COLUMBUS, Ohio -- Banc One Corp. said Monday it has signed a definitive agreement to acquire First Illinois Corp. of Evanston, Ill., which operates 15 banking offices in Chicago's suburbs, for about $347 million.
'This acquisition, coupled with the pending affiliation of The Marine Corp. in Springfield, will allow us to expand our presence in Illinois,' said Banc One Chairman John B. McCoy.
'First Illinois has strong positions in markets with characteristics we have traditionally favored including being a strong retail and middle market lending organization headquartered in a university town.' McCoy said.
Terms of the affiliation agreement call for the exchange of 0.325 shares of Banc One common stock for each share of First Illinois. The value of the transaction was estimated at about $347 million.
The transaction is expected to be completed during the first quarter of 1992, subject to shareholder and regulatory approval.
'First Illinois's board of directors and management are enthusiastic about the association with Banc One,' said First Illinois Bruce I. McPhee. 'We consider Banc One to be the premier banking organization in the United States.'
'Banc One will support our efforts with its resources, systems and technology while maintaining the local autonomy of our banks. This, in our mind, is the perfect blend which will benefit the communities we serve, our customers, employees and shareholders,' McPhee said.
First Illinois, with assets of about $1.6 billion at the close of the first quarter, operates banking offices located in Evanston, Wilmette, Schaumburg, Winnetka, Arlington Heights, LaGrange, Hinsdale, Willowbrook, Aurora-Naperville, Orland Park, Elgin and South Elgin, with combined first quarter 1991 assets of approximately $1.6 billion.
Banc One, with assets of $29.7 billion, operates 52 affiliate banking organizations with 752 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas and Wisconsin.
Its acquisition of Springfield-based Marine Corp., which operates 15 banking offices in Springfield, Bloomington, Champaign and Monticello, is expected to be completed by the end of the year.
That transaction, announced in March, calls for the exchange of 0.848 shares of Banc One stock for each share of Marine Corp. stock. It is valued at approximately $190 million.