| FOR IMMEDIATE RELEASE
TUESDAY, OCTOBER 13, 1998
TDD (202) 514-1888
JUSTICE DEPARTMENT APPROVES NORWEST/WELLS FARGO MERGER
Banks Agree to Sell a total of 26 Branch Offices in Arizona and Nevada
WASHINGTON, D.C. The Department of Justice today cleared the $34 billion merger of Norwest Corporation with Wells Fargo & Company after both banks agreed to sell 26 branch offices in Arizona and Nevada with deposits totaling approximately $1.18 billion.
Norwest and Wells Fargo have agreed to divest a total of 14 branches with deposits of $457 million located in Flagstaff, Lake Havasu City, Payson, Mesa, Phoenix, Scottsdale, Tempe, Pinetop, Sierra Vista, and Yuma, Arizona. In Nevada, Norwest and Wells Fargo have agreed to divest a total of 12 branches with deposits of $721 million located in Carson City, Elko, Fallon, Las Vegas, Henderson, Reno, Winnemucca, and Yerington.
"The divestiture will ensure that local customers, particularly small businesses, will have access to competitively priced banking services," said Joel I. Klein, Assistant Attorney General in charge of the Antitrust Division.
In addition, Norwest and Wells Fargo have agreed that they will not take steps to preclude other financial institutions from leasing or purchasing any bank branches that they may close due to consolidation resulting from this merger. Subject to regulatory approvals, the 26 branches and associated loans and deposits that Norwest and Wells Fargo will divest will be sold to one or more competitively suitable buyers.
The proposed merger of Norwest and Wells Fargo is subject to the approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to divestiture of the branch offices and associated loans and deposits, the Division will not challenge the merger.
Norwest is headquartered in Minneapolis. It has $57.8 billion in deposits and $96.1 billion in assets. Its banking offices are located in Arizona, Colorado, Illinois, Indiana, Iowa, Minnesota, Montana, Nebraska, Nevada, New Mexico, North Dakota, Ohio, South Dakota, Texas, Wisconsin, and Wyoming.
Wells Fargo is headquartered in San Francisco. It has $72.3 billion in deposits and $94.8 billion in assets. Its banking offices are located in Arizona, California, Colorado, Idaho, New Mexico, Nevada, Oregon, Utah, and Washington.
A list of the branches to be sold is attached.