Wells Fargo looking at acquisition

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Friday, Jan. 28, 2000 | 11:23 a.m.

First Commerce Bancshares Inc., a family controlled bank in Nebraska, is negotiating its possible sale to Wells Fargo Co.

First Commerce said Thursday there is no assurance the two parties will reach an agreement. The discussions with Wells Fargo place a $480 million value on the Lincoln, Neb., holding company.

First Commerce issued a statement on the talks in part because of rumors about the possibility that the company would be acquired, President Bradley Korell said.

First Commerce has eight banks in Nebraska and one in Colorado, with assets totaling about $2.6 billion. San Francisco-based Wells Fargo has $218 billion in assets nationwide and is a big player in the Nevada banking industry.