THE PARKE STATE BANK TO JOIN BANC ONE CORPORATION
THE PARKE STATE BANK TO JOIN BANC ONE CORPORATION CRAWFORDSVILLE, Ind., Feb. 18 /PRNewswire/ -- Banc One Corporation
(NYSE: ONE), headquartered in Columbus, Ohio, and The Parke State Bank in Rockville, Ind., jointly announced today that they have signed a letter of intent for the affiliation of The Parke State Bank with Banc One. The announcement was made by Joseph D. Barnette, Jr., president and chief executive officer of Banc One Indiana Corporation, and Charles A. Cooper, president and chief executive officer of The Parke State Bank.
Terms of the agreement call for the exchange of 1.375 shares of Banc One common stock for each share of The Parke State Bank common stock. Total value of the transaction is approximately $13.4 million. The transaction is expected to be completed during the third quarter of 1992 and is subject to regulatory approval and The Parke State Bank shareholders' approval. Cooper said, "We are delighted to become part of the growing Banc One family of banks. 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 community and our customers in a superior fashion." Barnette said, "This affiliation strengthens our presence in Indiana where The Parke State Bank has the characteristics we have traditionally favored, including being a retail and middle-market lending organization." He continued, "It is our intention to merge The Parke State Bank into Bank One, Crawfordsville, NA. The combined assets of the two banks will be approximately $215 million. With this acquisition, Bank One expands its branch network into Parke County. Bank One, Crawfordsville, NA currently serves customers in Montgomery County. Wade A. Roth, president of Bank One, Crawfordsville, NA, remarked, "We will be extremely pleased to have The Parke State Bank as part of the Banc One Corporation family. The Bank One, Crawfordsville and Rockville operations will certainly complement each other due to our common markets, goals and long-range strategies." The Parke State Bank has assets of $78.9 million, and operates five banking offices in Parke County. Banc One Corporation had assets of $46.3 billion including Bank, One, Texas, and total common equity of $3.5 billion as of Dec. 31, 1991. Banc One operates 53 banks with 864 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas, and Wisconsin. Banc One Corporation also operates several additionalcorporations that engage in data processing, venture capital, merchant banking, trust, investment management, brokerage, equipment leasing, mortgage banking, consumer finance and insurance. -0- 2/18/92 /CONTACT: Wade A. Roth of Banc One, 317-364-7500, or Charles A. Cooper of The Parke State Bank, 317-569-3171/ (ONE) CO: Banc One Corporation; The Parke State Bank ST: Ohio; Indiana IN: FIN SU: TNM DA -- CL020 -- 0110 02/18/92 16:24 EST
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|Date:||Feb 18, 1992|
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