Banc One Corp. said late Wednesday that it had reached a new agreement to buy Premier Bancorp, Baton Rouge, La., in a stock transaction valued at about $700 million, or about $20.15 a share. The agreement represents an increase in price over a 1991 pact in which Banc One bought $65 million of capital notes in Premier and gained the option to buy the $5.5 billion-asset bank for $17.41 a share. Chairman John B. McCoy of Banc One said improvements in credit quality and performance by Premier justified the price increase.
Save $400 off your subscription. Special offer ends April 30, 2017.
No credit card required. Complete access to articles, breaking news and industry data.
Have an account? Sign In