<P> Despite First Interstate 's healthier condition , and with the banking industry consolidation in full swing , Wells Fargo made a hostile bid for First Interstate in October 1995 initially valued at $10.8 billion . Other banks came forward as potential ' white knights , ' including Norwest Corporation , Bank One Corporation , and First Bank System . The latter made a serious bid for First Interstate , with the two banks reaching a formal merger agreement in November valued initially at $10.3 billion . But First Bank ran into regulatory difficulties with the way it had structured its offer and was forced to bow out of the takeover battle in mid-January 1996 . Talks between Wells Fargo and First Interstate then led within days to a merger agreement for $11.3 billion in stock . Wells Fargo completed the acquisition on April 1 , 1996 and announced the elimination of 7,200 jobs . </P>
<P> Despite First Interstate 's healthier condition , and with the banking industry consolidation in full swing , Wells Fargo made a hostile bid for First Interstate in October 1995 initially valued at $10.8 billion . Other banks came forward as potential ' white knights , ' including Norwest Corporation , Bank One Corporation , and First Bank System . The latter made a serious bid for First Interstate , with the two banks reaching a formal merger agreement in November valued initially at $10.3 billion . But First Bank ran into regulatory difficulties with the way it had structured its offer and was forced to bow out of the takeover battle in mid-January 1996 . Talks between Wells Fargo and First Interstate then led within days to a merger agreement for $11.3 billion in stock . Wells Fargo completed the acquisition on April 1 , 1996 and announced the elimination of 7,200 jobs . </P>
when did wells fargo buy first interstate bank
when did wells fargo buy first interstate bank
April 1 , 1996
April 1 , 1996