BANC ONE TO ACQUIRE FIRST SOUTHEAST BANKING CORP.
BANC ONE TO ACQUIRE FIRST SOUTHEAST BANKING CORP. COLUMBUS, Ohio, Feb. 6 /PRNewswire/ -- Banc One Corporation
(NYSE: ONE) and First Southeast Banking Corp., Lake Geneva, Wis., jointly announced today that they have signed a definitive agreement for affiliation of First Southeast with Banc One. The announcement was made by John B. McCoy, chairman of Banc One Corporation, and David A. Straz, Jr., president and principle shareholder of First Southeast Banking Corp. First Southeast will be associated with Banc One Wisconsin Corporation.
Terms of the agreement call for the exchange of Banc One common stock for shares of First Southeast Banking Corp. The transaction, valued at $51.4 million, is expected to be completed during the third quarter of 1992, and is subject to shareholder and regulatory approval. "We are enthusiastic about the association with Banc One which is one of the best banks in the country," stated Straz. "Both our customers and employees will benefit from this new affiliation and I am pleased to be associated with this premier banking group," he added. "The acquisition of First Southeast will expand our service area in Wisconsin and enable us to conveniently serve more customers," stated Frederick L. Cullen, chairman of Banc One Wisconsin Corporation. "The market area served by First Southeast will significantly extend our presence in Southeastern Wisconsin." Straz will continue in his daily management capacity of First Southeast's banks during the transition and will be chairman of the board of the banks after the association is completed. He will also become a director of Bank One, Wisconsin, NA, the $2.6 billion flagship bank of Banc One Wisconsin Corporation. "David Straz has built an excellent banking franchise in Southeastern Wisconsin over the last 24 years with a strong history of quality service and talented employees," Cullen continuted. "We plan to build upon the banks' strength and success." First Southeast has two banks with 23 offices located in Kenosha, Racine, Walworth and Milwaukee counties with assets of $450 million. Banc One Wisconsin Corporation is the third largest bank holding company in Wisconsin with 89 banking offices. Banc One Corporation which has assets of $46.3 billion including Bank One, Texas and total equity of $3.5 billion as of Dec. 31, 1991. Banc One Corporation operates 53 banks with 843 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, merchant banking, trust, investment management, brokerage, equipment leasing, mortgage banking, consumer finance and insurance. -0- 2/6/92 /CONTACT: Kelly Skindzelewski of First Southeast Banking Corp., 414-765-2566, or John A. Russell, of Banc One Corporation, 614-248-5989/ (ONE) CO: Banc One Corporation; First Southeast Banking Corp. ST: Ohio; Wisconsin IN: FIN SU: TNM
LC -- CL030 -- 7956 02/06/92 17:42 EST
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|Date:||Feb 6, 1992|
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