Banc One to Buy Balance Of Texas Unit from FDIC
COLUMBUS, Ohio -- Banc One Corp. said it will exercise its option Oct. 28 to buy from the Federal Deposit Insurance Corp. the 61% of Bank One Texas that it does not already own.
The cost, $387 million, will be funded largely with proceeds from a loan repaid to Banc One by the FDIC in the third quarter.
The Texas bank will add about $13 billion in assets to Banc One's consolidated $33 billion.