Wells Fargo Agrees to Acquire LaSalle Bank’s Employee Benefit Trust Business
Minneapolis — April 24, 2006
Wells Fargo Bank, N.A., part of Wells Fargo & Company (NYSE:WFC,) said today it has reached a definitive agreement to acquire the employee benefit trust business of LaSalle Bank. The acquisition is expected to include approximately 350 employee benefit plans with $12.4 billion in assets. Wells Fargo Bank’s Institutional Trust Services will provide core custodial services to these clients, as well as certain investment management solutions and online services via Wells Fargo’s award-winning Commercial Electronic Office® business portal. Terms of the agreement were not disclosed. The acquisition is expected to be completed by the end of next month. “Growing our trust and investment-related business is part of Wells Fargo’s number one strategic initiative, and this acquisition shows our commitment to grow this business not just organically but through disciplined acquisitions,” said Laurie Nordquist, head of Wells Fargo Institutional Trust Services. “We look forward to providing ‘world-class’ service to these new clients, offering them a greater array of investment and financial solutions. Our experience with acquisitions can provide comfort to these clients that we will strive to provide as seamless a transition as possible.” "We greatly valued our relationships with our former employee benefit client base and would like to thank them for their business,” said Marianne Bamonte, senior vice president of LaSalle Bank’s Institutional Custody Services group. “We’re confident that this transition to Wells Fargo will be managed smoothly by the new provider and that the company’s products and services will be well-received by its client base.” Wells Fargo plans to hire many of the client service professionals who serve these clients at LaSalle Bank. “We recognize the value of retaining the knowledge, experience and relationships that have been developed over the years and are pleased to add these talented professionals to our team,” said Nordquist. Wells Fargo Institutional Trust Services (ITS) is a national leader in providing investment solutions, total retirement management, trust and custody solutions, and benefits consulting for institutional clients. ITS offers personalized, local service to more than 5,000 clients and 1.3 million participants across the country. Wells Fargo & Company is a diversified financial services company with $492 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service. LaSalle Bank Corporation is the largest bank headquartered in Chicago with $114 billion in assets and a presence in 23 states. LaSalle Bank Corporation serves individuals, small businesses, middle-market companies and institutions through more than 400 retail locations and 1,500 ATMs in Illinois, Michigan, and Indiana and in addition provides commercial banking services throughout its 23 state network. LaSalle Bank Corporation’s subsidiaries include LaSalle National Leasing, LaSalle Business Credit, LaSalle Financial Services, Inc. and ABN AMRO Mortgage Group. LaSalle Bank Corporation is an indirect subsidiary of Netherlands-based ABN AMRO Bank, one of the world’s largest banks with total assets of EUR 880.8 billion and more than 3,000 locations in over 60 countries.