The Federal Reserve Board approved a bid Tuesday by Banc One Corp., Columbus, Ohio, to acquire Liberty Bancorp, Oklahoma City.

By acquiring Liberty, $98.5 billion-asset Banc One would become the third-largest banking company in Oklahoma, according to the Fed order.

As part of the deal, Banc One will acquire Liberty's two national bank subsidiaries and its nonbank units, which engage in trust, credit life insurance, lending, and leasing activities.

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