Wells Fargo & Co. is one of the largest banks in North America. The following focuses on the history and growth, available facilities and information on principal operating locations of Wells Fargo and Company. Links are also provided to other articles related to Wells Fargo and Company.
Wells Fargo History
- 1852 – Founded by Henry Wells and William G. Fargo (who also founded American Express) Wells Fargo and Company provided banking facilities in California. As well as banking facilities Wells Fargo managed the Overland Mail Company.
- 1866 – By now all major western stage lines were controlled by Wells Fargo and Company.
- 1905 – As a result of merging with Nevada National Bank the Wells Fargo Nevada National Bank is established (banking and express affairs are now separated within Wells Fargo).
- 1918 – Wells Fargo Franchise is nationalised by the United States Government and becomes the American Railway Express Agency. The Wells Fargo National Bank now concentrated on commercial markets.
- 1923 – Wells Fargo and Union Trust is formed due to a merger between Wells Fargo Nevada and Union Trust Company.
- 1960 – Another merger between Wells Fargo (name had been shortened in 1954) and American Trust Company results in the Wells Fargo Bank American Trust being formed.
- 1962 – Wells Fargo shortens its name again, after changing to a federal banking charter becomes Wells Fargo Bank, N.A. Wells Fargo and Company holding company is established with the assistance of Wells Fargo Bank.
Wells Fargo’s Expansion in the 1980s
By now Wells Fargo now had banks in other states, not just California resulting in it being the seventh largest bank in the nation. Wells Fargo gained Barclays Bank of California and Crocker National Corporation from Midland Bank.
The 1990s and Beyond
Wells Fargo Bank Online
- By 1995 Wells Fargo had become one of the first banks to offer the facility of online banking. Customers could access their account information, pay bills and much more as a result of internet banking.
- In 1996 Wells Fargo acquired First Interstate for $17.3 billion.
- Northwest Corporation of Minnesota took on the Wells Fargo name after a merger in 1998.
- Northwest Corporation decided to keep the name as it was well known historically and nationally. Wells Fargo from now on had their headquarters in San Francisco, California.
- Wells Fargo went on to acquire more such as First Security Corporation (2000), H. D. Vest Financial Services (2001), CIT Construction (2007) and Century Bank (2008). Wachovia Corp was acquired by Wells Fargo in 2008 for $15.4 Billion.
Wells and Fargo’s Current Operations
Wells Fargo has diversified over the years and now offers a range of financial services. Wells Fargo is organised into 3 business sectors which are Retail Banking, Wholesale Banking and Consumer Finance. Wells Fargo is committed to the environment and has been named Green Power Partner of the Year.