Big fish in little (city) pond turns to little fish in big (bank) pond
Michigan State Roundup
Published January 1, 2000 | January 2000 issue
In a move typical of the fast-consolidating banking industry, the Upper Peninsula's biggest bank has been sold to one of the nation's biggest banks.
Wells Fargo purchased Michigan Financial Corp. for $210 million, which will be transacted through a swap of each company's shares. Wells Fargo will issue roughly four and a half million shares in assuming full ownership of Michigan Financial stock.