Wells Fargo buys First State Bank of Pinedale

by Alecia Warren

With an acquisition of several local banks across Wyoming on Monday, including the First State Bank of Pinedale, national bank Wells Fargo became the largest financial institution in the state.

Although Pinedale residents shouldn’t expect dramatic changes to the familiar bank on Pine Street, they will see the name change to Wells Fargo.

Customers can also look for a wider variety of bank products, including new deposit accounts and better consumer loan portfolios, said Bill Scarlett, director of the United Bancorporation of Wyoming and vice president of the Jackson State Bank and Trust, the flagship bank of the Jackson-based company. All First State Bank employees, including bank president Bill Kuhl, will remain in their jobs.

“All decisions will still be made on a local basis, much the same way as it is now,” Scarlett said. “This is an exciting time for all of the United Bancorporation staff, including the employees in Pinedale, and it’s also exciting for the people of Wyoming that Wells Fargo would make this type of investment.”

In addition to the First State Bank of Pinedale, Wells Fargo also acquired the Jackson State Bank and Trust, the Shoshone First Bank in Cody, the Sheridan State Bank in Sheridan and the United Bank of Idaho in Driggs, Idaho.

Wells Fargo already stands as the largest financial institution in Colorado, Utah and Idaho.

“Customers will have the ability to deposit and cash checks in Jackson, Aspen, Denver, Salt Lake City, and have access to over 6,000 Wells Fargo bank branches and more than 6,200 ATMs worldwide,” Scarlett said.

The bank also has branches in Rock Springs, Casper, Laramie, Evanston and Cheyenne. Customers can view the new range of banking products they’ll have access to on the Wells Fargo Web site, www.WellsFargo.com.

“I think very highly of Wells Fargo, I always have,” Scarlett said. “As John Stumpf, the president of Wells Fargo told all of us (at the United Bancorporation of Wyoming) yesterday, this is just a matter between the best run community banks in the nation, and the finest national bank.”

Local bank officials were unavailable for comment Wednesday.