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Summarized by Kent Larsen
First Security Shareholders Vote for Wells Fargo Merger
SALT LAKE CITY, UTAH -- Shareholders of First Security Corporation,
the bank founded by the family of LDS pioneer David Eccles, voted
July 31st to join California-based Wells Fargo bank, effectively
ending the bank's independence. While the transaction still faces
some regulatory hurdles, bank officials expect that it will be
completed in the last three months of this year.
"I believe we have taken the right steps today, and I am very pleased
our shareholders voted in favor of the merger," said Spencer F.
Eccles, Chairman and Chief Executive Officer of First Security
Corporation and descendant of David Eccles. "Wells Fargo is an
outstanding franchise and everything we could ever want in a partner.
Together, we're looking forward to continuing to be the number one
bank in Utah and preserving our heritage as a leader in the
Intermountain West."
First Security had grown to become the second largest independent
bank headquartered in the West. It has nearly 400 offices in Utah,
California, Idaho, Nevada, Oregon, New Mexico and Wyoming and has
almost 150 commercial lending offices in 26 states. Late last year it
agreed to merge with Utah-based Zions Bancorp, the bank once owned by
the LDS Church and currently controlled by LDS Church member Harris
Simmons. However, that merger failed as economic conditions changed
and investors decided the terms of the deal no longer represented the
relative values of the two banks.
Source:
First Security Shareholders Vote in Favor of Merger With Wells Fargo &Company
Excite News 31Jul00 B4
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