COLUMBUS, Ohio -- Banc One Corp. said it had signed an agreementds to acquire Mid State Bancshares, the parent of First National Bank of Moline, Ill.

Banc One agreed to pay 1.98 shares of its stock for each Mid States share. That makes gives the deal an indicated value of $32.5 million.

Mid States which has $192 million in assets and two offices, would become a unit of Banc One Illinois Corp. Thomas H. Robinson would remain as the bank's chief executive officer.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.