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BANC ONE COMPLETES AFFILIATION OF CENTRAL BANKING GROUP IN OKLAHOMA

 COLUMBUS, Ohio, Dec. 31 /PRNewswire/ -- Banc One Corporation (NYSE: ONE), Columbus, Ohio, said that its acquisition of Central Banking Group, Inc., a multi-bank holding company headquartered in Oklahoma City, will be completed effective today. Central Banking Group, Inc. will become Banc One Oklahoma Corporation. The announcement was made by John B. McCoy, chairman and chief executive officer of Banc One, and Russell Lawson, Central Banking Group, Inc. chairman 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 Central Banking Group, Inc. agreement called for the exchange of .64904 shares of Banc One common stock for each share of Central Banking Group, or a total value of approximately $96 million. Lawson said, "Even though Banc One is trading below the termination option price, our shareholders believe the stock has significant value and excellent future growth prospects."
 McCoy said, "We are pleased with the confidence shown by the Central Banking Group shareholders. Central Banking Group is an excellent consumer and middle-market financial service provider which is a Banc One strength."
 Central Banking Group, Inc. had assets of $533 million as of Sept. 30, 1993, and operates eight banking offices and Central Financial Life Insurance Company, Inc. in Oklahoma.
 Banc One Corporation had assets of $76.5 billion as of Sept. 30, 1993, and common equity of $6.5 billion. Banc One operates 80 banks with 1,327 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- 12/31/93
 /CONTACT: Russell Lawson of Central Banking Group, 405-232-5551, or John A. Russell, of Banc One, 614-248-5989/
 (ONE)


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

KL-CM -- CL002 -- 8281 12/31/93 09:53 EST
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Publication:PR Newswire
Date:Dec 31, 1993
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