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Posted 24 Feb 2001   For week ended October 13, 2000
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News about Mormons, Mormonism,
and the LDS Church
Sent on Mormon-News: 17Oct00

Summarized by Janus Wilkinson

Purchase of Mormon Bank Gets Final Approval

SALT LAKE CITY, UTAH -- On Tuesday, the Federal Reserve Board approved Wells Fargo &Co.'s purchase of Salt Lake City-based First Security Corp. The board voted 5-0 in favor of the acquisition, which will make San Francisco-based Wells Fargo Utah's largest banking company.

In September, the U.S. Justice Department said it, too, will allow the deal to go through if Wells Fargo sells four of its branches and 35 First Security branches. The branches to be closed are in areas that the Justice Department deemed the banking market would not remain competitive if Wells Fargo were able to keep the branches after its acquisition of First Security is complete.

Spencer Eccles, First Security chairman and chief executive, agreed to sell the bank to Wells Fargo in early April, three days after Zions Bancorporation shareholders rejected a deal to acquire First Security. (Just a side-note here for you: First Security was founded by the ancestor of the current CEO, Spencer Eccles. David Eccles was a Mormon pioneer from England. Zions Bancorp used to be owned by the LDS Church, and is now run by LDS Church member Harris Simmons.)


Fed OKs Purchase Of First Security By Wells Fargo
Salt Lake Tribune 11Oct00 B2


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