Banc One Corp. is gaining a few more supporters on Wall Street as it adjusts to rising rates and analysts focus afresh on traditional strengths. But the superregional still has a ways to go in reclaiming the front-running trading multiple it once enjoyed.

Investors recoiled from the $80 billion-asset Columbus, Ohio, company more than a year ago amid concerns over its asset-liability management strategy. Mostly through the purchase of interest rate swaps, Banc One had positioned itself so that liabilities were repricing more quickly than assets.

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