To acquire Farmers State Bank of Fort Morgan's banking operations DENVER, June 19
DENVER, June 19 /PRNewswire-FirstCall/ -- Wells Fargo & Company
(NYSE: WFC) and F.S.B. Bancorporation, Inc. of Fort Morgan, Colorado announced
today they have signed a definitive agreement for Wells Fargo to acquire
banking operations of its subsidiary, Farmers State Bank of Fort Morgan, in
northeastern Colorado.
F.S.B. Bancorporation is a privately owned bank holding company. Farmers
State Bank has one location at 123 E. Kiowa Ave., in Fort Morgan, Colo. The
bank has assets of $145 million, deposits of $116 million, loans of $66
million, and 35 employees. This will be Wells Fargo's first banking store in
Morgan County, northeast of Denver. Wells Fargo is #1 in deposit market share
in Colorado.
"By joining together with Wells Fargo, we can expand the financial
services we offer our customers," said Jerry Jones, president of Farmers State
Bank. "Like Wells Fargo, we're proud of the lifelong relationships we've
formed with customers. We know that our 93-year history of providing
outstanding service and trusted advice to our customers will continue as part
of Wells Fargo."
"Wells Fargo is committed to growing in Colorado and expanding our network
of convenient stores, ATMs, phone banks and online banking for our customers
throughout the state," said Nathan Christian, Wells Fargo regional president
for Colorado. "With this acquisition, we welcome new team members who know,
understand and appreciate their customers and reward them with excellent
service. We also welcome new customers to Wells Fargo, and look forward to
satisfying all their financial needs and helping them succeed financially,
providing them our full array of products and services, including agricultural
lending, business banking, investments and insurance."
"Wells Fargo is the leading financial services provider in northern
Colorado and nationally is the #1 agricultural lender because of our community
banking spirit of local decision making and personal service," said Kenneth
Zelie, Wells Fargo regional president for Northern Colorado. "Farmers State
Bank of Fort Morgan has an outstanding reputation and we look forward to
working with them."
The transaction, which requires the approval of banking regulators and
F.S.B. Bancorporation, Inc. of Fort Morgan, Colorado shareholders, is expected
to be completed by the end of this year. Terms of the agreement were not
disclosed.
In Colorado, Wells Fargo serves customers through 151 banking stores, 28
Wells Fargo Home Mortgage stores and 22 Wells Fargo Financial stores in nearly
70 communities. Wells Fargo & Company is a diversified financial services
company with $595 billion in assets, providing banking, insurance,
investments, mortgage and consumer finance through almost 6,000 stores and the
internet (wellsfargo.com) across North America and internationally. Wells
Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks
worldwide, to have the highest possible credit rating from both Moody's
Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
SOURCE Wells Fargo & Company
