Wells Fargo Scouting for Acquisitions, Analysts Told

Wells Fargo Chairman Carl E. Reichardt told securities analysts in a conference call Wednesday that the bank is evaluating several possible acquisitions despite recent increases in the bank’s loan problems.

Reichardt did not specify the size of acquisitions Wells is considering. He also did not say whether the prospective acquisitions are in California or out of state.

But a Wells spokeswoman, Mary Essary, who was present during the call, said she believes that Reichardt was talking about smaller acquisitions. Essary said she based that conclusion on a comment Reichardt made on the subject of major mergers that “time will tell.”

Wells has been an active acquirer the past few years, and also held aborted merger discussions last year with Security Pacific Corp.

Meanwhile, Wells Fargo’s stock fell $2.375 a share to $71.125 on Wednesday. One analyst, Merrill Lynch’s Livia Asher, cut her estimate of Wells Fargo’s earnings.

Concerns are growing about Wells Fargo’s exposure to problem loans for real estate and corporate buyouts. On Tuesday, the bank said its second-quarter profit fell 94% to $14 million.