Banc One Corp. may sell as many as 200 small-town and rural branches during the next couple of years, analysts and sources close to the company said.

The $112.5 billion-asset Columbus, Ohio, banking company has already agreed to sell 37 branches in small towns in Arizona, Colorado, and Utah to Community First Bankshares, Fargo, N.D. That announcement, made this month, was the first of many to come, the analysts and sources said.

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