Under the terms of the agreement, approved by the boards of both companies, First Security stockholders will receive 0.355 of a share of Wells Fargo common stock in exchange for each share of First Security common stock. The transaction is expected to be completed early in the fourth quarter this year, pending regulatory approvals.
With $22.5 billion in assets, First Security Corporation is the second largest independent bank holding company headquartered in the West.
First Security operates almost 400 banking, insurance and investment offices in Utah, California, Idaho, Nevada, Oregon, New Mexico and Wyoming. The corporation also operates nearly 150 mortgage and construction lending and equipment finance offices in 26 states, through subsidiaries First Security Bank, CrossLand Mortgage and First Security Leasing Company.
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