PHOENIX -- Regional banking power Banc One Corp. closed its $1. 5-billion stock-swap acquisition Wednesday for Valley National Corp., making Banc One Arizona's largest bank.
Banc One, which has renamed Valley National as Banc One Arizona Corp. , said it will also change the names on its 205 new Arizona branches from Valley National Bank of Arizona to Bank One Arizona.
The 35 Utah branches, now named Valley Bank & Trust Co. of Utah, will be renamed Bank One Utah, but the seven California Valley Bank branches will retain their current designation.
Valley National, which had assets of $11.4 billion as of Dec. 31, earned $79.1 million last year, more than double the $34.6 million in 1991 as the Arizona continued its recovery from the recession.
Terms of the deal, first announced last April 14, called for the exchange of 1.2 shares of Banc One common stock for each share of Valley National.
Banc One, of Columbus, Ohio, said that based on Valley National's expected first quarter 1993 earnings, the transaction will be non- dilutive.
Banc One's biggest rival in Arizona is San Francisco-based BankAmerica Corp., which operates 148 branches and is expected to continue its expansion outside of its core California market.
'Valley National's superb retail and middle-market franchise makes this a unique opportunity to occupy a leading market position in a region with a bright future, and we couldn't be more pleased to have Valley National join us,' said John B. McCoy, chairman and chief executive officer of Banc One.
Banc One now has assets of $70 billion and operates 63 banks with 1, 267 offices in Arizona, Colorado, Indiana, Illinois, Kentucky, Michigan, Ohio, Texas, Utah and Wisconsin.