First Commerce and Wells Fargo in Discussions
First Commerce Bancshares, Inc. (NASDAQ: FCBIA & FCBIB) said today that they are in discussions with Wells Fargo & Company (NYSE: WFC) that could lead to a definitive agreement for the acquisition of First Commerce by Wells Fargo. First Commerce said that while no agreement has been reached and there can be no assurance that an agreement will be finalized, the discussions currently place a value on First Commerce of approximately $480 million, which equates to approximately $36.00 per share of Class A and Class B Common Stock.
First Commerce Bancshares, Inc. is a Nebraska-based multibank holding company with banking offices in Lincoln, Grand Island, Hastings, Kearney, McCook, North Platte, Valentine, West Point, Alliance, and Bridgeport, Nebraska, and Colorado Springs, Colorado. First Commerce Bancshares, Inc. also has loan production offices in Mullen, Hyannis, Holdrege, Snyder, Wood River and Cairo, Nebraska, Goodland, Kansas, and Burlington, Colorado. Norwest Bank Nebraska, N.A., a subsidiary of Wells Fargo, has 30 banking offices in Nebraska serving six communities.
CONTACT:
James Stuart Jr.
Chairman
First Commerce Bancshares, Inc.
(402) 434-4106
or
Judy Owen
President
Norwest Bank,
(402) 536-2106 |
