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U.S. Department of Justice Seal and Letterhead
FOR IMMEDIATE RELEASE
TUESDAY, SEPTEMBER 8, 1998
AT
(202) 616-2771
TDD (202) 514-1888


JUSTICE DEPARTMENT APPROVES BANC ONE/FIRST CHICAGO BANK MERGER
AFTER PARTIES AGREE TO $1.47 BILLION DIVESTITURE IN INDIANA

WASHINGTON, D.C. -- The Department of Justice's Antitrust Division today cleared the $29 billion merger of Banc One Corporation with First Chicago NBD Corporation after the banks agreed to divest 39 branch offices in Indiana with total deposits of approximately $1.47 billion. In addition, the banks have offered to sell certain middle market commercial loan operations in Indiana and associated middle market commercial loans. The Antitrust Division's investigation was conducted jointly with the Indiana Attorney General's Office.

In order to resolve the Antitrust Division's concerns that the merger would lessen competition for banking services, Ohio-based Banc One has agreed to divest First Chicago NBD branches in the following Indiana counties--Monroe, Harrison, Marion, Johnson, Hamilton, Morgan, Tippecanoe, Lawrence, Jasper, and Carroll. Subject to regulatory approval, the 39 branches and associated loans and deposits that Banc One will divest will be sold to one or more competitively suitable buyers.

"This settlement ensures that small and medium-sized business consumers will continue to have the benefits of competition," stated Joel I. Klein, Assistant Attorney General in charge of the Department's Antitrust Division. "As a result, consumers will continue have a choice for their banking needs, and will continue to receive competitive loan rates and other banking services."

The proposed merger of Banc One and First Chicago NBD is subject to the approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to divestiture of the branch offices and associated loans and deposits, the Antitrust Division will not challenge the merger.

Banc One also agreed that it will not take steps to preclude other financial institutions from leasing or purchasing any bank branches that it may close due to consolidation resulting from the merger.

Banc One Corporation, based in Columbus, Ohio, has 1,300 offices located in 12 states--Arizona, Colorado, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Texas, Utah, West Virginia, and Wisconsin. It has total deposits of $77.4 billion and total assets of $147 billion.

First Chicago NBD Corporation, headquartered in Chicago, has 650 offices primarily located in Michigan, Indiana and Illinois. It has total deposits of $68 billion and total assets of $122 billion.

A list of the branches to be sold is attached.

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98-409


County Bank Branch Name Branch Address Town
Marion First Chicago NBD East 96th Street - I-69 875 E. 96th Street Indianapolis
Marion First Chicago NBD Pendleton Pike Office 10869 Pendleton Pike Indianapolis
Johnson First Chicago NBD Smith Valley 1686 West Smith Valley Road Greenwood
Hamilton First Chicago NBD Plaza 11550 North Meridian Street Carmel
Marion First Chicago NBD 91st and Meridian Street 9075 North Meridian, Ste. 100 Indianapolis
Marion First Chicago NBD Madison Avenue 1377 Madison Avenue Indianapolis
Hamilton First Chicago NBD 146 & North Meridian Bank 14825 Greyhound Court Carmel
Hamilton First Chicago NBD Fishers 11555 Fishers Road Fishers
Morgan First Chicago NBD Mooresville 1000 Hadley Road Mooresville
Marion First Chicago NBD Post Road 8910 East 38th Street Indianapolis
Marion First Chicago NBD Riley Center 555 N. Delaware Indianapolis
Marion First Chicago NBD Park Fletcher 2240 Executive Drive Indianapolis
Marion First Chicago NBD Tower-Main FloorBranch One Indiana Square - Ste. 1010 Indianapolis
Marion First Chicago NBD 96th & Keystone 3401 East 96th Street Indianapolis
Marion First Chicago NBD Beech Grove 3820 S. Emerson Avenue Indianapolis
Marion First Chicago NBD 56th - Emerson Way 5640 Emerson Way Indianapolis
Marion First Chicago NBD Valley Mills 4830 S. High School Rd. Indianapolis
Marion First Chicago NBD Southeastern Avenue 7501 Southeastern Avenue Indianapolis
Marion First Chicago NBD 431 & Stop11 7916 Madison Avenue Indianapolis
Marion First Chicago NBD Geist Branch 9885 Fall Creek Road Indianapolis
Marion First Chicago NBD Capital Center 251 N. Illinois Indianapolis
Marion First Chicago NBD Eagle Creek Parkway 7007 Shore Terrace Indianapolis
Marion First Chicago NBD New Augusta 4629 West 71st Street Indianapolis
Marion First Chicago NBD Castleton 6520 East 82nd Street Indianapolis
Marion First Chicago NBD Rockville Road 7329 Rockville Road Indianapolis
Harrison First Chicago NBD Plaza Banking Center Junction Hwys 135 &137 Corydon
Harrison First Chicago NBD Downtown Banking Ctr. 109 N. Capitol Corydon
Monroe First Chicago NBD College Mall 965 College Mall Road Bloomington
Monroe First Chicago NBD Fountain Square 116 South Walnut Bloomington
Tippecanoe First Chicago NBD 5th and South Banking Center 437 South Street Lafayette
Tippecanoe First Chicago NBD Teal Road banking Center 2237 Teal Road Lafayette
Tippecanoe First Chicago NBD Stadium Square 728 Northwestern Avenue West Lafayette
Tippecanoe First Chicago NBD Union Street 3123 Union Street Lafayette
Tippecanoe First Chicago NBD Westminister Banking Center 2741 North Salisbury St. West Lafayette
Tippecanoe First Chicago NBD Creasy Lane Banking Center 25 South Creasy Lane Lafayette
Carroll First Chicago NBD Delphi 121 North Washington Street Delphi
Lawrence First Chicago NBD Main Banking Center 1501 J Street Bedford
Lawrence First Chicago NBD West Banking Center 3336 West 16th Street Bedford
Jasper First Chicago NBD Remington Office 15 South Ohio St. Remington