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FIRST SECURITY TO AFFILIATE WITH BANC ONE CORPORATION

 FIRST SECURITY TO AFFILIATE WITH BANC ONE CORPORATION
 COLUMBUS, Ohio, Nov. 27 /PRNewswire/ -- Banc One Corporation (NYSE: ONE) and First Security Corporation of Kentucky (NASDAQ: FSKY) jointly announced today that they have signed a definitive agreement for affiliation of First Security with Banc One. First Security is headquarterd in Lexington, Ky. The announcement was made by John B. McCoy, chairman and chief executive officer of Banc One, and W. L. Rouse Jr., chairman and chief executive officer of First Security.
 Terms of the agreement call for the exchange of approximately .503 shares of Banc One common stock for each share of First Security. Total value of the transaction is approximately $204 million. The transaction is subject to shareholder and regulatory approval.
 Rouse said, "First Security's board of directors and management are enthusiastic about the association with Banc One. We consider Banc One to be the premier banking organization in the United States. Affiliating with Banc One will enable us to continue our tradition of serving our communities and our customers in a superior fashion. Banc One will support our efforts with its resources, systems and technology while maintaining the local autonomy of our banks. This, in our mind, is the perfect blend which will benefit the communities we serve, our customers, employees and shareholders."
 Rouse continued by noting that, "First Security, like many other financial institutions, has suffered significant loan losses during the past several quarters. These losses are resulting in increased supervision and oversight from regulators, and First Security is presently negotiating an administrative action with the Office of the Comptroller of the Currency. The merger with Banc One will provide First Security with a strong base of capital and management as it moves forward."
 McCoy said, "This acquisition, coupled with Bank One, Lexington which has assets of approximately $350 million, will allow us to expand our presence in Kentucky which has been one of our objectives. First Security has strong positions in markets with characteristics we have traditionally favored, including being a strong retail and middle-market lending organization."
 Pursuant to the merger agreement, First Security has granted an option to Banc One pursuant to which Banc One may, if certain events occur, be entitled to purchase approximately 19.9 percent of the shares of First Security at a price equal to today's closing price.
 First Security, the second largest Kentucky-headquartered bank holding company, has 28 banking offices dispersed throughout central Kentucky and had third quarter 1991 assets of approximately $1.6 billion. Bank One, Lexington currently has 10 offices in the Lexington area.
 Banc One Corporation has assets of $46.2 billion including Bank One, Texas, and total equity of $3.4 billion. Banc One operates 50 banks with 826 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 mangement, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 11/27/91
 /CONTACT: John Russell of Banc One, 614-248-5989, or Brack Marquette of First Security, 606-231-2794/
 (ONE FSKY) CO: Banc One Corporation; First Security ST: Ohio; Kentucky IN: FIN SU: TNM


SM -- CL003 -- 7650 11/27/91 09:42 EST
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Publication:PR Newswire
Date:Nov 27, 1991
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