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Article: Wells-First Interstate: it's finally showtime. (First Interstate Bancorp; Wells Fargo & Co.)
- Article from:
- Los Angeles Business Journal
- Article date:
- July 22, 1996
- Author:
CopyrightCOPYRIGHT 1996 CBJ, L.P. 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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Merger of two banks requires military precision
It's D-Day for Wells Fargo.
The San Francisco-based bank legally completed its merger with Los Angeles-based First Interstate Bancorp on April 1. But as far as most consumers are concerned, the real merger will begin unfolding this weekend when branches from both banks are closed, First Interstate accounts are moved to Wells Fargo & Co, and remaining First Interstate branches are converted into Wells Fargo branches.
The Wells-First Interstate merger is not the biggest bank merger in U.S. history, but banking experts say it's likely to be the fastest consolidation of bank branches on a massive scale.
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