Wells Fargo to Buy Torrey Pines: Wells...
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Wells Fargo to Buy Torrey Pines: Wells Fargo signed a definitive agreement to acquire the seven-branch Torrey Pines Bank, headquartered in San Diego County, for $74.5 million. The deal, which works out to $31 a share, or 2.7 times the book value per share of parent Torrey Pines Group, calls for 52% of shares to be exchanged for Wells Fargo stock and the balance to tendered for cash. Torrey Pines, with six branches in San Diego County and one in Riverside County, had total assets of $443.4 million as of June 30.
For the record:
12:00 a.m. Sept. 27, 1989 FOR THE RECORD
Los Angeles Times Wednesday September 27, 1989 Home Edition Business Part 4 Page 2 Column 3 Financial Desk 3 inches; 75 words Type of Material: Correction
Price Misstated--The price that Wells Fargo has agreed to pay for Torrey Pines Group--expressed as a multiple of book value per share--was misstated in Tuesday’s Business section. An official of Torrey Pines, a seven-branch bank holding company based in San Diego County, had said the $31-a-share purchase price was 2.7 times Torrey Pines’ book value. However, Wells Fargo said Tuesday that, by the time the deal closes, Torrey Pines’ book value will be $13.02 per share, making the price per share only 2.38 times book value per share.
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