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Investment Banking and
Strategic Business Development
Wells Fargo Purchase of First Allied Securities
Acquisition Summary
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Target Information |
| Target: |
Mepco Insurance
Premium Financing |
| City: |
Chicaco |
State: IL
|
| Type of Company: |
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| Financial Data As Of: |
N/A |
Assets: $96
million |
Finance Receivables : $89
million |
| Target’s Business: |
Mepco is a
40-year-old Chicago, Illinois based company that specializes in
financing insurance premiums and automobile warranty contracts. Mepco
lends throughout the United States, but predominantly in Illinois and
California. |
|
Acquirer Information |
| Acquirer Name: |
Wells Fargo
Corporation |
| City: |
San Francisco |
State: CA |
| Type of Company: |
Commercial
Banking |
| Financial Data As Of: |
|
Assets: $315B |
Net Income (LTM): $4.8B |
| Acquirer’s Business |
WFC is a $315
billion diversified financial services company that, through its
subsidiaries, provides retail, commercial and corporate banking services
through more than 5,400 stores located in twenty-one states primarily
located in the western U.S. Wells Fargo's commercial mortgage group
originates permanent loans of $1 million to $50 million on
income-producing real estate across the United States and has a $30
billion servicing portfolio. |
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Transaction Information |
| Status: |
Closed |
| Announcement
Date: |
July 23, 2002 |
Accounting: N/A |
| Completion Date: |
July 2002 |
Consideration:
N/A |
| Comments: |
Under the terms
of the definitive agreement, Independent Bank Corporation ("IBC") will
pay the Mepco shareholders merger consideration that consists of an
initial payment of $10 million and contingent consideration comprised of
a five-year earn out and an additional amount based upon Mepco's actual
receipt of funds, if any, related to a certain litigation matter. All
merger consideration will be paid in the form of 50% cash and 50% IBC
common stock. |
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