headquartered in Phoenix, Arizona, was completed effective March 31, 1993. Valley National Corporation is now Banc One Arizona Corporation. Banc One Arizona Corporation had assets of $11.4 billion as of Dec. 31, 1992 and operates 205 offices in Arizona, 35 in Utah and seven in California.
 Terms of the agreement called for the exchange of 1.2 shares of Banc One common stock for each share of Valley National Corporation. Based on Tuesday's closing price, total value of the transaction is approximately $1.5 billion. Based on Banc One Arizona Corporation's expected first quarter 1993 earnings, the transaction will be non- dilutive to Banc One.
 John B. McCoy, chairman and chief executive officer of Banc One, said, "Valley National's superb retail and middle-market franchise makes this a unique opportunity to occupy a leading market position in a region with a bright future, and we couldn't be more pleased to have Valley National join us."
 Richard J. Lehmann, chairman and chief executive officer of Banc One Arizona Corporation, said, "We are delighted to become part of the growing Banc One family of banks across America. Affiliating with Banc One now will enable us to take advantage of expanding economies in Arizona and Utah more quickly than if we were trying to do it on our own. This partnership will permit us to continue our tradition of serving our communities and our customers in a superior fashion."
 With the addition of Banc One Arizona Corporation, Banc One Corporation now has assets of approximately $70 billion and operates 63 banks with 1,267 offices in Arizona, Colorado, Indiana, Illinois, Kentucky, Michigan, Ohio, Texas, Utah 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- 3/31/93
 /CONTACT: George R.L. Meiling, 614-248-5908, or John A. Russell, 614-248-5989, both of Banc One; or Steve Roman of Valley National, 602-221-1267/
 (ONE VNCP)


CO: Banc One Corporation; Valley National Corporation ST: Ohio, Arizona IN: FIN SU: TNM

BM -- CL006 -- 1357 03/31/93 08:57 EST
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Publication:PR Newswire
Date:Mar 31, 1993
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