Premier Shareholders Approve Banc One Deal

BATON ROUGE, La. -- Premier Bancorp said its shareholders have approved an agreement reached in February that would give Banc One Corp., Columbus, Ohio, an initial stake in the company.

The agreement calls for the sale of $65 million of newly issued notes to Banc One. Also, Banc One was to receive an option to buy Premier in the fourth or fifth year following the investment, or earlier under certain conditions.

Premier, a $3.9 billion-asset holding company, also said in February that its long-term lenders would swap $37.2 million in debt they hold for $12 million in cash and $25.2 million in new convertible preferred stock. Premier shareholders approved these provisions along with the Banc One agreement.

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