First Security To Be Bought

Wells Fargo & Co., the nation’s seventh largest banking company, plans to buy First Security Corp. for about $2.9 billion in stock.

The combined company under the deal announced Monday would have assets of about $241 billion, operations in 23 states and would rank as the largest bank in in Utah, Nevada, Idaho and New Mexico.

Under terms of the deal, First Security stockholders will receive .355 of a share of Wells Fargo stock in exchange for each of their shares.