Banc One to Buy Balance Of Texas Unit from FDIC

COLUMBUS, Ohio -- Banc One Corp. said it will exercise its option Oct. 28 to buy from the Federal Deposit Insurance Corp. the 61% of Bank One Texas that it does not already own.

The cost, $387 million, will be funded largely with proceeds from a loan repaid to Banc One by the FDIC in the third quarter.

The Texas bank will add about $13 billion in assets to Banc One's consolidated $33 billion.

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