Greater Bay Bancorp now a subsidiary of Wells Fargo

By Lisa Kerner

Charlotte, N.C., Oct. 1 - Wells Fargo & Co. completed the acquisition of Greater Bay Bancorp on Monday. Greater Bay was merged with a subsidiary of Wells Fargo, with Greater Bay surviving the merger as a wholly owned subsidiary of Wells Fargo.

The acquisition was reported in a form 8-K filing with the Securities and Exchange Commission.

Under the May 4 merger agreement, each share of Greater Bay common stock outstanding was converted into the right to receive 0.7867 of a share of Wells Fargo common stock.

It was previously reported that the transaction was valued at an estimated $1.5 billion.

Greater Bay is a Palo Alto, Calif.-based financial services company. Wells Fargo is a financial services company based in San Francisco.

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