National Bancorp of Alaska said late Tuesday it had signed a letter of intent to merge with Wells Fargo & Co. in a deal valued at $907 million.

Edward B. Rasmuson, the Anchorage-based banking company's chief executive, said in a statement: "I've always said that we need to be part of a large financial institution." The acquisition will provide San Francisco-based Wells Fargo with $3.1 billion of assets, 54 branches, and a dominant position in the state of Alaska.

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