LEXINGTON, Ky. -- First Security Corp. of Kentucky said its shareholders approved its acquisition by Banc One Corp. The vote will allow the merger to take effect on Friday.
The new affiliate of Ohio-based Banc One will take the name of an existing subsidiary, Bank One Lexington.
First Security said more than 99% of the shares were voted in favor of the merger.
Shareholders will get a bit more than 55 shares of Banc One for each 100 of First Security.
That ratio puts the value of the deal at about $232 million.
First Security said that regardless of the exchange date, its shareholders would participate in the Sept. 20 dividend payment by Banc One of 32 cents a share, up from 29 cents.