Banc One Selling Ind. Deposits
COLUMBUS, Ohio (AP) _ Banc One Corp., trying to avoid possible snags in its proposed $29 billion merger with First Chicago NBD Corp., plans to sell $1.29 billion of its Indiana deposits.
Banc One said in a filing with the Federal Reserve Bank of Chicago it would sell $850 million of its deposits in Indianapolis, $441 million in other Indiana counties and an undetermined number of bank branches across the state.
John Russell, a spokesman with Columbus-based Banc One, said he expects the sale of the Indiana assets to take between 30 and 60 days.
The merger announced in April is pending with federal regulators, who will consider whether competition in Indiana will remain fair after the financial institutions join.
Indiana is the only state where Banc One and First Chicago have a significant overlap.
The combined bank, which will be called Banc One with headquarters in Chicago, would have $146 billion in deposits and 1,950 branches in 13 states.