Federal Reserve Board Sets Public Meeting on Wells Fargo/Norwest Merger
SAN FRANCISCO--(BUSINESS WIRE)--Aug. 31, 1998--The Federal Reserve Board today announced a public meeting for Thursday, Sept. 17 in Minneapolis on the proposal by Norwest Corp., Minneapolis, to merge with Wells Fargo & Co., San Francisco.
The purpose of the meeting is to collect information relating to the factors the board is required to consider under the Bank Holding Company Act. These factors are the effects of the proposal on the financial and managerial resources and future prospects of the companies and banks involved in the proposal, competition in the relevant markets, and the convenience and needs of the communities to be served.
Convenience and needs considerations include consideration of the records of performance of Norwest and Wells Fargo under the Community Reinvestment Act.
The Board also must determine whether conducting the proposed non-banking activities can reasonably be expected to produce benefits to the public that outweigh possible adverse effects, such as undue concentration of resources, decreased or unfair competition, conflicts of interest, or unsound banking practices.
The meeting will be held at the Federal Reserve Bank of Minneapolis, 90 Hennepin Ave., Minneapolis, Minnesota, and will begin at 9 a.m. CDT.
Persons wishing to testify at the meeting must submit a written request no later than 5 p.m. CDT, Friday, Sept. 4, 1998, containing a brief statement of the nature of the expected testimony and the estimated time required for the presentation (together with their address, telephone number, and facsimile number if available), to JoAnne F. Lewellen, Community Affairs Officer, Banking Supervision Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, Minn. 55480 (facsimile: 612/204-5163). Persons interested only in attending the meeting do not need to submit a written request to attend.
On the basis of the requests to testify, the presiding officer of the public meeting will establish a schedule of appearances and prescribe all necessary procedures to ensure that the meeting proceeds in a fair and orderly manner. An agenda for the meeting, which will include the scheduled time for each person's testimony, will be provided to participants at a later date.
In connection with this action, the Board also announced that the period for public comment on the proposal will close at 5 p.m. CDT, Thursday, Sept. 17, 1998.
Note to Editors: For copies of the four-page Notice of Public Meeting, which sets forth the procedures to be followed at the meeting, call 415/977-3853 and leave your name and fax number.
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CONTACT:
Federal Reserve Bank of San Francisco
Carol Eckert, 415/977-3853
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