Business

Wells Fargo, PNW merging

Wells Fargo and Company and Pacific Northwest Bancorp have agreed to a merger.

Potential impacts of the merger on Federal Way and south King County isn’t known yet, said Marilyn Taylor, a Wells Fargo spokeswoman.

“We will know more about how and where this will increase our locations once the (merger) transaction closes. We hope that will be in third quarter this year,” Taylor said.

Pacific Northwest Bancorp is a Seattle-based bank holding company with more than 800 employees and 58 banking locations, including 53 in Washington and five in Portland, Ore. Its primary subsidiary is Pacific Northwest Bank, which has nearly $3.1 billion in assets – approximately $2.7 billion in Washington and the rest in Oregon – and a primary focus on commercial banking.

Wells Fargo has 188 financial services stores in Washington and 2,400 employees, plus another 163 stores and 4,700-plus workers in Oregon. The $370 billion company has operations across North America and internationally.

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