A New Deal for First Interstate : Voices

“In our opinion, this decision does not serve the best interests of First Interstate’s shareholders. We do not believe that First Interstate’s shareholders will settle for something less.”

--Paul Hazen

Chairman and Chief Executive, Wells Fargo & Co.

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“(The merger) is about creating long-term growth and profitability by expanding our business through a compelling strategic fit. It is not simply about manufacturing gains from contraction and cost cutting alone--the formula many are following in the industry consolidation we are seeing today.”

--William E.B. Siart

Chairman and Chief Executive, First Interstate Bancorp

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“I still have a lot of friends there (in California). It’s a market I know well.”

--John F. Grundhofer

Chairman and Chief Executive, First Bank System Inc.

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“This is going to be an old-fashioned shootout in the First Interstate corral. There is more bidding to come from Wells. And others may step in as well.”

--Lloyd Greif

President, Greif & Co.

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“I think there’s a feeling of relief. [But] in this business ... you sort of keep your resume up to date.”

--Gerry Wagner

Vice president, First Interstate Bank

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“To me, the best outcome would have been for First Interstate to remain independent, but I’m in a lonely boat. [Eventually in banking,] size is going to be a hindrance, not a help.”

--James Marks

Analyst, Sutro & Co.

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“From a competitive viewpoint, I would prefer to see the Wells Fargo acquisition” of First Interstate.

--Gene Galloway

Executive vice president for retail banking, Sanwa Bank California

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“This is wonderful news for our city. ... The merger will help maintain te spirit of competitiveness in California banking.”

--Richard Riordan

Mayor of Los Angeles