United Bancorporation of Wyoming, Wells Fargo Announce Definitive Agreement
Will make Wells Fargo #1 in nation’s 9th fastest-growing state
Wells Fargo & Company (NYSE:WFC) and United Bancorporation of Wyoming Inc. said today they have signed a definitive agreement for Wells Fargo to acquire United Bancorporation of Wyoming’s five banking operations in Wyoming and eastern Idaho. After the transaction, Wells Fargo will be #1 in both deposits and assets among banks in Wyoming, the nation’s ninth fastest-growing state according to census data (7/2006-7/2007). Terms of the cash transaction agreement were not disclosed.
Based in Jackson, United Bancorporation of Wyoming has $1.7 billion in assets, 300 employees and its five banks – Jackson State Bank & Trust, Shoshone First Bank, Sheridan State Bank, First State Bank of Pinedale and United Bank of Idaho – have 13 locations. United Bancorporation of Wyoming was recognized last year by American Banker as one of the nation’s “most efficient bank holding companies” and among the top 20 U.S. bank holding companies in highest five-year return on assets. It is Wyoming’s third-largest privately held company, one of the state’s largest private employers and the largest financial institution based in Wyoming.
United Bancorporation of Wyoming and its affiliate banks are the leading financial institutions in Cody, Powell, Sheridan, Jackson Hole and Pinedale, Wyo., and Driggs, Idaho.
“We’re pleased to combine our best-in-class banks with Wells Fargo, a company recognized as one of the world’s most-admired financial services providers, a top employer and a leader in its communities,” said W. Richard “Dick” Scarlett III, Chairman and CEO of United Bancorporation of Wyoming. “As part of Wells Fargo, we join forces with a company that shares our commitment to our communities while providing outstanding, personalized service and sound financial advice to customers, and offering access to a broader array of financial products and services and more banking locations across Wyoming and the western United States for added convenience.”
“The teams, customers, culture and locations of these five banks are among the finest in the industry and a perfect fit in the Wells Fargo family,” said Mike Matthews, regional president for Wells Fargo Community Banking in Wyoming. “With this acquisition, Wells Fargo will add team members who will live our vision of satisfying all of our customer’s financial needs and helping them succeed financially. And we have the privilege of providing new customers and new communities in our great state with the full array of financial services, including banking, insurance, investments, mortgage and consumer finance.”
“These great Wyoming and Idaho banks have outstanding reputations in business and retail banking and other financial services in northern and western Wyoming and eastern Idaho,” said Tom Honig, regional president for Wells Fargo’s Mountain Midwest region (Colorado, Iowa, Illinois, Montana, Nebraska, Utah, Wyoming). “Together, our goal is to become the premier provider of financial services in every community in which we do business.”
In Wyoming, Wells Fargo has 18 financial services stores and 300 team members; in Idaho, it has 100 stores and 2,000 team members.
The acquisition, which requires the approval of banking regulators and United Bancorporation of Wyoming shareholders, is expected to be completed next quarter.
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with $549 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 credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”
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