United Bancorporation of Wyoming, Wells Fargo Announce Definitive Agreement

Will make Wells Fargo #1 in nation's 9th fastest-growing state

JACKSON, Wyo., Jan. 15 /PRNewswire-FirstCall/ -- Wells Fargo & Company
(NYSE: WFC) and United Bancorporation of Wyoming Inc. said today they have
signed a definitive agreement for Wells Fargo to acquire United Bancorporation
of Wyoming's five banking operations in Wyoming and eastern Idaho. After the
transaction, Wells Fargo will be #1 in both deposits and assets among banks in
Wyoming, the nation's ninth fastest-growing state according to census data
(7/2006-7/2007). Terms of the cash transaction agreement were not disclosed.
Based in Jackson, United Bancorporation of Wyoming has $1.7 billion in
assets, 300 employees and its five banks -- Jackson State Bank & Trust,
Shoshone First Bank, Sheridan State Bank, First State Bank of Pinedale and
United Bank of Idaho -- have 13 locations. United Bancorporation of Wyoming
was recognized last year by American Banker as one of the nation's "most
efficient bank holding companies" and among the top 20 U.S. bank holding
companies in highest five-year return on assets. It is Wyoming's third-largest
privately held company, one of the state's largest private employers and the
largest financial institution based in Wyoming.
United Bancorporation of Wyoming and its affiliate banks are the leading
financial institutions in Cody, Powell, Sheridan, Jackson Hole and Pinedale,
Wyo., and Driggs, Idaho.
"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 Bancorporation of Wyoming. "As
part of Wells Fargo, we join forces with a company that shares our commitment
to our communities while providing outstanding, personalized service and sound
financial advice to customers, and offering access to a broader array of
financial products and services and more banking locations across Wyoming and
the western United States for added convenience."
"The teams, customers, culture and locations of these five banks are among
the finest in the industry and a perfect fit in the Wells Fargo family," said
Mike Matthews, regional president for Wells Fargo Community Banking in
Wyoming. "With this acquisition, Wells Fargo will add team members who will
live our vision of satisfying all of our customer's financial needs and
helping them succeed financially. And we have the privilege of providing new
customers and new communities in our great state with the full array of
financial services, including banking, insurance, investments, mortgage and
consumer finance."
"These great Wyoming and Idaho banks have outstanding reputations in
business and retail banking and other financial services in northern and
western Wyoming and eastern Idaho," said Tom Honig, regional president for
Wells Fargo's Mountain Midwest region (Colorado, Iowa, Illinois, Montana,
Nebraska, Utah, Wyoming). "Together, our goal is to become the premier
provider of financial services in every community in which we do business."
In Wyoming, Wells Fargo has 18 financial services stores and 300 team
members; in Idaho, it has 100 stores and 2,000 team members.
The acquisition, which requires the approval of banking regulators and
United Bancorporation of Wyoming shareholders, is expected to be completed
next quarter.
About Wells Fargo & Company
Wells Fargo & Company is a diversified financial services company with
$549 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance through almost 6,000 stores and the internet
(wellsfargo.com) across North America and internationally. Wells Fargo Bank,
N.A. is the only bank in the U.S., and one of only two banks worldwide, to
have the highest credit rating from both Moody's Investors Service, "Aaa," and
Standard & Poor's Ratings Services, "AAA."
SOURCE Wells Fargo & Company

Media, William "Bill" R. Scarlett, IV of United Bancorporation of Wyoming,
+1-307-739-3889; or Cristie Drumm, +1-303-863-6289 or Investors, Jim Rowe,
+1-415-396-8216, both of Wells Fargo & Company