From wire reports
SALT LAKE CITY -- Wells Fargo & Co. and First Security Corp. plan to sell 39 stores with a combined $1.5 billion of deposits in four western states in order to satisfy antitrust guidelines for their pending merger.
In April, Wells Fargo agreed to buy First Security in a transaction worth about $3 billion. Under an agreement with the Justice Department, the companies are selling branches in Utah, New Mexico, Idaho and Nevada. Thirty-five of the stores are First Security locations, and four are Wells Fargo stores.
Wells Fargo said BancWest Corp.'s Bank of the West unit, Colonial Bancgroup Inc.'s Colonial Bank unit and Glacier Bancorp Inc. signed agreements to acquire banking operations in the four states. Honolulu-based BancWest said on Thursday it will buy 30 First Security Bank branches in New Mexico and Nevada, resulting in a $4 million charge in the first quarter of 2001.