Vote OKs Crocker Bank Sale

Associated Press

Shareholders of Britain’s Midland Bank PLC today approved the sale of the bank’s U.S. subsidiary, Crocker National Corp., to Wells Fargo & Co. in a cash deal valued at $1.07 billion.

At a special general meeting, shareholders voted in favor of selling Midland’s 100% interest in the San Francisco-based bank-holding company, a Midland spokesman said. The acquisition is still subject to approval by U.S. regulatory agencies and Wells Fargo shareholders, and a settlement is expected by the end of June.