Wells Fargo, Prime Bancshares, Inc. announce definitive acquisition agreement
HOUSTON — July 28, 1999
Wells Fargo & Company (NYSE: WFC) and Prime Bancshares, Inc. (NASDAQ: PBTX) said today Wells Fargo has agreed to acquire Prime Bancshares and its subsidiary, Prime Bank.
Prime Bank is the third largest independent bank headquartered in Houston, with assets of $1.2 billion. It has 22 banking locations in Houston, Beaumont, Port Arthur, Orange (the Golden Triangle), Brenham and San Antonio and two loan production offices in San Antonio.
The acquisition requires approval from shareholders of Prime Bancshares and banking regulators, said Chip Carlisle, Houston area regional president for Wells Fargo. Terms of the agreement were not disclosed.
"We're pleased to welcome Prime Bank to our Wells Fargo family," Carlisle said. "Prime Bank has strong roots in all of its communities and they're known for outstanding customer service. With this acquisition, customers will continue to enjoy both that commitment to community banking and top-level customer service. Banking decisions still will be made locally and customers will have access to financial services that are on the leading edge of the industry."
"Wells Fargo is an organization that takes care of its customers, stockholders and employees," said E.J. Guzzo, president of Prime Bancshares. "We're excited to be able to offer our customers the convenience of banking locations in 21 states and a totally integrated financial services network."
Wells Fargo is a $205 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance services through almost 6,000 stores, the Internet (http://www.wellsfargo.com/ ) and other distribution channels across North America and elsewhere internationally.