U.S. and California approved merger of Wells Fargo and First Interstate Bancorp. on the condition that Wells Fargo sell off
to a competitor 61 First Interstate bank branches representing $2.54 billion in deposits. This divestiture of assets is the largest sum ever required in a merger transaction approval by the California Attorney General’s Office. The agreement requires Wells Fargo & Company to divest 61 First Interstate branches in 28 geographical markets within California; the three largest of these being San Diego (14), Sacramento (9), and Bakersfield (5). The remaining 33 branches identified for divestiture must be sold to a new banking competitor rather than closed.