Iowa-based Brenton Bank is being sold to a banking giant. Wells Fargo, which is based in San Francisco, is acquiring Brenton’s two-billion dollars in assets. Brenton president and C-E-O Robert DeMeulenaere says shareholders will be asked to approve the sale. He says they felt it would be the best thing for the company and its employees.Wells Fargo recently took over Norwest Banks. DeMeulenaere says Wells Fargo has a long history of “superior performance” for its shareholders.Wells Fargo is the state’s largest bank, with about six-thousand employees in the state.Brenton has 43 bank outlets in Iowa, with six-hundred-79 employees, some of whom DeMeulenaere says will be “re-assigned.”DeMeulenaere says traditional banks will struggle in the future, and diversified banks like Wells Fargo will flourish. Regulators and Brenton shareholders must approve the acquisition before it can take effect. Brenton has locations in Cedar Rapids, Davenport, Adel, Ames, Ankeny, Clarion, Coralville, Dallas Center, Dexter, Dubuque, Eagle Grover, Emmetsburg, Granger, Grinnell, Indianola, Jefferson, Knoxville, Marion, Marshalltown, Newton, Pella, Perry, Redfield, Story City, Van Meter, Waukee, Woodward and eight locations in metro-Des Moines.
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