Wells Fargo

The Wells Fargo Wagon is a-coming, to buy you

wells fargo.jpg Banc of America analyst John McDonald met with Wells Fargo management and came away with the view that the bank is keeping the acquisition party alive, after spending over $2bn earlier this year on Greater Bay Bancorp and Placer Sierra Bancshares. Before 2007, Wells had not hooked up with a smaller bank in five years.
More and more smaller banks are said to be in the market for a sugar daddy, as many are dropping price expectations that have pushed away buyers in the past several years. Private equity money is also expected to play a role in regional bank rollups. CapGen Capital Advisors is a planned $1bn fund structured as a bank holding company to get around regulatory issues that made acquiring a bank not as attractive for PE firms in the past.
Wells Fargo Circles the Pond for More Small Fish [Deal Journal]