Wells to acquire Placer Sierra Bancshares

Wells Fargo & Co. agreed to acquire Sacramento-based Placer Sierra Bancshares for $645 million in stock.

The transaction is expected to be completed by the middle of this year, the banks said.

Placer Sierra has 32 branches in Northern California and 18 in Southern California, where it operates as Bank of Orange County and Southwest Community Bank. San Francisco-based Wells has 3,200 branches in 23 states.

*

E. Scott Reckard