Wells Fargo Selling Subsidiary: The San Francisco-based...
From Times Staff and Wire Reports
Wells Fargo Selling Subsidiary: The San Francisco-based bank plans to sell a Denver-based farm credit subsidiary to First Bank System in Minneapolis, which is headed by a former Wells vice chairman, John F. Grundhofer. No price was given, although the banks said the purchase price would equal the book value of the company’s $250 million of loans outstanding, minus an appropriate level of loan-loss reserves.
