SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a)
of the Securities Exchange Act of 1934
|X| Filed by the Registrant |_| Filed by a Party other than the Registrant Check
the appropriate box:
|_| Preliminary Proxy Statement
|_| Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
|_| Definitive Proxy Statement
|_| Definitive Additional Materials
|X| Soliciting Material Pursuant to Rule Rule 14(a)-12
FIRST COMMERCE BANCSHARES, INC.
(Name of Registrant as Specified in Its Charter)
Payment of Filing Fee (Check the appropriate box):
|X| No fee required.
|_| Fee computed on table below per Exchange Act Rules 14(a)-6(i)(1)
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Date: April 18, 2000
Release Date: Immediate
Contact: Kristi Shoemaker, Director of Marketing
402-434-4481
Lincoln, Nebraska--First Commerce Bancshares, Inc. (NASDAQ-FCBIA & FCBIB)
reported net income for the three months ended March 31, 2000 of $11,126,000 or
$.83 per share compared to $8,488,000 or $.63 per share for the threee months
ended March 31, 1999. On a percentage basis first quarter net income is up 31.1%
over the similar period in 1999. First quarter net income was supported by heavy
Global fund gains of $5.3 million after-tax.
Net interest income increased $1,642,000 or 7.7% for the three months ended
March 31, 2000 when compared to the same time period one year ago. Total earning
assets as of March 31, 2000 were $2.36 billion compared to $2.20 billion as of
March 31, 1999, up 7.2%. Total loans were $1.44 billion as of March 31, 2000, up
$187 million or 15.0% from one year ago. The level of non-performing loans
remains stable and modest. The Company's total assets were $2.62 billion as of
March 31, 2000, compared to $2.45 billion as of March 31, 1999, up 7.1%.
The Company has seen strong growth in fee income primarily in credit card
fees. Non-interest income excluding securities transactions was $17.9 million
for the three months ended March 31, 2000, up 6.5% from the same time period one
year ago.
James Stuart, Jr., Chairman and CEO, stated, "We are very pleased with the
earnings results for the quarter and the loan growth achieved over the past
year. The merger with Wells Fargo is projected to occur late in the second
quarter. We are very pleased with merger progress, and I continue to feel that
we picked an excellent merger partner."
At its regularly scheduled board meeting on April 18, 2000, the Company
declared a ten cent dividend to be paid on June 9, 2000 to stockholders of
record on May 31, 2000.
First Commerce Bancshares, Inc. is a Nebraska-based multibank holding
company with banks or branches in Lincoln, Grand Island, Hastings, Kearney,
McCook, North Platte, Valentine, West Point, Alliance, Bridgeport, Nebraska; and
Colorado Springs, Colorado. First Commerce Bancshares, Inc. also has loan
production offices in Mullen, Hyannis, Holdrege, Snyder, Wood River, Cairo,
Nebraska; Goodland, Kansas; and Burlington, Colorado.
The SEC mandates the following: We urge shareholders of First Commerce and other
investors to read the proxy statement/prospectus that will be included in the
registration statement on Form S-4 to be filed with the SEC in connection with
the proposed merger because it will contain important information. After it is
filed with the SEC, the proxy statement/prospectus will be available for free,
both on the SEC's web site (www.sec.gov) and from First Commerce's and Wells
Fargo's respective corporate secretaries. In addition, the identity of the
people who, under SEC rules, may be considered participants in the solicitation
of First Commerce's shareholders in connection with the proposed merger, and a
description of their interests, is available in SEC filings under Schedule 14A
made by First Commerce on February 2, 2000.
FIRST COMMERCE BANCSHARES, INC.
FINANCIAL HIGHLIGHTS
(In Thousands Except Per Share Data)
(Unaudited)
Three Months Ended
March 31, Year Ended December 31,
------------------------ ------------------------------
2000 1999 1999 1998 1997
-------- ------ -------- -------- --------
Net interest income $22,838 $21,196 $87,922 $82,197 $76,586
Provision for loan losses 1,516 1,595 6,877 7,658 8,297
Gains on securities sales 8,064 1,747 4,625 4,635 4,861
Noninterest income 17,921 16,828 70,759 61,079 48,978
Noninterest expense 30,519 25,228 108,873 95,286 81,103
Net income 11,126 8,488 30,927 29,035 26,597
Performance ratios:(1)
Return on average equity(2) 17.03% 14.27% 12.59% 13.05% 13.28%
Return on average assets 1.70 1.41 1.24 1.29 1.28
Per common share:
Net income $ .83 $.63 $2.33 $2.15 $1.96
Dividends .10 .09 .36 .34 .30
Stockholders' equity before accumulated
other comprehensive income 19.96 17.89 19.23 17.36 15.57
Total stockholders' equity 19.91 18.44 19.32 18.40 17.19
Market value (trading range) of common stock:
Class A Voting
High 39.50 29.50 29.50 32.00 33.00
Low 20.13 24.50 18.00 24.75 20.00
Last 34.63 24.50 25.50 26.25 29.00
Class B Non Voting
High 35.00 30.00 30.00 33.50 32.50
Low 18.00 21.25 17.75 24.00 16.00
Last 34.69 25.00 19.69 28.00 32.50
As of March 31, As of December 31,
---------------------- ------------------------------
2000 1999 1999 1998 1997
-------- ---------- ------ ------ ------
Assets $2,620,343 $2,446,794 $2,609,590 $2,384,745 $2,251,100
Investments 865,111 823,247 815,692 747,844 691,144
Loans 1,435,082 1,247,613 1,441,013 1,284,007 1,236,443
Loan loss reserve 25,004 24,503 24,952 24,292 22,458
Deposits 1,800,115 1,738,340 1,812,856 1,728,500 1,649,494
Equity capital 265,531 248,700 257,663 248,646 232,580
Capital to assets(2) 10.2% 9.9% 9.8% 9.9% 9.5%
Allowance for loan losses/loans 1.7 2.0 1.7 1.9 1.8
Marketable equities -- Cost $68,961 $53,337 $60,520 $52,057 $43,217
Marketable equities -- Fair value 91,401 69,470 88,544 72,258 73,913
(1) Annualized.
(2) Before accumulated other comprehensive income.