Banc One Corp. announced that it will buy back an additional 3.9 million shares of its common stock to complete its acquisition of Premier Bancorp.
The Aug. 18 statement said the Columbus, Ohio-based company will make the purchases, which were approved by its board of directors, periodically over the remainder of 1995. Banc One has already repurchased 18 million shares which are earmarked for the acquisition.
On July 19, the company announced it was exercising a February 1991 option to buy the $5.5 billion-asset Premier, which is based in Baton Rouge, La. Under the terms of the acquisition deal, Banc One would exchange 0.617761 shares of its stock for each Premier share outstanding.
The shares being repurchased will be used to fulfill Banc One's obligations under the agreement.