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Wells Fargo acquires Shoshone Bank

By Anthony McConnell


This document was published online on Wednesday, January 16, 2008

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Shoshone First Bank teller Stormy Barnhart gives candy to Zoe Kyner on Tuesday. (Photo by Jason Hansen)

Wells Fargo & Co. announced plans Tuesday to acquire Shoshone First Bank and four other banks in Wyoming and Idaho.

“It’s not going to mean anything negative for our customers,” Shoshone First Bank President Rich Petersen said. “In fact, it’s quite the opposite.

“Our product line will expand,” he added. “Wells Fargo has a great product line and a rich history of supporting the communities they are in. This is a powerful company and this is good for Cody.”

San Francisco-based Wells Fargo and Jackson-based United Bancorporation of Wyoming have signed an agreement for Wells Fargo to acquire United Bancorp’s five banks. They are SFB (the largest bank in Park County), Jackson State Bank & Trust, Sheridan State Bank, First State Bank of Pinedale and United Bank of Idaho.

United Bancorp has $1.7 billion in assets, 300 employees and its five banks have 13 locations.

No staff changes are planned in Cody and Wells Fargo will continue to be involved in Forward Cody, said Petersen, who also serves as co-chairman of the economic development group recently formed in Cody.

“The bank has made a commitment to Forward Cody,” he added. “We are going to follow through.”

“These great Wyoming banks have outstanding reputations in business and retail banking,” said Tom Honig, regional president for Wells Fargo’s Mountain-Midwest region. “Our goal is to become the premier provider of financial services in every community in which we do business.”

Other than a change of sign on the building, Petersen said Cody customers should notice few differences.

“Banking is not about what’s on the marquee,” he said. “It’s about the people inside the walls. We’re still going to be 100 percent committed to meeting the needs of the individual.

“The thing this really does is bring a national presence to Cody and Powell,” he added. “Wells Fargo’s model is much like a community bank.”

The sale requires the approval of banking regulators and United Bancorporation shareholders, who are led by members of the Scarlett and Webster families, most of whom live in Jackson and Cody. The deal is expected to be completed in the next 90 days.

If the purchase is approved Wells Fargo will be the largest bank in Wyoming in deposits and assets. Terms of the all-cash transaction have not been disclosed.

Petersen said he could not comment further on the “highly confidential” details of the transaction or the process that led to it.

“It was not cheap,” said Mike Matthews, regional president for Wells Fargo Community Banking in Wyoming. “We’re buying a premiere organization.”

“We’re pleased to combine our best-in-class banks with Wells Fargo, a company recognized as one of the world’s most-admired financial services providers, a top employer and a leader in its communities,” said W. Richard “Dick” Scarlett III, chairman and CEO of United Bancorp.

Scarlett, originally of Lander, is the son-in-law of the late Bud Webster of Cody. Scarlett’s wife Maggie is a Cody native and a trustee of the Buffalo Bill Historical Center.

“This is a marriage between the best community bank in the country and the best national bank in the country,” Wells Fargo CEO John Stumpf told Petersen in a phone call Tuesday morning.

Petersen added that Stumpf will visit Cody this winter.
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Reader Comments

Brandy wrote on Jan 20, 2008 10:09 PM:

" I too grew up and lived most of my life in Cody. I also have spent 9 years as a Wells Fargo employee and have had many friends and family employed by Shoshone Bank. This will truly be a great opportunity for the town and the employees as benefits are amazing and Wells Fargo re-invests in the communities they serve. Some of the comments below really show the simple, close mindedness that goes on in that town. "

Just me wrote on Jan 20, 2008 3:17 PM:

" I have worked for Wells Fargo for the past 5 years and can tell you change is difficult for many people. Wells Fargo provides superior technological and procedural support during the transition and beyond. I do not know what kind of benefits were provided by United Bancorporation but can say that Wells Fargo provides some of the best benefits in the financial field. Give Wells Fargo a chance; I don’t think you will be disappointed. "

None wrote on Jan 18, 2008 11:47 AM:

" I was born and raised in Cody and come home as often as possible. Several members of my family still live there and have all their lives. I have always been proud to call Cody my home and brag about it's beauty and community.

I am also a long time Wells Fargo employee. Who has seen first hand the wonderful things Wells Fargo does for the communities it is in. After reading some of the comments left on here I find myself shocked. Where is the infamous Cody hospitality? "

Calamity Jane wrote on Jan 17, 2008 5:21 PM:

" Such drama. Be glad you have a bank in the community. With the way business is today we are way way over banked. "

David wrote on Jan 17, 2008 2:49 PM:

" Those are some pretty negative comments already posted. You make it sound like United Bancorp was a non-profit charitable organization that gave a lot of people jobs. United Bancorp was a business that ultimately was created to make money. I mean its a bank. You give them your money and they make interest off of it. They keep your money safe, suggest ways to invest it, and you make a little interest in return. I don't see how the name on the front will change that principle. They may provide great customer service but I'm shocked to see people write off Wells Fargo before they've even had a chance to win people over. I think people should look at the positive and give Wells Fargo a chance. They are top rated in so many categories. Its not like Wells Fargo doesn't support Communities either. Just google Wells Fargo community support. They are a huge supporter of the United Way. I like Cody for its small town atmosphere just like everyone else, but wouldn't a certain big chain like W-mart be more threatening? Just my 2cents. "

Cody Coyote wrote on Jan 17, 2008 1:13 PM:

" "Shane! Shane!---them boys from Wells Fargo rolled into town , and they're hauling all the bank's gold off to San Francisco in their big red stagecoach !"

" Yup, Billy Joe---they gotta pay off the that Chinaman. Bank done sold out. It's a dark day for Codytown. Nuthin we can do but live with the louts...they own us coming and going. " "

Polly wrote on Jan 17, 2008 8:20 AM:

" My little savings account at Shoshone First National is as old as I am - opened as a gift the year I was born. Shoshone Bank will never be the same. I had an account with Wells Fargo when I lived in California. They are not customer oriented. I closed the account less than a year after I had opened it. I will now be closing my account at Shoshone. I hope the families who owned Shoshone are happy with their deal. "

The NeVille's wrote on Jan 17, 2008 7:46 AM:

" Congratulations to all involved,
A good move for Shoshone Bank, Wells Fargo will be a great addition for the area.
Nice story Anthony ! "

Kari Willford wrote on Jan 16, 2008 11:21 PM:

" My deepest condolances go out out to the employees of United Bancorporation. Many of you I consider to be great friends and former co-workers. I wish each of you the best and hope that you are blessed to find a brighter tomorrow.

Having lived through a bank merger...I have great concern for what is ahead for the employees and the Cody community.

With all due respect, please tell me how "most" of the 300 employees of United Bancorporation will be emloyed by Wells Fargo when all of the current Wyoming Wells Fargo branches (18) have right at 300 employees. The math doesn't work out. I think they forgot to mention that many of your futures will involve a move to San Francisco.

Wells Fargo may have a network of ATMS around the country, but beyond that, "moving forward" generally means leaving the community needs behind.

Best wishes. "

Linda wrote on Jan 16, 2008 10:44 PM:

" Amazing. We've all heard it before. I would dare place money that Mr. Peterson will not be an employee of Wells Fargo Bank within 1 year of this transaction.

I assure you, that as a former customer and employee of Wells Fargo, the changes will be DRAMATIC

"

 

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