Regulators hear objections to BancOne merger

August 13, 1998
A panel of federal banking regulators considering a proposed $29.8 billion merger between First Chicago NBD Corp. and Banc One Corp. of Columbus, Ohio, heard allegations Thursday that Banc One's lending practices discriminate against minorities.
     ``Low- and moderate-income groups, blacks and Latinos are not treated well by Banc One,'' said Michael Shea, executive director for the Chicago-based Association of Community Organizations for Reform Now.
     The Federal Reserve Board must approve the proposed merger before it is presented to shareholders' meetings, scheduled for September 15.
     The merger would create the largest financial institution in the Midwest and the nation's fifth-largest bank with assets of $230 billion.