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.

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