Business Journal: Bank Buyout

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(Sacramento, CA)
Thursday, January 11, 2007

Wells Fargo will be taking over 22 Placer Sierra branches in the Sacramento region … as well as 28 elsewhere in the state. It’s not clear if some branches will be closed. That’s a special concern in communities like Lincoln, Lodi or Auburn, where both banks have operations. Placer Sierra has 650 employees. The combined deposits of about $5.9 billion could vault Wells Fargo into 1st place in the region.

Bank of America’s would drop into 2nd place, with its deposits of $5.4 billion. Shareholders in Placer Sierra will be paid with shares of Wells Fargo, in a deal valued at about $645 million.