Banc One Corp. moved to expand its consumer banking presence in Texas by announcing plans Monday to acquire the state's fifth-largest bank, Team Bank, in a $782-million stock swap.
The proposed deal, subject to regulatory approval, would be the largest in Texas banking since Columbus, Ohio-based Banc One entered the state in 1989 with the purchase of the failed MCorp of Dallas.
"Team Bank strengthens our presence in Texas where it has the characteristics we have traditionally favored, including being a retail and middle-market lending organization," John B. McCoy, chief executive of Banc One, said in a statement.
Bank One Texas is the state's second-largest bank, with 146 branches and assets of about $13.5 billion. Team Bank has 56 branches and assets of about $5.5 billion. Some branches may be closed after the merger, but closures are not certain, bank executives said.
Texas' largest bank, Dallas-based NationsBank Texas, has nearly $35 billion in assets.
Banc One has built its reputation on innovative consumer services and lending to small- and medium-size businesses. It ranks among the nation's 15 biggest banks and had assets of about $46 billion at the end of 1991.