The Federal Reserve Board said Monday that it will hold a hearing Sept. 17 in Minneapolis on the proposed $34 billion merger of Norwest Corp. and Wells Fargo & Co.
Those wishing to testify must contact the Federal Reserve Bank of Minneapolis, which will host the forum, by Friday. The purpose of the hearing is to solicit testimony on the financial condition of the banks and their records of meeting the needs of local communities.
This will be the 10th Fed hearing on a bank merger, the fifth held this year. The Fed has never rejected a merger application after holding a hearing.
The Fed has received only 50 comment letters on the deal, which was announced June 8. By contrast, the Fed received more than 1,700 letters on the NationsBank Corp.-BankAmerica Corp. merger.
The merger of equals between Minneapolis-based Norwest and San Francisco-based Wells Fargo would result in a $191 billion-asset banking company, with 2,800 offices in 21 states from Indiana to California.