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Spotlight: Wells-Norwest Merger Gets Justice Department OK

October 14, 1998

The Justice Department approved the $34-billion merger of Minneapolis-based Norwest Corp. with San Francisco-based Wells Fargo & Co. after both banks agreed to sell 26 branch offices in Arizona and Nevada. The branch offices have deposits totaling $1.18 billion. They will be sold to one or more competitors, subject to regulatory approvals. The merger still faces approval by the Federal Reserve System's board of governors, and a shareholders meeting is scheduled for next week.

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