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FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)________________________
December 16, 1998
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BANK ONE CORPORATION
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(Exact name of registrant as specified in its charter)
Delaware 333-60313 31-0738296
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(State or other jurisdiction (Commission (IRS Employer
of incorporation File Numbers) Identification No.)
One First National Plaza, Chicago, IL 60670
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(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: 312-732-4000
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Item 5. OTHER EVENTS
On December 16, 1998, the Registrant issued a press release which is
attached as Exhibit 99 to this Current Report on Form 8-K and is incorporated by
reference herein.
Exhibit 99 contains certain estimates and projections regarding the
Registrant which constitute forward looking statements (within the meaning of
the Private Securities Litigation Reform Act of 1995). Forward looking
statements involve risks and uncertainties which may cause actual results to
differ materially from those in such statements. Factors which could cause
actual results to differ from those discussed in the forward looking statements
include, but are not limited to: (a) risk and uncertainties related to the
integration of BANC ONE CORPORATION and First Chicago NBD Corporation into the
Registrant; (b) the strength of the U.S. economy in general and the strength of
the local economies in which operations are conducted; (c) inflation, interest
rate, market and monetary fluctuations; (d) changes occurring in the securities
and capital markets; (e) changes in consumer spending, borrowing and saving
habits; (f) the effect of changes in accounting policies and practices, as may
be adopted by the regulatory agencies as well as the Financial Accounting
Standards Board; and (g) the success of the Registrant at managing the risks
involved in the foregoing.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
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Exhibit Number Description of Exhibits
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99 Registrant's December 16, 1998 Press Release
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BANK ONE CORPORATION
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(Registrant)
Date: December 16, 1998 By /s/ M. Eileen Kennedy
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Title: Treasurer
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INDEX TO EXHIBITS
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Exhibit Description of Sequential Page
Number Exhibit Number
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99 Registrant's December 16, 1998 Press Release
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EXHIBIT 99
BANK ONE CORPORATION RECENT DEVELOPMENTS
CHICAGO, December 16, 1998 - BANK ONE CORPORATION (NYSE: ONE) reaffirmed
its net restructuring and merger-related costs at $1.25 billion. Such costs will
be incurred beginning in the 1998 fourth quarter and continue through 1999.
As part of BANK ONE's continuing review of the strategies and practices of
its ongoing businesses, the 1998 fourth quarter will include a non-cash charge
estimated at $150-$200 million pre-tax, or $0.08-$0.11 per common share. This
charge, which is in addition to the merger charges, includes the revaluation of
auto lease residuals, the write-down of certain automated teller machine assets
and contracts related to the Rapid Cash program, and other asset revaluations.
As announced on November 23, 1998, Concord EFS and Electronic Payment
Services ("EPS") have agreed to merge. This merger is anticipated to close in
the 1999 first quarter. As a result, BANK ONE's equity interest in EPS is
expected to result in a 1999 first quarter gain of up to $150 million pre-tax,
or $0.08 per common share. The amount of this gain is subject to the price of
Concord EFS stock and market conditions at the time the transaction closes.
