Pacific Northwest Bancorp, the holding company that owns Pacific Northwest Bank (PNWB) announced at a special meeting that its shareholders approved the merger of PNWB with a subsidiary of Wells Fargo & Company. In the proposed merger, Wells Fargo will acquire PNWB.

Based on the average closing price of Wells Fargo common stock for the 20 trading days prior to the special meeting ($50.2490), Pacific shareholders will receive 0.6965 of a share of Wells Fargo common stock in exchange for each share of PNWB common stock upon completion of the merger.

Approval of the merger by the Board of Governors of the Federal Reserve System is currently pending.