To acquire Farmers State Bank of Fort Morgan’s banking operations
F.S.B. Bancorporation is a privately owned bank holding company. Farmers State Bank has one location at 123 E. Kiowa Ave., in Fort Morgan, Colo. The bank has assets of $145 million, deposits of $116 million, loans of $66 million, and 35 employees. This will be Wells Fargo’s first banking store in Morgan County, northeast of Denver. Wells Fargo is #1 in deposit market share in Colorado.
“By joining together with Wells Fargo, we can expand the financial services we offer our customers,” said Jerry Jones, president of Farmers State Bank. “Like Wells Fargo, we’re proud of the lifelong relationships we’ve formed with customers. We know that our 93-year history of providing outstanding service and trusted advice to our customers will continue as part of Wells Fargo."
“Wells Fargo is committed to growing in Colorado and expanding our network of convenient stores, ATMs, phone banks and online banking for our customers throughout the state,” said Nathan Christian, Wells Fargo regional president for Colorado. “With this acquisition, we welcome new team members who know, understand and appreciate their customers and reward them with excellent service. We also welcome new customers to Wells Fargo, and look forward to satisfying all their financial needs and helping them succeed financially, providing them our full array of products and services, including agricultural lending, business banking, investments and insurance."
“Wells Fargo is the leading financial services provider in northern Colorado and nationally is the #1 agricultural lender because of our community banking spirit of local decision making and personal service,” said Kenneth Zelie, Wells Fargo regional president for Northern Colorado. “Farmers State Bank of Fort Morgan has an outstanding reputation and we look forward to working with them."
The transaction, which requires the approval of banking regulators and F.S.B. Bancorporation, Inc. of Fort Morgan, Colorado shareholders, is expected to be completed by the end of this year. Terms of the agreement were not disclosed.
In Colorado, Wells Fargo serves customers through 151 banking stores, 28 Wells Fargo Home Mortgage stores and 22 Wells Fargo Financial stores in nearly 70 communities. Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, “Aaa,” and Standard & Poor's Ratings Services, “AAA."