Wells Fargo to Buy Barclays Bank

Wells Fargo & Co. has agreed in principle to buy Barclays Bank of California for about $125 million in cash, officials announced today.

Barclays, the 17th-largest bank in the state, had assets of about $1.3 billion at the end of 1987. It operates 50 branch offices and employs about 1,100 people. The acquisition is expected to be completed in late spring, pending approval by the appropriate regulatory agencies. Barclays of California is a subsidiary of Barclays Bank PLC of New York.