Taking advantage of a recent change in Iowa banking law, Wells Fargo & Co. said Friday that it would buy Des Moines-based Brenton Banks Inc. for $264.5 million in stock.

The deal would shore up San Francisco-based Wells Fargo's position as the largest bank in the state, adding $2 billion-asset Brenton and its subsidiary mortgage and insurance businesses and boosting Wells Fargo's share of deposits in Iowa to 15%, with $6.5 billion. The acquisition is slated to close by the end of the year.

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