SAN FRANCISCO - Wells Fargo & Co. has agreed to make $45 billion of loans and grants to low-income people, minorities, and nonprofit groups if it is successful in its hostile bid to acquire First Interstate Bancorp.

The 10-year pledge, outlined in a letter to regulators that Wells Fargo chairman Paul Hazen signed last Thursday, represents a commitment of about 4.5% of the combined banks' assets per year.

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