Ragen MacKenzie, Wells Fargo seal deal

Wells Fargo Bank has completed its acquisition of Ragen MacKenzie Group, the Northwest's largest independent brokerage.

Ragen MacKenzie shareholders approved the deal yesterday morning at the Rainier Club. Wells Fargo will issue 0.5208 of a share of its common stock for each share of Ragen MacKenzie stock. Based on yesterday's closing prices, the deal is valued at $262.7 million.

Founded in 1982, Ragen MacKenzie has 300 employees who manage more than $11 billion in assets for 68,000 clients with high net worth. It has 32 offices in Washington, Oregon, California and Alaska and is based in Seattle.

The private client services group of Wells Fargo, the nation's seventh-largest bank, manages $80 billion. The acquisition doubles Wells Fargo's brokerage business in the Northwest and adds 80 brokers to its staff of 800 around the country.

The two companies announced plans to merge Sept. 28. Banking regulators approved the acquisition Monday.

Ragen MacKenzie will retain its name, and its headquarters will remain in Seattle. No layoffs are planned.

Dennis Mooradian, president of Wells Fargo's private client services group, said the company plans to hire more staff and will consolidate the group's trading and personal trust management in Seattle.

Sharon Pian Chan's phone number is 206-464-2958. E-mail: schan@seattletimes.com.