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FIRST COMMUNITY BANCORP TO JOIN BANC ONE

 FIRST COMMUNITY BANCORP TO JOIN BANC ONE
 COLUMBUS, Ohio, July 22 /PRNewswire/ -- Banc One Corporation


(NYSE: ONE) and First Community Bancorp, Inc. (NASDAQ: FRFD), a multi- bank holding company headquartered in Rockford, Ill., jointly announced today that they have signed a definitive agreement for the merger of First Community Bancorp with Banc One. The announcement was made by Willard Bunn III, chairman and chief executive officer of Banc One Illinois Corporation, and R. Richard Bastian III, president, chairman and chief executive officer of First Community Bancorp, Inc.
 Terms of the agreement call for the exchange of shares of Banc One common stock for each share of First Community stock. If the market price of Banc One common stock, as defined in the agreement, is between $47 and $51 a share, the exchange rate will result in a market equivalent value of $31.96 in Banc One common stock.
 If the market price of Banc One stock is above $51 per share, First Community shareholders will receive .6267 shares of Banc One common stock. If the market price of Banc One stock is below $47, shareholders will receive .68 shares of Banc One common stock.
 The agreement also provides that First Community may terminate the agreement if the market price of Banc One common stock is below $43 per share immediately prior to closing of the transaction. The total value of the transaction, based upon the recent price of Banc One common stock, is approximately $125 million. The transaction is structured as a tax-free reorganization and is expected to be completed during the first half of 1993, subject to shareholder and regulatory approval.
 Bunn said, "It is a great honor to become affiliated with First Community Bancorp whose distinguished history reaches back to 1854. We have long admired its management and its performance. Rockford is the second largest city in Illinois, and it represents a natural extension of our banking franchise in this state."
 Bastian said, "We are delighted to become part of the growing Banc One family of banks. We consider Banc One to be one of the premier banking organizations in the country. This partnership will permit us to expand our product offering to middle market and retail customers, and to continue our tradition of serving our communities and our customers in a superior fashion."
 First Community Bancorp, Inc. had $797 million in assets as of June 30, 1992 and operates three banks and seven offices. Banc One Corporation had assets of $48.4 billion as of June 30, 1992, and total equity of $4.3 billion. Banc One operates 56 banks with 862 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, investment and merchant banking, trust, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 7/22/92
 /CONTACT: John A. Russell of Banc One Corporation, 614-248-5989; Willard Bunn III of Banc One Illinois Corp., 217-525-9707; or R. Richard Bastian III of First Community Bancorp, 815-962-3771/
 (ONE FRFD) CO: Banc One Corporation; First Community Bancorp, Inc. ST: Ohio, Illinois IN: FIN SU: TNM


KK -- CL007 -- 1712 07/22/92 09:09 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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