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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 4, 1994
LIBERTY NATIONAL BANCORP, INC.
(Exact name of registrant as specified in charter)
Kentucky 0-9630 61-0955936
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
416 West Jefferson Street, Louisville, Kentucky 40202-3294
(Address of principal executive offices) (Zip code)
Registrant's telephone number,
including area code (502) 566-2000
Former name or former address, if changed since
last report: Not Applicable
Item 5. Other Events
PRESS RELEASE
Immediate August 4, 1994
Theodore R. Frith John A. Russell
Liberty National Bancorp, Inc. BANC ONE CORPORATION
(502) 566-2083 (614) 248-5989
BANC ONE to Complete Affiliation of Liberty National Bancorp, Inc.
(Louisville, Ky.) BANC ONE CORPORATION (NYSE:ONE) and Liberty National
Bancorp, Inc., (NASDAQ:LNBC), a multi-bank holding company headquartered in
Louisville, Kentucky, jointly announced today that the affiliation of Liberty
National will be completed at the close of business on August 15, 1994. The
announcement was made by John B. McCoy, Chairman and Chief Executive Officer
of BANC ONE, and Malcolm B. Chancey, Jr., Chairman and Chief Executive Officer
of Liberty National.
As provided for in the original agreement, the exchange rate has been
increased to .9617 in order for Liberty National shareholders to receive
$32.00 in value of BANC ONE stock for each share of Liberty National. This
exchange ratio was based on a fifteen day pricing period from July 14, 1994 to
August 3, 1994. Shareholders of Liberty National Bancorp, Inc. approved the
transaction at a shareholders meeting held on August 3, 1994.
Bank One, Lexington NA will join with Liberty National to become part of
Banc One Kentucky Corporation. Liberty National's current Board of Directors
will become directors of Banc One Kentucky Corporation. Malcolm B. Chancey,
Jr. will become Chairman and Chief Executive Officer of Banc One Kentucky
Corporation and Bank One, Kentucky NA. R.K. Guillaume, currently President of
Liberty National, will become President of Bank One Kentucky NA, and William
R. Hartman will continue as Chairman and Chief Executive Officer of Bank One,
Lexington NA.
McCoy said, "This is a strategic affiliation for us in that our stated
objective is to be one of the top three banks in the markets we serve. BANC
ONE currently has the dominant retail market share in Lexington, and we are
particularly pleased that Liberty has a 40%
retail loan share in Louisville. Combined, these two affiliates will become
the largest banking corporation in Kentucky. In addition, Liberty has offices
in Indiana which will increase our presence in that state and offices in
Northern Kentucky which will expand our service in the greater Cincinnati
market."
Chancey said, "We are very pleased to be joining BANC ONE. The
Corporation has demonstrated an exceptional ability that enables affiliates to
dramatically improve operating performance while maintaining strong local
autonomy. This association will permit us to play an even more significant
role in the future growth of Kentucky."
Liberty National Bancorp, Inc. had assets of approximately $5.3 billion
as of June 30, 1994. BANC ONE CORPORATION had assets of $84.5 billion and
common equity of $7.0 billion as of June 30, 1994. BANC ONE now operates 81
banks with 1,315 offices in Arizona, California, Colorado, Illinois, Indiana,
Kentucky, Michigan, Ohio, Oklahoma, Texas, Utah, West Virginia and Wisconsin.
BANC ONE CORPORATION also operates several additional corporations that engage
in data processing, venture capital, investment and merchant banking, trust,
brokerage, investment management, equipment leasing, mortgage banking,
consumer finance and insurance.
# # #
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 thereunto duly authorized.
LIBERTY NATIONAL BANCORP, INC.
Date: August 5, 1994 By /s/ CARL E. WEIGEL
----------------------
Carl E. Weigel
Treasurer
