Banc One Buys 58 Great American Branches: Banc One Corp. purchased the Arizona branches of San Diego-based Great American Bank, which was seized by federal regulators in 1991. Banc One, which is based in Columbus, Ohio, said it will assume insured deposits totaling about $1.4 billion in the transaction. The Great American branches will reopen Monday as Banc One offices. Banc One entered the Arizona market last year with the purchase of Valley National bank, which has $11.4 billion in assets and the largest market share in the state. In a separate sale, Sterling Financial Corp. of Spokane, Wash., said it purchased five Great American branches in that state with deposits of $135 million.
From Times Staff and Wire Reports