COLUMBUS, Ohio - Banc One Corp. and Key Centurion Bancshares Inc. of Charleston, W.Va., said they had completed a definitive merger agreement.

The companies announced an agreement in principle on June 5. The agreement contemplates exchanging $22 of Banc One stock for each share of the $3 billion-asset Key Centurion, giving the deal an indicated value of about $535 million.

Key Centurion said it continues to proceed toward a merger with Peoples Bank of Charles Town, a bank active in the part of West, Virginia close to the Washington metropolitan market. Key currently owns 17 banks with 56 offices in West Virginia and Kentucky.

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