COLUMBUS, OHIO -- The stock of Affiliated Bankshares of Colorado Inc. jumped by nearly $5 a share Monday after an announcement it had tentatively agreed to become associated with Banc One Corp. in a deal valued at about $378 million.
Early in the day, Affiliated and Banc One issued a joint statement saying they had signed a letter of intent providing for the affiliation of Affiliated Bank, headquartered in Denver, with Columbus-based Banc One.
On the over-the-counter market, Affiliated Bankshares climbed $4.875 to $30.625 a share; Banc One stock rose 75 cents to $51.625 a share.
The agreement calls for the exchange of 0.66 share of Banc One common for each share of Affiliated Bankshares. The banks placed a price tag of about $378 million on the transaction, based on the closing price of $50.875 a share for Banc One common stock on Dec. 27.
The deal, subject to regulatory and shareholder approval, is expected to be completed in the third quarter of 1992.
Affiliated Bankshares, which has assets of $2.8 billion, operates 27 affiliated banks with 38 banking offices throughout Colorado.
Banc One Corp., with assets of $46.2 billion and total equity of $3.4 billion, operates 50 banks with 823 offices in Indiana, Illinois, Kentucky, Michigan, Ohio, Texas and Wisconsin. Banc One also has other businesses involved in data processing, venture capital, merchant banking, trust, investment management, brokerage, equipment leasing, mortgage banking, consumer finance and insurance.