Wells Fargo Agrees to Purchase Buffalo National Bancshares, Inc.
MINNEAPOLIS — May 25, 2000
Wells Fargo & Company announced today that it has signed a definitive agreement to acquire Buffalo National Bancshares, Inc., the parent company of The Buffalo National Bank. This bank has three locations in Buffalo, Minnesota - the main branch, a Cub Foods branch and their auto bank location. Chartered in 1926, the bank has $107 million in assets and 56 employees.
Pending approval by federal regulatory agencies and the shareholders of Buffalo National Bancshares, Inc., the transaction is expected to close in the third quarter of 2000. Terms of the agreement are not being disclosed.
"The Buffalo National Bank is an outstanding institution -- committed to its customers and community. This acquisition allows us to continue their tradition while enabling us to enter one of the state's fastest growing communities, complimenting our existing franchise," said Pat Donovan, president of Norwest Bank Minnesota. "We are eager to offer our broad range of products and services to the customers of Buffalo National Bank. They will be able to continue enjoying the high level of customer service they've come to expect, while now experiencing the added convenience of our one-stop financial services, which are offered across all of Minnesota."
"We're very enthusiastic about the opportunities this merger presents to our customers, our communities, our associates and our shareholders," said John Lundsten, President of Buffalo National. "Wells Fargo is a true 'one stop' financial services company with a history of outstanding community leadership, a commitment to its team members and local, national and international recognition for superior customer service and products. We could not have chosen a better merger partner for all of the people who have an interest in the Buffalo National Bank."
Wells Fargo, through its subsidiary Norwest Bank Minnesota and its other subsidiaries, offers banking, mortgage, investments, insurance and other financial services through more than 160 stores in 95 Minnesota communities, On-Line Banking, Norwest's 24-hour telephone banking service and about 530 Instant Cash ATMs.
Wells Fargo & Company, a $222 billion diversified financial services company, provides banking, insurance, investments, mortgage and consumer finance through 5,300 stores and other distribution channels across North America.