Wells Fargo Agrees To Acquire Citibank Customer Relationships in Northern Nevada, Sierra Foothills
Wells Fargo Bank, N.A., a subsidiary of Wells Fargo & Company (NYSE:WFC), and Citibank, N.A., a subsidiary of Citigroup Inc. (NYSE: C), said today they have signed a definitive agreement for Wells Fargo to acquire the account relationships of Citibank’s customer households in six northern Nevada and two California Sierra Foothills communities, including approximately $500 million in deposits and $60 million in loans.
The acquisition will further strengthen Wells Fargo’s #1 deposit market share in northern Nevada. Terms of the proposed transaction were not disclosed. Customers of Citibank financial centers in Reno, Sparks, Carson City, Elko, Winnemucca and Yerington, Nev., and in Auburn and Grass Valley, Calif. should conduct their banking business as usual.
Wells Fargo and Citibank will provide customers with information about the transition as it progresses. The transaction, which requires the approval of banking regulators, is expected to be completed in third quarter 2008.
“With this acquisition, we have the privilege of welcoming new customers to Wells Fargo, so we can satisfy all their financial needs, help them succeed financially, and our goal is to make the transition to Wells Fargo for these customers as smooth and easy for them as possible,” said Kirk V. Clausen, Wells Fargo Regional Banking president for Nevada. “Our customers are the center of all we do, and our team members in northern Nevada and the Sierra Foothills look forward to building lifelong relationships with these new customers.”
“At Wells Fargo, our customers are our neighbors and our friends, and we take great pride in knowing them, understanding their needs and serving them,” said Felix Fernandez, Wells Fargo Regional Banking president for Northern California. “This acquisition reflects our commitment to this region and to the communities we serve. It’s an honor for us to be our customers’ financial services provider.”
“Our first priority will be to show our newest customers the highest level of personalized service and sound financial advice,” said Chad A. Osorno, Wells Fargo Regional Banking president for northern Nevada. “We know they’ll appreciate access to our broad array of financial products and services and our convenient network of banking stores and ATMs across Nevada, California and the western United States.”
Wells Fargo Bank, N.A., will acquire the consumer and business deposit accounts and loans associated with the area’s Citibank locations. Wells Fargo will serve the acquired accounts from its 43 northern Nevada and 29 Sierra Foothills stores, all located within a one mile radius of the Citibank locations.
In Nevada – the nation’s fastest growing state according to census data – Wells Fargo has more than 140 financial services stores and 3,600 team members; in California, it has 1,240 stores and more than 40,000 team members.
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