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Banc One to buy Premier Bancorp


NEW ORLEANS – Banc One Corp. will acquire Premier Bancorp Inc., which operates 150 banking offices across Louisiana, in stock deal worth $704 million, the companies said yesterday.

The deal consummates a purchase option Banc One, which owns Bank One Arizona, received in February 1991 when it bought $65 million in capital notes from Baton Rouge-based Premier. At that time Louisiana banks were struggling with losses from bad loans.

Since February 1991, Banc One has had the option of acquiring Premier, effective this year. The purchase will be handled through a stock swap, the companies said.

Banc One said the purchase, which requires regulatory approval, is expected to be completed during the fourth quarter of 1995.

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