Bank buying back shares

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Wednesday, March 1, 2000 | 11:05 a.m.

THE ASSOCIATED PRESS

SAN FRANCISCO -- Wells Fargo & Co. the seventh-largest U.S. bank, said it would buy back as many as 81 million, or 5 percent, of its shares, worth as much as $2.77 billion at current prices.

The San Francisco-based bank, a big player in Nevada, said the buyback is intended to meet the stock-issuance requirements of benefit plans and other needs, including acquisitions.

The buyback follows a similar one announced in September, which authorized the purchase of up to 82 million shares, of which 35 million remain to be bought. That remainder will be used for announced acquisitions, the bank said.

Wells Fargo was formed with the merger of Norwest Corp. and the old Wells Fargo & Co. in 1998.