Wells Fargo and Century Bancshares reach agreement

by Richard Kilner

Story link: Wells Fargo and Century Bancshares reach agreement

Wells Fargo & Company and Century Bancshares, Inc. have reached a definitive agreement whereby Wells Fargo will acquire Century Bancshares, and its banking operations in Dallas-Fort Worth, and Texarkana, Texas and Arkansas.

The merger will be stock-for-stock, and will result in Arkansas becoming Wells Fargo’s 24th state of business.

However, the signed deal remains subject to regulatory approval, as well as needing the green light from shareholders in Century Bancshares.

The deal is predicted to come to fruition at the end of 2008, and will make Wells Fargo the leading player in deposit market share in Texarkana.

Wells Fargo has over $609bn in assets, and is a diversified financial service firm which offers banking, insurance, investments, mortgage and consumer finance internationally.