| To: Lynn who wrote (1243) | 1/13/2000 12:52:00 PM | | From: JakeStraw | | | |
National Bancorp of Alaska and Wells Fargo Announce Definitive Agreement to Merge
SAN FRANCISCO/ANCHORAGE, Alaska--(BUSINESS WIRE)--Jan. 12, 2000-- Wells Fargo & Company (NYSE:WFC - news) moved one step closer to returning to Alaska today with the announcement that it has signed a definitive agreement to merge with National Bancorp of Alaska, Inc. (Nasdaq:NBAK - news).
The announcement comes three weeks after the companies said they had signed a letter of intent to merge.
''We believe Wells Fargo is the ideal partner for us as we prepare for the challenges and opportunities of this new century,'' said Edward Rasmuson, chairman of National Bancorp of Alaska. ''The new Wells Fargo has developed a nationwide reputation for its customer and community focus, innovative technology, diversity of businesses and financial strength. Like NBA, Wells Fargo has grown and prospered by investing in individuals and businesses and helping them succeed financially. Our alliance with Wells Fargo will bring Alaskans new services and expanded opportunities -- all delivered and managed locally by the same people who have an ongoing commitment to Alaska.''
''We look forward to welcoming National Bancorp of Alaska's employees to the Wells Fargo team,'' said John Nelson, group executive vice president and head of Wells Fargo's Western Banking Group. ''They have made National Bancorp of Alaska the largest and best banking company in Alaska. We look forward to working with them in the years to come to satisfy all of the financial needs of their customers and help their customers succeed financially.''
Headquartered in Anchorage, National Bancorp of Alaska has more than $3 billion in assets and 1,250 employees. It owns National Bank of Alaska, which has 53 banking stores; 130 ATMs; a full-service branch in Seattle; and insurance, mortgage, finance and leasing subsidiaries.
The companies expect to complete the merger in the second quarter of this year. The merger requires approval from banking regulators and National Bancorp of Alaska shareholders. Wells Fargo will exchange $30 worth of its common stock for each outstanding share of the common stock of National Bancorp of Alaska, for a total purchase price of approximately $907 million.
National Bancorp of Alaska's senior management will continue operating the company after the merger. The company will eventually convert to Wells Fargo's computer systems and change its name to Wells Fargo, but a definite date for that has not yet been established.
Returning to Alaska
When completed, the merger will return Wells Fargo to a state in which it once had an extensive presence. After opening a small number of offices in Alaska in 1883, Wells Fargo purchased the Alaska Pacific Express Company and its 32 offices in 1911 to serve the growing markets there.
In those days, Wells Fargo transported goods, mail and money for its customers through a nationwide network of stagecoaches, trains, ships and pony express. Wells Fargo connected its network to Alaska by using both dog sleds and horse-drawn sleds. Miners in Alaska relied on Wells Fargo to ship out their gold and to bring in goods and mail.
Wells Fargo continued to operate its Alaska offices until 1918 when the federal government, as a wartime measure, nationalized all of the country's express companies into a single, federal entity. Overnight, Wells Fargo had to sell almost all of its operations, except for its banking business in San Francisco.
Wells Fargo has grown through the years to become a $207 billion diversified financial services company. It provides banking, insurance, investment, mortgage and consumer finance services through almost 6,000 stores, the Internet (www.wellsfargo.com) and other distribution channels across North America, including all 50 states, and elsewhere internationally.
--------------------------------------------------------------------------------
Contact:
Media --
Wells Fargo & Co.
Tom Unger, 503/886-2051
or
National Bancorp of Alaska
Kathleen Soderberg, 907/265-2040
or
Investors --
Wells Fargo & Co.
Bob Strickland, 415/396-0523
or
National Bancorp of Alaska
Gary Dalton, 907/265-2994
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| To: JakeStraw who wrote (1244) | 1/18/2000 8:49:00 PM | | From: David C. Burns | | | |
Wells Fargo Earnings Up 27 Percent
SAN FRANCISCO (AP) - Wells Fargo & Company reported a 27 percent increase in fourth-quarter profits as the banking and investment company completed its first full year after merging with Norwest Corp.
Wells Fargo, the nation's seventh-largest bank, on Tuesday posted net income of $970 million, or 58 cents a share, one cent below analysts' average estimate. The San Francisco-based bank lost $194 million, or a loss of 12 cents a share, during the same quarter in 1998.
Investors, however, appeared more concerned about the risk that the Federal Reserve would soon raise interest rates, squeezing the bank's future profits. In afternoon trading, Wells Fargo's shares were off 7 percent, or by $2.93 3/4, to $38.75 on the New York Stock Exchange.
Revenues for the quarter were $4.47 billion, up 16 percent from $3.86 billion.
Following it's earnings announcement, Wells Fargo said its chairman, Paul Hazen, has given up day-to-day management duties at the bank 14 months after helping sell it to the Norwest Corp.
Chief Executive Officer Richard Kovacevich will take over Hazen's operating duties.
During 1999, Wells Fargo converted two banking states and 450,000 banking households to common systems. The company plans an additional 40 separate systems conversions in 2000 including systems integrations in 19 banking states, acquisitions, and new product introductions.
Net income for the entire year was $3.75 billion, up 29 percent from $1.95 billion in 1998. Earnings per share for the year were up 27 percent to $2.23.
Revenues were $16.76 billion vs. $15.42 billion. |
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| To: Troll_29 who wrote (1246) | 1/24/2000 5:27:00 PM | | From: Jan Crawley | | | |
I am not getting 29% to go from 1.95 B to 3.75 B?
Can anyone help?
It's sorta complicated and I am not sure how to sort it out: the 1998's F/S was restated for the merger - old Wells Fargo/Norwest Corp. |
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| To: Lynn who wrote (1243) | 1/25/2000 8:41:00 AM | | From: Doug (Htfd,CT) | | | |
Wells Fargo was listed with "sharks" in NYT article re insurance industry consolidation. Mergers and acquisitions in the insurance industry will accelerate the consolidation of the industry, according to Joseph Treaster's article in the Sunday New York Times for 1/23/00.
Treaster quotes David D'Alessandro, the President/COO of John Hancock as saying that "its getting down to the eaters and the eatees." He points to the Congress' elimination of the long-standing legal barriers between banking, brokerage and insurance.
Efficiency is one goal of such mergers, says Treaster, citing company strategies of running two merged companies with the management of one. He quotes Jeff Sawyer, in charge of insurance at Deloitte Consulting: "Within the next five years, you are going to see a dramatically smaller number of American insurance companies."
At the time of this writing, the article was available in the online archives at nyt.com . The story, titled "Going Public Amid Sharks" includes a list of 19 public companies the Times nominates as "sharks," "predator or prey" and as "bait," and discusses which are more likely to eat and which to be eaten. Half of the "sharks" listed are banks or stock brokers.
How likely is Wells Fargo to be getting into the insurance business through such a purchase, in light of the talk of the possible merger with FTU and CMB?
Doug
Port4.com - a free port for dot com pioneers
"Virtual bull sessions" about e-business, e-finance and e-insurance
at port4.com |
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| To: Doug (Htfd,CT) who wrote (1248) | 1/27/2000 1:06:00 AM | | From: David C. Burns | | | |
Wells Fargo & Company Increases Cash Dividend
SAN FRANCISCO--(BUSINESS WIRE)--Jan. 25, 2000--Wells Fargo & Company (NYSE:WFC) today announced an increase in its quarterly common stock dividend to 22 cents per share from 20 cents per share. The dividend is payable on March 1, 2000 to stockholders of record on February 4, 2000.
Wells Fargo's last dividend increase was effective June 1, 1999, when the dividend was raised from 18.5 cents per share to 20 cents. Wells Fargo has approximately 1.6 billion shares of common stock outstanding.
Wells Fargo & Company is a $218 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through about 6,000 stores, the Internet and other distribution channels across North America, including all 50 states, and elsewhere internationally.
CONTACT:
Wells Fargo
Media: Mary Rodrigues, 415/396-3606
or
Investors: Robert S. Strickland, 415/396-0523 |
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| To: JakeStraw who wrote (1244) | 2/1/2000 2:53:00 AM | | From: David C. Burns | | | |
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 |
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| To: David C. Burns who wrote (1250) | 2/2/2000 9:18:00 AM | | From: David C. Burns | | | |
Wells Fargo Agrees to Acquire First Commerce Bancshares
LINCOLN, Neb., Feb. 2 /PRNewswire/ -- Wells Fargo & Company (NYSE: WFC)
and Lincoln-based First Commerce Bancshares, Inc. (Nasdaq: FCBIA, FCBIB)
announced today that Wells Fargo has agreed to acquire First Commerce
Bancshares.
First Commerce, the fourth-largest bank in Nebraska, has assets of
$2.55 billion, 1,375 employees and 26 locations in 10 Nebraska communities and
one location in Colorado Springs, Colo.
The merger values First Commerce at approximately $480 million or $35.95
per share of Class A common stock and Class B common stock.
This represents a premium of approximately 40.9% to the average closing
price of Class A common stock over the last 30 trading days and a premium of
approximately 51.0% to the average closing price of Class B common stock over
the same period. The exchange ratio will be determined by dividing $35.95 by
the average of the closing prices of a share of Wells Fargo common as reported
on the consolidated tape of the New York Stock Exchange during the period of
20 trading days ending on the day immediately before the meeting of First
Commerce shareholders called to vote on the proposed merger.
The merger, which is subject to regulatory approval and the approval of
First Commerce shareholders, is expected to be completed in the third quarter
of this year.
Once the acquisition is complete, First Commerce will become part of
Norwest Bank Nebraska, a Wells Fargo subsidiary, making Norwest the
second-largest bank in Nebraska based on deposits.
"Selecting a merger partner that shares our strong commitment to customer
service and building great communities is very important to me," said
Jim Stuart, Jr., chairman and CEO of First Commerce Bancshares. "We feel our
combination with Norwest will serve the best long-term interests of our
employees, our customers and the communities we've helped nurture for most of
the 20th century. Our belief that local managers are best qualified to make
the right decisions for the communities where they live and work is an
integral part of the way Norwest does business. Norwest also recognizes the
need to balance that approach with the advantages gained by having banking
resources and services available to more completely serve customers. Coupled
with its outstanding reputation as a company that values employees, customers,
community support, and the broadest product line in the business, Norwest was
the right choice."
"Norwest and First Commerce share many values that have helped both of us
become outstanding companies: great customer service, building strong
communities, and the value we place on our team members," said Judith Owen,
president of Norwest Bank Nebraska. "We think this is a great combination.
The combined company will be more focused than ever on earning 100 percent of
our customers' business and helping our customers succeed financially."
"Norwest's business philosophy of community reinvestment is based on local
decision-making," Owen said. "It is the key to serving our communities
effectively. We believe the best decisions are local decisions made by local
people. It is our belief that in Nebraska, our market managers are in the
best position to understand their community and to make decisions on local
community involvement."
Over the past five years, Norwest Bank Nebraska has contributed over
$3.5 million to non-profit organizations in Nebraska.
Norwest has 30 Nebraska banking stores serving Bellevue (2 stores), Grand
Island (3), Hastings (2), Lincoln (6), Norfolk (2), and Omaha (15). First
Commerce has 26 banking locations serving the Nebraska communities of Alliance
(1), Bridgeport (1), Grand Island (3), Hastings (2), Kearney (3), Lincoln (9),
McCook (1), North Platte (3), Valentine (1), West Point (1), and one location
in Colorado Springs, Co.
"We have learned and validated the fact that decisions are truly made
locally within the Wells Fargo system," Stuart said. "Our executive team will
still be in place to serve our customers and provide strategic direction for
the markets they manage. And because of this, customers can continue to count
on us to look out for your concerns, as any neighbor would."
Wells Fargo and First Commerce expect regulators to require divestiture of
some stores before giving approval to the merger.
In addition to the banking locations, the acquisition includes all or
parts of other subsidiaries of First Commerce Bancshares:
* First Commerce Technologies -- provides data processing to the company
and about 255 unaffiliated banks.
* First Commerce Mortgage Company -- purchases residential loans and
packages them as securities while retaining servicing rights. Servicing
portfolio is $1.8 billion.
* First Commerce Investors, Inc. -- investment advisory firm
* Commerce Affiliated Life Insurance -- credit life insurance company
* Peterson Building Corp. -- owns and operates parking garage next to
First Commerce headquarters building in Lincoln.
* Commerce Court Inc. -- owns the Commerce Court building adjacent to
First Commerce headquarters building.
"We also look forward to continuing the excellent relationships that First
Commerce has built with its 280 correspondent banking customers," Owen said.
Wells Fargo is among the nation's largest providers of correspondent banking
services.
Norwest Bank Nebraska, N.A., with assets of $2.3 billion, together with
other Wells Fargo subsidiaries, provide banking, insurance, investments,
mortgage and consumer finance through 30 banking stores statewide.
This press release contains forward-looking statements about Wells Fargo
and its proposed acquisition of First Commerce. These statements include
descriptions of (a) the anticipated closing date of the acquisition and (b)
plans and objectives of Wells Fargo's management for future operations,
products and services of First Commerce following the acquisition.
Forward-looking statements can be identified by the fact that they do not
relate strictly to historical or current facts. They often include the words
"believe," "expect," "anticipate," "intend," "plan," "estimate" or words of
similar meaning, or future or conditional verbs such as "will, "would,"
"should," "could" or "may."
Forward-looking statements, by their nature, are subject to risks and
uncertainties. A number of factors-many of which are beyond Wells Fargo's
control-could cause actual conditions, events or results to differ
significantly from those described in the forward-looking statements. Wells
Fargo's reports filed with the SEC, including Wells Fargo's Form 10-Q for the
quarter ended September 30, 1999, describe some of these factors, including
certain credit, market, operational, liquidity and interest rate risks
associated with Wells Fargo's business and operations. Other factors
described in Wells Fargo's September 30, 1999 Form 10-Q include changes in
business and economic conditions, competition, fiscal and monetary policies,
disintermediation, legislation, the combination of the former Norwest
Corporation and the former Wells Fargo & Company, and other mergers and
acquisitions.
There are other factors besides these that could cause actual conditions,
events or results to differ significantly from those described in the
forward-looking statements or otherwise affect in the future Wells Fargo's
business, results of operations and financial condition.
This press release may be deemed to be offering materials of Wells Fargo &
Company in connection with Wells Fargo's proposed acquisition of First
Commerce Bancshares, Inc. through the merger of a wholly-owned subsidiary of
Wells Fargo with and into First Commerce upon the terms and subject to the
conditions set forth in the Agreement and Plan of Reorganization, dated as of
February 1, 2000, by and between Wells Fargo and First Commerce (the
"Agreement"). This filing is being made in connection with Regulation of
Takeovers and Security Holder Communications (Release Nos. 33-7760 and
34-42055) adopted by the Securities and Exchange Commission (SEC).
First Commerce and its directors and executive officers may be deemed to
be participants in the solicitation of proxies in respect of the transactions
contemplated by the Agreement. These directors and executive officers include
the following: Stuart L. Bartruff, David T. Calhoun, Mark Hansen,
Brad Korell, Connie Lapaseotes, John G. Lowe, John C. Os-borne,
Richard C. Schmoker, William C. Schmoker, Kenneth W. Staab, James Stuart, Jr.,
James Stuart, III and Scott Stuart. Of these directors and executive
officers, Richard C. Schmoker, William C. Schmoker, James Stuart, Jr.,
James Stuart, III and Scott Stuart may be deemed beneficial owners of
approximately (i) 1.6 million shares of First Commerce's Class A common stock
(constituting approximately 60.7% of the outstanding Class A shares) and (ii)
5.9 million shares of First Commerce's Class B common stock (constituting
approximately 54.8% of the outstanding Class B shares). None of the other
persons listed above owns more than 1% of the outstanding shares of either
First Commerce's Class A common stock or its Class B common stock. The
ownership information is as of December 31, 1999. In addition, in connection
with the Merger, each of Stuart L. Bartruff, Mark Hansen and Brad Korell has
entered into an employment/non-compete agreement, and each of James Stuart Jr.
and James Stuart III has entered into a non-compete agreement. The foregoing
persons are also parties to retention agreements that provide for payments in
connection with continued employment after certain business combinations,
including the merger.
Shareholders of First Commerce and other investors are urged to read the
proxy statement-prospectus which will be included in the registration
statement on Form S-4 to be filed by Wells Fargo with the SEC in connection
with the proposed merger because it will contain important information. After
it is filed with the SEC, the proxy statement-prospectus will be available for
free, both on the SEC's web site (www.sec.gov) and from First Commerce's and
Wells Fargo's respective corporate secretaries, as follows:
First Commerce: Wells Fargo:
Corporate Secretary Corporate Secretary
First Commerce Bancshares Inc. Wells Fargo & Company
NBC Center MAC N9305-173
1248 "O" Street Sixth and Marquette
Lincoln, NE 68508 Minneapolis, MN 55479
402-434-4110 612-667-8655
SOURCE Wells Fargo & Company |
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| To: Doug (Htfd,CT) who wrote (1248) | 2/4/2000 11:50:00 AM | | From: David C. Burns | | | |
1st Choice Financial Corp. and Wells Fargo & Company Announce Definitive Agreement
DENVER--(BUSINESS WIRE)--Feb. 4, 2000--Wells Fargo & Company
(NYSE:WFC) and 1st Choice Financial Corp. announced today they have
signed a definitive agreement for Wells Fargo to acquire 1st Choice.
1st Choice is a privately held bank holding company which owns 1st
Choice Bank with seven locations in northern Colorado. Wells Fargo has
eight banking stores in northern Colorado under the Norwest Bank name.
"We chose to partner with Norwest and Wells Fargo because they
share our community banking philosophy which starts with local
management and local decision-making. This partnership is good for our
shareholders, good for our customers and good for our employees," said
Darrell D. McAllister, founder and chief executive officer of 1st
Choice. "For our shareholders, they'll get stock as an investment, a
stock that has performed well in the past. Our employees will have
virtually unlimited opportunities for growth and our customers will
have access to an expanded product line delivered to them when, where
and how they want."
"I can't think of a better partner than 1st Choice to help us
strengthen our position in northern Colorado," said John Nelson, group
executive vice president and head of Wells Fargo in Colorado. "The 1st
Choice team has a great reputation that they've earned by serving
their customers well. We look forward to welcoming them to Wells
Fargo."
Headquartered in Greeley, Colo., 1st Choice has more than $410
million in assets. 1st Choice Bank has seven locations in Weld and
Larimer counties, including banking stores in Fort Collins, Greeley,
Loveland and Windsor.
The companies expect to complete the merger in the second quarter
of this year, pending approval from banking regulators and 1st Choice
shareholders.
1st Choice's Founder and Chief Executive Officer Darrell
McAllister will join Wells Fargo when the merger is complete. 1st
Choice will eventually convert to Wells Fargo's computer systems and
change its name to Wells Fargo, but a definite date for that has not
yet been determined.
Wells Fargo & Company is a $218 billion diversified financial
services company providing banking, insurance, investments, mortgage
and consumer finance through about 6,000 stores, the Internet and
other distribution channels across North America, including all 50
states, and elsewhere internationally. In Colorado, Wells Fargo has
more than 100 Norwest banking stores and 16 Wells Fargo banking
stores. Wells Fargo also serves customers in Colorado through Norwest
Investment Services (33 stores), Norwest Investment Management & Trust
(eight), and Norwest Mortgage (45).
This news release may be deemed to be offering materials of Wells
Fargo & Company in connection with Wells Fargo's proposed acquisition
of 1st Choice Financial Corp. through the merger of a wholly-owned
subsidiary of Wells Fargo with and into 1st Choice upon the terms and
subject to the conditions set forth in the Agreement and Plan of
Reorganization, dated as of February 3, 2000, by and between Wells
Fargo and 1st Choice (the "Agreement"). This filing is being made in
connection with Regulation of Takeovers and Security Holder
Communications (Release Nos. 33-7760 and 34-42055) adopted by the
Securities and Exchange Commission (SEC).
1st Choice and its directors and executive officers may be deemed
to be participants in the solicitation of proxies in respect of the
transactions contemplated by the Agreement. These directors and
executive officers include the following: David J. Calvin, Bruce
Deifik, Sue A. Foster, W. West Foster, Patty Gates, Robert Hinderaker,
William H. Lacock, Darrell D. McAllister, Carroll D. Miller, Jocelyn
Pring, John R. Puma, Michael K. Sanders, Marsha Sword, William J.
Sanders, William J. Warren, Daniel L. White and John Zurbrigen. Of
these directors and executive officers, David J. Calvin, Bruce Deifik,
and Carroll D. Miller may be deemed beneficial owners of approximately
950,722 shares of 1st Choice's common stock (constituting
approximately 29.1% of the outstanding shares). As of October 31,
1999, none of the other persons listed above owns more than 5% of the
outstanding shares of 1st Choice's common stock. In addition, in
connection with the Merger, Darrell D. McAllister has entered into an
employment/non-compete agreement, and Robert Hinderaker has entered
into a non-compete agreement.
Shareholders of 1st Choice and other investors are urged to read
the proxy statement-prospectus which will be included in the
registration statement on Form S-4 to be filed by Wells Fargo with the
SEC in connection with the proposed merger because it will contain
important information. After it is filed with the SEC, the proxy
statement-prospectus will be available for free, both on the SEC's web
site (www.sec.gov) and from 1st Choice's and Wells Fargo's respective
corporate secretaries, as follows:
1st Choice: Wells Fargo:
Corporate Secretary Corporate Secretary
1st Choice Financial Corp. Wells Fargo & Company
5801 West 11th Street MAC N9305-173
Greeley, CO 80634 Sixth and Marquette
(970) 356-7700 Minneapolis, MN 55479
(612) 667-8655
CONTACT:
Wells Fargo & Co.
Cristie Drumm, 303/863-6289
or
1st Choice Financial Corp.
Darrell D. McAllister, 970/356-7700 |
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| To: Doug (Htfd,CT) who wrote (1248) | 2/23/2000 3:22:00 PM | | From: David C. Burns | | | |
Wells Fargo & Company Authorizes Repurchase of Up to 81 Million Common Shares
SAN FRANCISCO--(BUSINESS WIRE)--Feb. 22, 2000--Wells Fargo & Company's (NYSE: WFC) Board of Directors today authorized the Company to acquire, from time to time, up to 81 million shares of the Company's issued and outstanding common stock. This is about five percent of the Company's 1.6 billion shares of outstanding common stock.
On September 28, 1999, the Company announced a share repurchase of up to 82 million shares. Approximately 35 million shares remain to be purchased, substantially all of which is yet to be acquired for announced acquisitions.
These shares, to be purchased at market price, are part of Wells Fargo & Company's systematic pattern of common stock repurchases to meet the periodic common stock issuance requirements of the Company's benefit plans and other stock issuance requirements, including acquisitions accounted for as purchases.
Wells Fargo & Company is a $218 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through about 5,300 stores, the Internet (www.wellsfargo.com) and other distribution channels across North America and elsewhere internationally.
CONTACT:
Wells Fargo & Company
Mary Rodrigues, 415/396-7711 (Media)
Robert S. Strickland, 415/396-0523 (Investors) |
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