Wells Fargo & Co. continued its quest to bulk up in Texas by announcing plans to buy $1.2 billion-asset Prime Bancshares of Houston for $246 million of stock.

The deal, unveiled late Wednesday, would bring Wells Fargo 24 offices and $981 million of deposits in and around Houston, strengthening its position as the fourth-largest banking company in Texas. Wells now has 388 Texas branches with a combined $15 billion of deposits, an 8% market share.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.