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Article: Wells Fargo Completes Acquisition of First Interstate Bancorp.
- Article from:
- Business Wire
- Article date:
- April 1, 1996
CopyrightCOPYRIGHT 1996 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SAN FRANCISCO--(BUSINESS WIRE)--April 1, 1996--Wells Fargo & Company (NYSE:WFC) announced today that it has completed its acquisition of First Interstate Bancorp, creating the 8th largest bank holding company in the United States.
The purchase price of the transaction is approximately $11 billion based on Wells Fargo's share price on January 19, the last trading day before Wells Fargo and First Interstate agreed on an exchange ratio. First Interstate shareholders will receive two-thirds of a share of Wells Fargo common stock for each share of common stock owned.
The name of the newly combined company will be Wells Fargo & Company. The combined company has ...