Banc One Corp. has agreed to acquire Liberty Bancorp Inc. of Oklahoma City for stock valued at about $546 million.

Under terms of the transaction, Liberty stockholders will receive 1.175 Banc One shares for each share held. The value of the deal is based on Friday's closing stock price.The deal is expected to be completed by June.

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Liberty Bancorp, a bank holding company that operates 29 branches in Oklahoma, had assets of about $2.9 billion as of Sept. 30. Banc One operates Banc One, Oklahoma, which has assets of more than $600 million. Overall, the bank holding concern, based in Columbus, Ohio, has assets of more than $98.6 billion and more than 1,500 bank offices.

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