Norwest Will Acquire Iowa Bank in Stock Deal
MINNEAPOLIS - Norwest Corp. said it signed a definitive agreement to acquire Davenport Bank and Trust Co. of Davenport, Iowa.
Terms call for Norwest to issue between 9,666,667 and 10,000,000 shares of Norwest stock in exchange for 1,200,000 shares of Davenport Bank stock, based on Norwest's stock price during a measurement period before the transaction is closed.
The exchange will be tax-free for Davenport shareholders and accounted for by Norwest as a pooling of interests. At March 31, Davenport Bank had assets of $1.8 billion.