Wells Fargo to Grow in Texas Panhandle With Purchase of 4 PlainsCapital Branches
Amarillo, TX — December 16, 2004
Wells Fargo & Company today announced it has agreed to purchase four branches of PlainsCapital Bank in Amarillo and Canyon, significantly expanding Wells Fargo’s ability to serve customers in the Texas Panhandle. Terms of the proposed transaction were not disclosed. “Wells Fargo is excited to broaden our presence in the Texas Panhandle,” said Mike Coomer, Wells Fargo Community Banking president for the Amarillo market, adding that Wells Fargo has five stores in and around Amarillo. “We hope to meet even more of our new customers’ needs for business and personal financial services.” “This transaction is a win-win for PlainsCapital and Wells Fargo,” said George Sell, chairman of the PlainsCapital Bank Amarillo Region, who will continue in that same capacity with Wells Fargo. “Our Amarillo-area customers and communities will continue to benefit from local decisions and community involvement.” Customers of the PlainsCapital locations in Amarillo should conduct their banking business as usual, Coomer said. Wells Fargo will provide PlainsCapital customers with information about the transition before the projected closing date in early 2005, he added. “Our roots are in West Texas, so this was a difficult decision for me,” said Alan B. White, chairman and CEO of PlainsCapital Corporation. “But selling these four bank locations allows us to concentrate our resources in other communities where we are experiencing strong growth. The funds from this sale will be invested in supporting our operations in Austin, Dallas, Fort Worth, Lubbock and San Antonio.” “We have no plans to reduce our operations in Lubbock,” White added. “On the contrary, we continue to hold 28 percent of the local market share.” The purchase, which is subject to federal regulators’ approval, is expected to be completed by the second quarter of 2005. Conversion of the PlainsCapital computer data to Wells Fargo systems also is expected to be completed by second quarter 2005. PlainsCapital’s subsidiary companies operating in Amarillo and Canyon – PlainsCapital McAfee Mortgage and PlainsCapital Mortgage One – are not affected by the transaction. The PlainsCapital Bank locations included in the proposed purchase are: Amarillo Downtown Bank, 724 South Polk St.; Wolflin Branch, 1838 South Georgia; Coulter Branch; 4140 South Coulter; and Canyon Branch, 1901 S.W. 4th Ave., Canyon. As of Sept. 30, deposits at these locations totaled $170 million and loans were $93 million. There are 45 employees at the four locations. PlainsCapital Bank is among the largest privately held financial services companies in Texas, serving business centers and communities across the state. An integral part of this family of 11 companies, PlainsCapital Bank is the second-largest independent bank in Texas with over $2.3 billion in assets. Offering a broad array of financial services including commercial and private banking, wealth management, trust, treasury management, capital equipment leasing, residential mortgage, title insurance and 1031 exchange services, PlainsCapital’s 1,600 employees are empowered to deliver individualized solutions to ensure their clients’ financial success. In Texas, Wells Fargo has 513 banking stores, 46 mortgage stores, 46 consumer finance stores and more than 11,500 team members. Nationally, Wells Fargo & Company is a diversified financial services company with $422 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 6,000 stores and the internet (www.wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A., is the only “Aaa”-rated bank in the United States.