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First Bank System, Inc.
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IT'S NOT A FIRE,
A FLOOD OR AN
EARTHQUAKE.
BUT IT COULD BE
A DISASTER
FOR CALIFORNIA.
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If Wells Fargo is successful in its hostile bid
for First Interstate,
10,000 Californians could lose their jobs.
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We at First Bank System desire a friendly merger
with First Interstate. Wells Fargo is attempting
a hostile takeover, a far different thing.
But when you compare the merger proposal from
First Bank with the hostile offer from Wells Fargo,
one simple fact remains: First Bank is a much
better deal for the people of California and
investors.
JOBS: More jobs will remain in California under the
First Bank-First Interstate merger. We expect to
reduce employment by 6,000 across 21 states. But
some independent analysts and news reports say that
if Wells Fargo takes over First Interstate, as many
as 10,000 jobs, predominantly in California, could be
lost.
COMMUNITY COMMITMENT: More branches will stay
open under the First Bank-First Interstate merger.
Because we don't have any branches in California, we
want the First Interstate branches and intend to
keep them open with very few changes. Wells Fargo
offices overlap with First Interstate in nearly
every major market in California. Massive California
branch closings could result from the Wells Fargo
hostile takeover.
SHAREHOLDER VALUE: First Interstate shareholders
will receive more earnings per share under the First
Bank-First Interstate
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merger. First Interstate shareholders will own a
greater percentage of the combined company under the
First Bank-First Interstate Merger.
With our deal, California won't lose a strong
banking competitor. First Interstate will continue
to maintain a strong business presence. There will
be more jobs, more branches, more competition and
more products and services to choose from.
Yes, First Interstate shareholders will get a
better deal from First Bank, and so will the people
of California.
[FIRST BANK LOGO]
