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Article: NEXT STAGE FOR TOP LOCAL BANK PACIFIC NORTHWEST BANCORP. TO BE ACQUIRED BY WELLS FARGO.(Business)
- Article from:
- Seattle Post-Intelligencer
- Article date:
- May 20, 2003
- Author:
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Byline: BILL VIRGIN P-I reporter
Pacific Northwest Bancorp, the Seattle-based company that once mocked some of its big out-of-state competitors in its advertising, has decided to be bought by one.
Pacific Northwest said yesterday it will be acquired by San Francisco-based Wells Fargo & Co. in a stock deal valued at $623 million at yesterday's closing prices.
Pacific Northwest's 53 branches in Washington and Oregon would then be converted to Wells Fargo locations, likely late next spring. The banks said they hope to close the deal in the third quarter of this year.
Patrick Fahey, who founded one of the banks that make up Pacific ...