Michael T. Vea has been named president and chief executive of Banc One Corp.'s $1 billion-asset Cincinnati subsidiary.
He succeeds Emerson Brumback, who will assume responsibility for the $87 billion-asset parent's national retail banking distribution system.
The move comes seven months after Mr. Brumback, who remains chairman of Bank One Cincinnati, was elevated to president and chief executive from his previous post as president and chief operating officer. Mr. Vea had been executive vice president in charge of commercial banking for the Cincinnati bank. Both appointments are effective immediately.
"We are confident we will continue to serve the greater Cincinnati marketplace and provide financial solutions backed by the eighth-largest banking organization in the country," Mr. Vea said.
Thomas Hoaglin, chief of Banc One's statewide operation in Ohio, said Mr. Vea's experience in the Cincinnati market made him the best candidate for the job, particularly following the merger of the subsidiary's offices with those in northern Kentucky.
"This opportunity represents an ideal opportunity for customers at Bank One Cincinnati. ... (Mr. Vea) has a strong commercial banking background and will help us expand our operations in the greater Cincinnati market," Mr. Hoaglin said.
In August, Bank One, Cincinnati, said it had agreed to buy the parent company's Kentucky unit, Liberty National Bank. The merger will give the Cincinnati bank 13 new branches.
When the deal is completed, sometime in early November, Bank One Cincinnati will operate 44 branches in the metro area. It will have $1.34 billion in assets, according to executives.
Bank One Cincinnati is still operating under the cloud of a Justice Department review, begun a year ago, that focuses on its branching activities. The study was part of a nationwide probe into fair-lending practices at banks and other financial institutions.
Banc One Corp. is based in Columbus, Ohio, and operates 65 banking subsidiaries in 11 states.