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VALLEY NATIONAL MORTGAGE CONSOLIDATED INTO BANC ONE MORTGAGE CORPORATION

 INDIANAPOLIS, Sept. 10 /PRNewswire/ -- The consolidation of Valley National Mortgage Company into Banc One Mortgage Corporation has been completed, it was announced by J. Albert Smith, Jr., president of Banc One Mortgage Corporation. John Hoie, formerly president of Valley Mortgage, is now a senior vice president of Banc One Mortgage Corporation and is responsible for the company's activities in the states of Arizona, California and Utah.
 Valley National Mortgage had been a subsidiary of Valley National Corporation which was acquired by Banc One Corporation (NYSE: ONE) in March 1993. In 1992, Valley Mortgage Corporation originated approximately $1.2 billion of single-family mortgages. The $4 billion Valley Mortgage servicing portfolio has now been consolidated into the Indianapolis servicing center of Banc One Mortgage Corporation.
 Banc One Mortgage Corporation, headquartered in Indianapolis, operates 95 offices in 16 states and originated $3.5 billion in single- family mortgages during the first six months of 1993. As of June 30, 1993, Banc One Mortgage was servicing $18 billion in single- family mortgages.
 Banc One Mortgage Corporation is a division of Banc One Corporation, which is headquartered in Columbus, Ohio. As of June 30, 1993, Banc One Corporation had assets of $75.5 billion and now operates 78 banks with 1,320 offices in Arizona, California, Colorado, Illinois, Indiana, Kentucky, Michigan, Ohio, Texas, Utah, West Virginia and Wisconsin. Banc One Corporation also operates several additional corporations that engage in data processing, venture capital, investment and merchant banking, trust, brokerage, investment management, equipment leasing, mortgage banking, consumer finance and insurance.
 -0- 9/10/93
 /CONTACT: John Russell, 614-248-5989, or J. Albert Smith, Jr., 317-321-8100, both of Banc One/
 (ONE)


CO: Valley National Mortgage Company; Banc One Mortgage Corporation ST: Indiana, Ohio IN: FIN SU: TNM

AR -- CL017 -- 0864 09/10/93 16:05 EDT
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Publication:PR Newswire
Date:Sep 10, 1993
Words:298
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