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U.S. Department of Justice Seal and Letterhead
(202) 616-2771
TDD (202) 514-1888


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.



FRB Market Bank Branch


Branch Address Town
Flagstaff Wells Fargo Flagstaff 2 E Birch Avenue Flagstaff
Lake Havasu City Norwest Lake Havasu City 1992 McCulloch Blvd North Lake Havasu City
Payson Norwest Payson 613 South Beeline St. Pwy Payson
Phoenix Norwest 1st and Van Buren 302 North First Avenue Phoenix
Phoenix Norwest West Thomas 3348 West Thomas Road Phoenix
Phoenix Norwest South & Central 6002 South Central Avenue Phoenix
Phoenix Norwest Scottsdale Stadium 7315 East Osborn Road Scottsdale
Phoenix Norwest Los Arcos 7201 East McDowell Road Scottsdale
Phoenix Norwest South Tempe 7605 South McClintock Dr Tempe
Phoenix Norwest Fiesta Mall 1325 West Southern Mesa
Phoenix Norwest Greenfield & Main 4450 East Main St Mesa
Show Low Norwest Pinetop 781 East White Moutain Blvd Pinetop
Sierra Vista Norwest Cochise 211 South Carmichael Ave Sierra Vista
Yuma Norwest Yuma Midtown 1599 South Fourth Avenue Yuma
Carson City Norwest Carson City 201 West Telegraph Street Carson City
Elko Norwest Elko 852 Idaho Street Elko
Fallon Wells Fargo West Fallon 1995 West Williams Fallon
Las Vegas Norwest Lakes West 9325 W. Sahara Las Vegas
Las Vegas Norwest Desert Inn/Topaz 2625 East Desert Inn Road Las Vegas
Las Vegas Norwest Tropicana/Pecos 3333 E. Tropicana Ave Las Vegas
Las Vegas Norwest Rainbow/Westcliff 103 S. Rainbow Las Vegas
Las Vegas Norwest Henderson 546 S. Boulder Hwy Henderson
Reno Norwest Virginia/Cadillac 2375 South Virginia Street Reno
Reno Norwest Booth/Reno Village 595 Booth Street Reno
Winnemucca Norwest Winnemucca 311 South Bridge Street Winnemucca
Yerington Wells Fargo Yerington 14 South Main Street Yerington

Attachment A