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COMPONENT CHANGE ANNOUNCED IN THE PHLX/KBW BANK INDEX

 PHILADELPHIA, Dec. 16 /PRNewswire/ -- The Philadelphia Stock Exchange (PHLX) announced today that there will be one component change in the underlying issues comprising the Philadelphia Stock Exchange/Keefe, Bruyette & Woods, Inc. Bank Index (PHLX/KBW).
 Beginning Jan. 4, 1993, Valley National Corporation (VNCP), which is being acquired by Banc One Corp., will be replaced in the PHLX/KBW Bank Index with U.S. Bancorp of Portland, Ore. (USBC).
 The PHLX began trading the PHLX/KBW Bank Index on Monday, Sept. 21, 1992. The PHLX/KBW index is a capitalization weighted index that reflects the performance of 24 publicly traded banks; the same underlying banks as in the Keefe, Bruyette & Woods Index (KBWI) compiled and computed by KBW.
 The PHLX is the nation's oldest securities exchange and is a market leader in trading more than 2,200 equities, and more than 250 equity, index and currency options.
 /delval/
 -0- 12/16/92
 /CONTACT: Lynda Lucker of the PHLX, 215-496-5200, or Ian Colley of the Weiser Walek Group, 212-684-4440, for the PHLX/


CO: Philadelphia Stock Exchange; Valley National Corporation; Banc One
 Corp.; U.S. Bancorp of Portland ST: Pennsylvania IN: FIN SU:


JS-CC -- PH017 -- 7852 12/16/92 15:59 EST
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Publication:PR Newswire
Date:Dec 16, 1992
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