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Big fish in little (city) pond turns to little fish in big (bank) pond

Michigan State Roundup

January 1, 2000

Big fish in little (city) pond turns to little fish in big (bank) pond

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.