Wells Fargo & Co. said it will sell First Interstate Bank of Alaska and its three branches to an Alaskan investment group for $4.5 million.

The sale, which is expected to close Nov. 30, is subject to regulatory approval.

Wells bought the parent First Interstate Bancorp on April 1.

Ron Kukes, president and chief executive of First Interstate Bank of Alaska, said the three Anchorage-based branches had assets of $49 million as of June 30.

Mr. Kukes, who has headed the bank since its establishment in 1988, also heads the investor group buying it.

He said the newly independent, locally owned community bank would retain its 20 current employees and executives.

The branches would operate under the First Interstate Bank of Alaska name; signs, trademarks, and logos would not change.

"Keeping the existing management and employees in place will provide continuity," Mr. Kukes said.

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