For immediate release

The Federal Reserve Board today announced its approval of the proposal of Norwest Corporation, Minneapolis, Minnesota, to acquire Wells Fargo & Company, San Francisco, California, and thereby acquire all of Wells Fargo's bank, nonbank, and foreign subsidiaries. The Board's approval is conditioned on the divestiture of 26 branches in 14 banking markets in Arizona and Nevada. Norwest also must report to the Federal Reserve System semiannually during the two-year period after consummation of the merger all branch closings that occur as a result of this proposal. Attached is the Board's Order (192 KB PDF) relating to this action.

1998 Orders on banking applications