Sale of LV Wells Fargo branches delayed

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Wednesday, Sept. 6, 2000 | 11:07 a.m.

Wells Fargo's plan to divest 37 bank branches in Nevada, Utah, Idaho and New Mexico, required by the Department of Justice as a condition of the bank's acquisition of First Security Corp., has been delayed.

The divestiture, which has been proposed to include seven Las Vegas First Security Bank branches with deposits of $392.5 million, isn't expected to be completed until mid-September, a company spokeswoman said.

Wells Fargo's Marilyn Taylor did not give a reason for the delay, but said negotiations are continuing with federal regulators.

Industry experts say the delay may be a result of multiple buyers being parties to the deal, which may be complicated by the cost of converting computer systems at the branches to be divested.

Experts say BankWest Corp., Honolulu, and BOK Financial Corp., Tulsa, Okla., which owns the Bank of Oklahoma, are considered leading contenders to acquire the branches.