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twitterBank expands in New Mexico, Colorado
Thursday, Aug. 5, 1999 | 11:57 a.m.
SAN FRANCISCO -- Wells Fargo & Co., the second-largest bank in Nevada and California, said it's expanding in the West with a plan to buy First Place Financial Corp. of Farmington, N.M., for $174.5 million in stock.
Wells will pay 4.6 million of its shares for all of First Place, New Mexico's largest independent financial institution with $923 million in assets.
The deal brings Wells 17 branches in New Mexico and Colorado.
Just last week Wells expanded in Texas with a $246 million deal to buy Prime Bank.
The new Wells Fargo was created with the merger of Wells and Norwest banks.
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