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DAVENPORT BANK AND TRUST NOW OWNED BY NORWEST

 DAVENPORT BANK AND TRUST NOW OWNED BY NORWEST
 DAVENPORT, Iowa, Jan. 20 /PRNewswire/ -- Davenport Bank and Trust


Company and Bettendorf Bank have been consolidated into a new bank that will serve the Iowa/Illinois Quad Cities as part of Norwest Corporation's (NYSE: NOB) community banking system.
 The consolidation with Bettendorf Bank, which Norwest Corporation has owned since 1973, created a new bank, Davenport Bank and Trust Company, National Association, which will serve the Quad Cities from eight locations.
 Although the bank will be under new ownership, the Davenport Bank and Trust Company name, a fixture in the Quad Cities since 1932, will remain.
 H. Lynn Horak, Norwest's regional president for Iowa, said Norwest will announce the management team for the new bank in the next few days.
 Norwest President Richard M. Kovacevich said the Davenport Bank represents a "substantial expansion of Norwest's presence in Iowa and an opportunity for Norwest to be a major player in the Quad Cities, the eighth largest market in the 12 states where Norwest has community banks." Iowa banks have been part of Norwest since it was founded in 1929.
 In addition to banking, Norwest businesses in Iowa include Norwest Financial, a consumer finance company with offices in 46 states; and Norwest Mortgage, the largest originator of home mortgages in the United States, with offices in 45 states. Norwest Card Services, also based in Iowa and part of the banking group, serves more than two million customers in all 50 states.
 With the Davenport Bank, Norwest Corporation now has 42 banking offices in 21 Iowa communities and total banking assets in the state of $5.2 billion.
 The acquisition of Davenport Bank gives Norwest total assets of $39.5 billion, making it the 16th largest banking organization in the country and the eighth largest in terms of market capitalization.
 Norwest Corporation and Davenport Bank and Trust Company announced on July 22, 1991 that they had entered into a definitive agreement for the acquisition.
 Under the terms of the agreement, Norwest issued approximately 9,666,667 shares in the transaction.
 Norwest Corporation is a $39.5 billion company providing banking, insurance, investments and other financial services through 1,660 offices in 49 states and internationally.
 -0- 1/20/92
 /CONTACT: Larry Haeg of Norwest, 612-667-7043/
 (NOB) CO: Norwest Corporation ST: Minnesota IN: FIN SU: TNM


AL -- MN001 -- 1375 01/20/92 11:02 EST
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Publication:PR Newswire
Date:Jan 20, 1992
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