Share holders of Greater Bay Bancorp said late Wednesday that it has agreed to be acquired by Wells Fargo Co.

The Company also announced that, upon the effective date of the merger, Greater Bay common shares will be exchanged for Wells Fargo common shares on the basis of 0.7867 of a share of Wells Fargo common stock for each share of Greater Bay common stock. In accordance with the merger agreement.

The deal for the East Palo Alto, Calif.-based financial services holding company is expected to close Oct. 1 of this year.