Wells Fargo 2005 Annual Report Download - page 71

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69
We regularly explore opportunities to acquire financial services
companies and businesses. Generally, we do not make a public
announcement about an acquisition opportunity until a
definitive agreement has been signed.
Effective December 31, 2004, we completed the acquisition
of $29 billion in assets under management, consisting of
$24 billion in mutual fund assets and $5 billion in institutional
investment accounts, from Strong Financial Corporation.
Other business combinations completed in 2005, 2004 and
2003 are presented below.
Note 2: Business Combinations
At December 31, 2005, we had three pending business
combinations with total assets of approximately $278 million.
We expect to complete these transactions by second
quarter 2006.
For information on contingent consideration related
to acquisitions, which is considered to be a guarantee, see
Note 24.
(in millions) Date Assets
2005
Certain branches of PlainsCapital Bank, Amarillo,Texas July 22 $ 190
First Community Capital Corporation, Houston, Texas July 31 644
Other
(1)
Various 40
$ 874
2004
Other
(2)
Various $ 74
2003
Certain assets of Telmark, LLC, Syracuse, New York February 28 $ 660
Pacific Northwest Bancorp, Seattle, Washington October 31 3,245
Two Rivers Corporation, Grand Junction, Colorado October 31 74
Other
(3)
Various 136
$ 4,115
(1) Consists of 8 acquisitions of insurance brokerage and lockbox processing businesses.
(2) Consists of 13 acquisitions of insurance brokerage and payroll services businesses.
(3) Consists of 14 acquisitions of asset management, commercial real estate brokerage, bankruptcy and insurance brokerage businesses.