Based in Birmingham, AL, the financial institution had only onelocation in the Valley prior to this purchase. The branches are at7155 E. Thunderbird in Scottsdale and 1802 E. Camelback Road and3202 E. Bell Rd. in Phoenix. The banks will be converted intoCompass Banks over the next several weeks.
Wells Fargo was required by bank regulators to sell off somebranch locations in both Phoenix and Tucson as a condition of itsmerger with Norwest Bank.
Richard Ellis, of CB's Phoenix office, negotiated the sale forWells Fargo and the Phoenix office of Commercial Real EstateAdvisors, along with CB's brokers, negotiated the sale for thebuyer.
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