WELLS FARGO ANNOUNCES COMPLETION OF H.D. VEST ACQUISITION
SAN FRANCISCO — July 2, 2001
Wells Fargo & Co. (NYSE: WFC) announced today that it has completed its acquisition of H.D. Vest, Inc., the nation's largest provider of financial services delivered through tax professionals. The acquisition is believed to be the first of its kind in the banking industry.
Based in Irving, Texas, H.D. Vest provides comprehensive financial planning services, including securities, insurance, money management, and business advice through approximately 6,000 tax and financial advisor independent contractors who manage over $16 billion in assets for some 1.8 million individuals, families and small businesses in all 50 states.
" H.D. Vest's network of tax professionals and the client relationships they manage will benefit from the broad array of Wells Fargo capabilities, including personal trust services, mortgages, and insurance," said Dennis Mooradian, president of Wells Fargo Private Client Services. "We are very excited about the strategic advantages of this partnership."
"Our clients will benefit from Wells Fargo's capabilities as a nationwide financial services company," said Herb D. Vest. "In addition to our existing products and services, our Advisors will now be able to offer their valued clients an expanded array of financial solutions."
The acquisition was announced March 23, 2001 and approved by H.D. Vest shareholders on May 22, 2001. Early termination under the Hart-Scott-Rodino Antitrust Improvements Act was granted on May 21, 2001. Under the terms of the agreement, Wells Fargo paid $21.03 in cash per share of H.D. Vest common and preferred stock and, for each option of H.D. Vest, paid an amount equal to the difference between $21.03 and the exercise price of the option. This translates into a total acquisition value of approximately $127.5 million on a fully diluted basis.
Wells Fargo's Private Client Services (PCS) group actively manages more than $132 billion in assets, including $82 billion for high net-worth investors. PCS offers investment management, brokerage services, trust and private banking from PCS offices and from more than 3,170 Wells Fargo banking stores throughout 23 banking states, including the cities of Denver, Los Angeles, Minneapolis, Omaha, Des Moines, Palo Alto, Portland (Oregon), Sacramento, San Antonio, San Francisco, Scottsdale (Arizona), and Seattle.
Wells Fargo is a $280 billion diversified financial services company providing banking, insurance, investments, mortgage, and consumer finance services through more than 5,400 stores, the industry's #1 Internet bank (www.wellsfargo.com ), and other distribution channels across North America and elsewhere internationally.