Wells Fargo to Acquire Century Bancshares
Monday, September 08, 2008
Wells Fargo & Co. and Century Bancshares, Inc., have signed a definitive agreement for Wells Fargo to acquire Century Bancshares and its banking operations in Dallas-Fort Worth, and Texarkana, Texas and Arkansas, in a stock-for-stock merger. According to a press statement by Wells Fargo, the acquisition – requiring approval of regulators and Century Bancshares shareholders – is expected to be completed by the end of this year.
With more than 13,000 team members and 660 locations throughout Texas, Wells Fargo is currently ranked third in deposit market share in the Dallas-Fort Worth market. The merger will increase Wells Fargo’s presence in Dallas-Fort Worth and will make the institution No. 1 in deposit market share in Texarkana. As a result of the acquisition, Arkansas will become Wells Fargo’s 24th community banking state.
John Gavin, Wells Fargo regional president for Dallas-Fort Worth, said, “It’s exciting for Wells Fargo Community Banking to serve Texarkana and the surrounding areas. Our vision and values are rooted in community banking and this is a great match – Wells Fargo and the people in and around Texarkana.”
“In all of our communities, our greatest competitive advantage is our team members. With this acquisition, we will add a team of great people to our family – team members who care deeply about their customers and communities,” Gavin added.
Based in Dallas, Century Bancshares has $1.4 billion in assets, $1.3 billion in deposits, $1.2 billion in loans, 32 banking locations, and 485 employees. It has 28 Century Bank locations in nine Texas communities and four locations in Arkansas.
Commenting on the union, Century Bancshares' CEO Joe Nichols said, “The combination of Century Bank and Wells Fargo will be a great benefit for our customers, our employees, and the communities we serve. By teaming with Wells Fargo, we can continue delivering the excellent personal service and financial advice our customers expect, and offer them more products and services, and more convenience throughout Texas and the western United States. We also will remain a leader in supporting our north Texas and Texarkana communities.”
With more than 13,000 team members and 660 locations throughout Texas, Wells Fargo is currently ranked third in deposit market share in the Dallas-Fort Worth market. The merger will increase Wells Fargo’s presence in Dallas-Fort Worth and will make the institution No. 1 in deposit market share in Texarkana. As a result of the acquisition, Arkansas will become Wells Fargo’s 24th community banking state.
John Gavin, Wells Fargo regional president for Dallas-Fort Worth, said, “It’s exciting for Wells Fargo Community Banking to serve Texarkana and the surrounding areas. Our vision and values are rooted in community banking and this is a great match – Wells Fargo and the people in and around Texarkana.”
“In all of our communities, our greatest competitive advantage is our team members. With this acquisition, we will add a team of great people to our family – team members who care deeply about their customers and communities,” Gavin added.
Based in Dallas, Century Bancshares has $1.4 billion in assets, $1.3 billion in deposits, $1.2 billion in loans, 32 banking locations, and 485 employees. It has 28 Century Bank locations in nine Texas communities and four locations in Arkansas.
Commenting on the union, Century Bancshares' CEO Joe Nichols said, “The combination of Century Bank and Wells Fargo will be a great benefit for our customers, our employees, and the communities we serve. By teaming with Wells Fargo, we can continue delivering the excellent personal service and financial advice our customers expect, and offer them more products and services, and more convenience throughout Texas and the western United States. We also will remain a leader in supporting our north Texas and Texarkana communities.”
