Wells Fargo, First Interstate Bancorp report strong full-year earnings gains.First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the last week reported 1995 earnings increased by 26.5 percent, while its hostile suitor SUITOR. One who is a party to a suit or action in court. One who is a party to an action. In its ancient sense, suitor meant one Who was bound to attend the county court, also, one who formed part of the secta. (q.v.) , Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. & Co., reported earnings were up 23 percent. Both banks' earnings solidified so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. their status as being among the top-performing big banks in the U.S., analysts said. First Interstate's earnings were in line with Wall Street expectations, while Wells Fargo's were slightly higher than expected. San Francisco-based Wells Fargo's stock jumped $4.25 to $214.62 a share on the day earnings were released, boosting its chances of landing L.A.-based First Interstate because it's offering stock for the purchase and the value of its shares rose, said Lawrence Vitale, bank analyst with New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment firm Bear, Stearns & Co. Wells Fargo reported fourth-quarter net earnings of $306 million, or $6.29 a share, compared with the year-earlier $215 million, or $3.96 a share. For the full year, Wells reported net earnings of $1.032 billion, or $20.37 a share, compared with $841 million, or $14.78 a share, in 1994. Wells Fargo, in an unsolicited un·so·lic·it·ed adj. Not looked for or requested; unsought: an unsolicited manuscript; unsolicited opinions. unsolicited Adjective move, has bid 0.67 share of Wells Fargo for every share of First Interstate. First Interstate, meanwhile, has agreed to merge with Minneapolis-based First Bank System Inc. in a swap of 2.6 shares of First Bank System stock for each First Interstate share. Based on the prices of Wells Fargo and First Bank System stock at the close of the market on Jan. 16, the Wells Fargo offer was worth $20 a share more to First Interstate shareholders than the First Bank System deal. Price gap widens The gap between the offers - $143.79 a share under the Wells Fargo deal vs. $123.81 under the First Bank deal - is one that has been growing in favor of Wells Fargo since the battle for First Interstate began late last fall, Vitale said. Despite the apparent waning of prospects for a merger with First Bank System, the L.A. bank took a special charge to earnings of $27.6 million, or 35 cents a share, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc merger expenses in that deal. L.A.-based First Interstate reported fourth-quarter earnings of $215.4 million, or $2.66 a share, compared with the year-earlier $211.3 million, or $2.65. For the full year, First Interstate reported net earnings of $885.1 million, or $11.02 a share, compared with $733.5 million, or $8.71 a share, for 1994. |
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