Banc One Corp. may have been absent from last year's consolidation craze, but the company did a lot of looking - and will do the same in 1996, chairman and chief executive John McCoy said in a recent interview.

"We believe we can make a bank earn only so much," Mr. McCoy said. "We were involved with a number of transactions last year. We thought the price was too high, so we didn't participate."

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