Wells Fargo Merger Approved
SALT LAKE CITY (AP) _ First Security Corp.’s shareholders agreed Monday to allow the bank to be acquird by Wells Fargo & Co.
Under the terms of the agreement, First Security stockholders will get .355 of a share of Wells Fargo stock in exchange for each share of First Security. That works out to $14.75 a share, based on Wells Fargo’s Monday closing price of $41.50.
First Security closed down 25 cents on the Nasdaq at $14.375.
If regulators approve the acquisition, the $3 billion deal is expected to be completed this fall.
The buyout of First Security by the San Francisco-based bank was announced April 9, just 10 days after First Security’s deal with Zions Bancorporation fell through.
The combined bank will be the largest in Utah, Nevada, Idaho and New Mexico, with about $241 billion in assets and operations in 23 states.
On the Net: http://www.firstsecuritybank.com/