Wells Fargo to purchase First Commerce for $480 million

THE ASSOCIATED PRESS

LINCOLN, Neb. -- Wells Fargo & Co. said it it agreed to acquire First Commerce Bancshares Inc., a Nebraska bank holding company, for $480 million in stock.

First Commerce, based in Lincoln, has assets of $2.55 billion, 1,375 employees and 26 banking locations. It posted 1998 earnings of $26.6 million.

Wells Fargo, based in San Francisco, has assets of $202.48 billion and is a big player in Nevada. It earned $1.95 billion last year.

Upon closing, expected to occur in the summer, Wells Fargo said it will fold First Commerce into its Norwest Bank Nebraska unit, making Norwest the second-largest bank in Nebraska in terms of deposits.

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