Wells Fargo Agrees to Buy Bakersfield Banking Firm

Wells Fargo & Co. continued its buying spree in California this year of small- and medium-sized banks by agreeing Thursday to pay $160 million for Central Pacific Corp. of Bakersfield.

Central Pacific is the parent of American National Bank, a 25-year-old institution that has 28 branches from Modesto to San Bernardino.

Wells has been buying smaller banks as it seeks to expand in California through acquisitions.

In March, Wells Fargo, parent of Wells Fargo Bank, agreed to pay about $6 million for Bank of Paradise in Butte County. Last month, the San Francisco bank agreed to pay $55 million for Valley National Bank in Glendale.

Wells will pay $28.50 a share for Central Pacific, which is traded on the American Stock Exchange.

Shareholders will be given the option of taking cash or Wells Fargo stock.

Central Pacific Corp. had assets of $857 million on June 30. Wells Fargo had $47.8 billion in assets on that date and is the fourth-largest bank holding company in the state.