Wells Fargo to Buy Anaheim Bank Company

Wells Fargo & Co., continuing its yearlong bank-buying spree, has agreed to pay at least $48 million to purchase an Anaheim bank holding company and its two units, Citizens Bank of Costa Mesa and El Camino Bank in Anaheim, officials of both companies said Friday.

The purchase price of Citizens Holdings could go up to $50.5 million by the time banking regulators approve the deal and the transaction is concluded--possibly by December--under a provision that would reward the owners for continued good financial results.

“These have been wonderful banks, and we’ve been successful in them. They have had very good management,” said Robert Katz, chairman and chief executive of Citizens Holdings. “While we had other suitors, we felt that Wells was the strongest and best choice for providing service to our customers and support to our people.”

Wells has agreed to offer jobs to all of about 200 employees at the two banks, which have a total of six branches and combined assets of $264.6 million.

The branches--three at each bank--are “in very nice locations,” said Liam McGee, executive vice president and head of Wells Fargo Bank’s Southern California branch network. The offices will be added to Wells Fargo’s 39 other branches in the county.

San Francisco-based Wells, which only Tuesday agreed to buy ailing Great American Bank’s 130 California branches for $492 million, has been increasing its presence in Southern California. In the last year, the bank has acquired two other Southern California banks, along with a Bakersfield operation and a Northern California institution.