AT (202) 514-2007WWW.USDOJ.GOV
TDD (202) 514-1888
JUSTICE DEPARTMENT REQUIRES WELLS FARGO & COMPANY AND FIRST
SECURITY CORPORATION TO MAKE SECURITY CORPORATION TO MAKE DIVESTITURES IN FOUR STATES
WASHINGTON, D.C. -- The Department of Justice today announced that Wells Fargo & Company and First Security Corporation have agreed to sell 37 branch offices with approximately $1.4 billion in deposits in New Mexico, Nevada, Utah, and Idaho in order to resolve antitrust concerns about the companies' pending merger. The Attorneys General of the four states assisted the Antitrust Division in its investigation.
Under the agreement, the companies have agreed to divest 21 branches in New Mexico with $740 million in deposits, nine branches in Nevada with $499 million in deposits, two branches in Utah with $65 million in deposits, and five branches in Idaho with $119 million in deposits. The divestitures will include the commercial and consumer loans, including small business and certain middle market loans associated with the divested branches. In addition, the divested branches will have the opportunity to hire certain employees, including small business and middle market loan officers. Wells Fargo also has agreed that it will not take steps to preclude other financial institutions from leasing or purchasing any bank branches that it may close due to consolidation resulting from this merger.
"These divestitures ensure that consumers, including small and medium-sized businesses, will continue to have choices for banking services, and continue to enjoy the benefits of competition," said Joel I. Klein, Assistant Attorney General in charge of the Department's Antitrust Division. "As a result, consumers in all four of these states will continue to receive competitive loan rates and other banking services."
The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The Department said that it will advise the Federal Reserve Board that, subject to divestiture of the branch offices and associated loans and deposits, the Antitrust Division will not challenge the merger.
Wells Fargo & Company is headquartered in San Francisco, California and is the seventh-largest bank holding company in the United States. It has $234 billion in assets and $146.1 billion in deposits and operates branches in 23 states.
First Security Corporation is headquartered in Salt Lake City, Utah. It has $22.5 billion in assets and $13.2 billion in deposits and has branches located in Utah, Idaho, Nevada, New Mexico, California, Oregon, and Wyoming.
A list of the branches to be divested is attached.
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Wells Fargo/First Security Branch Divestiture List
State County Bank Branch Name Address City ID Blaine Wells Fargo Ketchum 491 Sun Valley Road E Ketchum ID Blaine Wells Fargo Hailey 205 N. Main Street Hailey ID Ada First Security State Street-Boise 433 North 16th Street Boise ID Ada First Security Franklin and Cole 80 South Cole Road Boise ID Canyon First Security Nampa West 2024 Caldwell Blvd. Nampa NM Bernalillo First Security East Central 5301 Central Avenue NE Albuquerque NM Bernalillo First Security Eubank 2101 Eubank Blvd. NE Albuquerque NM Bernalillo First Security Adobe Acres 3733 Isleta Blvd., SW Albuquerque NM Bernalillo First Security West Central 5228 Central Avenue SW Albuquerque NM Bernalillo First Security Del Norte 4221 San Mateo Blvd. Albuquerque NM Bernalillo First Security Manzano 780 Juan Tabo Blvd. NE Albuquerque NM Bernalillo First Security Sandia Plaza 3201 Juan Tabo NE Albuquerque NM Bernalillo First Security Grand Avenue 500 Grand Avenue NE Albuquerque NM Bernalillo First Security Gibson 5401 Gibson Blvd. SE Albuquerque NM Bernalillo First Security Cottonwood-Albuquerque 10050 Coors Bypass Blvd. NW Albuquerque NM Bernalillo First Security Coronado 5901 Menaul Blvd. NE Albuquerque NM Bernalillo First Security Jefferson 5501 Jefferson NE Albuquerque NM Bernalillo First Security Academy 6701 Academy NE Albuquerque NM Bernalillo First Security Smiths Guadalupe 6125 Fourth Street NW Albuquerque NM Bernalillo First Security Albertson's South Coors 6600 Central Avenue SW Albuquerque NM Bernalillo First Security Carlisle 1422 Carlisle Blvd. NE Albuquerque NM Bernalillo First Security Price Rite Arenal 1601 Arenal Road SW Albuquerque NM Bernalillo First Security Cedar Crest 12127 North Highway 14 Cedar Crest NM Valencia First Security Albertson's Los Lunas 2351 Main Street SE Los Lunas NM Dona Ana First Security Telshor 795 S. Telshor Blvd. Las Cruces NM Sandoval First Security Rio Rancho 3735 Southern Blvd. Rio Rancho NV Clark First Security Tropicana/ Eastern 4813 S. Eastern Las Vegas NV Clark First Security Rainbow/Edna 2925 S. Rainbow Las Vegas NV Clark First Security The Lakes 9021 W. Sahara Las Vegas NV Clark First Security Sahara 2980 W. Sahara Las Vegas NV Clark First Security East Flamingo 1690 E. Flamingo Las Vegas NV Clark First Security North Las Vegas 4050 Losee Road Las Vegas NV Clark First Security Green Valley 701 N. Valle Verde Henderson NV Carson City First Security Carson City 901 N. Stewart Carson City NV Douglas First Security Stateline 229 Kingsbury Grade Stateline UT Summit Wells Fargo Park City 1776 Park Avenue Park City UT Box Elder Wells Fargo Box Elder 110 South Main Street Brigham City