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SHAREHOLDERS OF MARINE CORPORATION APPROVE ACQUISITION BY BANC ONE

    SHAREHOLDERS OF MARINE CORPORATION APPROVE ACQUISITION BY BANC ONE
    SPRINGFIELD, Ill., Dec. 23 /PRNewswire/ -- Shareholders of Springfield-based Marine Corporation (NASDAQ: MCOR) today approved the acquisition of Marine by Banc One Corporation (NYSE: ONE) of Columbus, Ohio.  The acquisition, originally announced on March 25, 1991, will be consummated on Jan. 1, 1992, and has a total value of approximately $258 million.
    Willard Bunn III, Marine's chairman and chief executive officer, said the transaction will provide enhanced capabilities to expand locations and customer services and accelerate market penetration of MERET, Marine's electronic funds transfer system which is the nation's second largest processor of automated clearing house transactions.
    At a special meeting held in Springfield this morning, Marine Corporation's shareholders approved the merger agreement which calls for the conversion of each outstanding share of Marine common stock into 0.849 shares of Banc One Corporation common stock.  The closing price of Marine Corporation's common stock on Dec. 20 was $40.63 and Banc One Corporation common stock closed at $48.38.
    Marine Corporation will operate with its current officers and employees as Banc One Illinois Corporation with the autonomy to match its products and services to the needs of the local communities it serves.  Affiliate banks will change their names to Bank One effective Jan. 21, 1992.
    A multibank holding company with assets of $1.2 billion, Marine is the parent of Marine Bank of Springfield, Marine Bank of Champaign- Urbana, Marine Bank of Bloomington-Normal, Marine Bank of Monticello, and Marine Investment Management Company, an investment advisor.
    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 823 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-                      12/23/91
    /CONTACT:  Willard Bunn III, chairman and CEO, 217-525-9707, or Thomas H. Cartwright, vice president-finance, 217-525-9781, both of Marine/
    (MCOR ONE) CO:  Marine Corporation; Banc One Corporation ST:  Illinois, Ohio IN:  FIN SU:  TNM FC-GK -- NY034 -- 4822 12/23/91 12:05 EST
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Publication:PR Newswire
Date:Dec 23, 1991
Words:366
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