Wells Fargo & Co. said Monday that it has agreed to acquire the southern Colorado holdings of Cañon City-based Fremont Bank Corp. from the estate of Darryl Biggerstaff, its former majority holder.
Wells Fargo will gain Fremont National Bank of Cañon City and Centennial Bank of Pueblo, which had combined assets of $167 million as of Aug. 31.
Fremont National Bank has four locations – two in Cañon City and one each in Penrose and Westcliffe. Centennial Bank has two Pueblo locations, which Wells Fargo plans to join with the three it already has in the city once regulators approve the deal next year.
The acquisition will make Wells Fargo the second-largest player in Pueblo in terms of deposits after World Savings, Wells Fargo spokeswoman Cristie Drumm said.
The acquisition also gives Colorado’s largest bank presences in Cañon City, Penrose and Westcliffe, she said.
Terms were not disclosed.
Last month, Greeley-based Bank of Choice Holding Co. agreed to acquire The First National Bank of Arvada, a Fremont subsidiary. A group of New Mexico investors in June agreed to acquire Interamerica Bank, a $30 million bank Fremont owned in Albuquerque.
Biggerstaff, a top business leader and philanthropist in Cañon City, died May 5 at 66.
A former banking regulator, Biggerstaff bought a 10 percent interest in Fremont Bank for $110,000 in 1972 from Paul and Bob Short, according to The Canyon Current.
