Wells Fargo to Acquire EB Trust Business of LaSalle

April 24, 2006 (PLANSPONSOR.com) - Wells Fargo Bank, N.A. has announced that it has reached a definitive agreement to acquire the employee benefit trust business of LaSalle Bank.

According to the announcement, the acquisition is expected to include approximately 350 employee benefit plans with $12.4 billion in assets.

Wells Fargo Bank’s Institutional Trust Services will provide core custodial services to these clients, as well as certain investment management solutions and online services via Wells Fargo’s Commercial Electronic Office business portal, the announcement said.

Wells Fargo plans to hire many of the client service professionals who currently serve the acquired clients at LaSalle Bank.  The acquisition is expected to be completed by the end of next month.