Wells Fargo & Company History

Company Perspectives:

Wells Fargo was founded on the American frontier 148 years ago to satisfy a fundamental human need&mdashø connect one customer to another and one market to another by transporting goods, services and funds fast and securely across great distances. We're still doing it today. Our vision--satisfying all our customers' financial needs--is built on that same process--connecting. That's the 'next stage' of the new Wells Fargo. Key Dates:

Key Dates:

1852:

Henry Wells and William G. Fargo form Wells, Fargo & Company to provide express and banking services to California.

1860:

Wells Fargo gains control of Overland Mail Company, leading to operation of the western portion of the Pony Express.

1866:

'Grand consolidation' unites Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name.

1904:

A.P. Giannini creates the Bank of Italy in San Francisco.

1905:

Wells Fargo separates its banking and express operations; Wells Fargo's bank is merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank.

1923:

Wells Fargo Nevada merges with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company.

1928:

Giannini forms Transamerica Corporation as a holding company for his banking and other interests.

1929:

Northwest Bancorporation, or Banco, is formed as a banking association.

1954:

Wells shortens its name to Wells Fargo Bank.

1957:

Transamerica spins off its banking operations, including 23 banks in 11 western states, as Firstamerica Corporation.

1960:

Wells Fargo merges with American Trust Company to form the Wells Fargo Bank American Trust Company.

1961:

Firstamerica changes its name to Western Bancorporation.

1962:

Wells again shortens its name to Wells Fargo Bank.

1968:

Wells converts to a federal banking charter, becoming Wells Fargo Bank, N.A.

1969:

Wells Fargo & Company holding company is formed, with Wells Fargo Bank as its main subsidiary.

1981:

Western Bancorporation changes its name to First Interstate Bancorp.

1982:

Banco acquires consumer finance firm Dial Corporation, which is renamed Norwest Financial Service the following year.

1983:

Banco is renamed Norwest Corporation.

1986:

Wells Fargo acquires Crocker National Corporation.

1988:

Wells Fargo acquires Barclays Bank of California.

1995:

Wells Fargo becomes the first major financial services firm to offer Internet banking.

1996:

Wells Fargo acquires First Interstate for $11.3 billion.

1998:

Norwest acquires Wells Fargo for $31.7 billion and adopts the Wells Fargo name.

2000:

Wells Fargo acquires First Security Corporation.

Company History:

Further Reading:

• Acello, Richard, 'The Boy Wonder Banker Relaxes--Just Briefly,' San Diego Daily Transcript, January 6, 1995, p. 1.
• Asher, Joseph, 'Golden Jubilee for Two Holding Companies in Twin Cities,' ABA Banking Journal, June 1979, pp. 102--04.
• Bailey, Jeff, and Richard Gibson, 'Branching Out: Two Minnesota Banks Illustrate the Pitfalls of Interstate Networks,' Wall Street Journal, July 26, 1985.
• Beebe, Lucius M., and Charles M. Clegg, U.S. West: The Saga of Wells Fargo, New York: E.P. Dutton, 1949, 320 p.
• Bradford, Stacey L., 'Norwest Passage,' Financial World, January 21, 1997, pp. 41--43.
• Bryan, Robert, 'First Interstate: California's Restless Giant,' Bankers Monthly, October 1986, pp. 23+.
• Byrne, Harlan S., 'Norwest Corp.: Earnings Surge at Bank Company's Consumer, Mortgage Operations,' Barron's, October 26, 1992, pp. 31--32.
• ------, 'On the Money: Norwest Corp. Has Been Making the Right Moves,' Barron's, January 5, 1987.
• Carlsen, Clifford, 'Wells Fargo Hitches Wagon to Commerce on the Net,' San Francisco Business Times, December 16, 1994, p. 6.
• Carlton, Jim, 'Wells Fargo Discovers Getting Together Is Hard to Do: Efforts to Merge Operations with First Interstate Result in Alienated Customers,' Wall Street Journal, July 21, 1997, p. B4.
• Carson, Teresa, et al., 'Wells Fargo May Have Bagged a Bargain in Crocker,' Business Week, February 24, 1986, p. 35.
• DePass, Dee, 'Norwest Goes West: $31.4 Billion Buys New Name, Home,' Minneapolis Star Tribune, June 9, 1998, p. 1A.
• ------, 'Norwest Officially Acquires Wells Fargo,' Minneapolis Star Tribune, November 3, 1998, p. 1D.
• ------, 'Norwest Scouts Carefully Looking for the Right Deal,' Minneapolis Star Tribune, December 22, 1997, p. 1D.
• ------, 'U.S. Bancorp, Norwest Grow in Different Ways,' Minneapolis Star Tribune, December 22, 1997, p. 1D.
• Eisenstein, Paul A., 'Turnaround at Norwest,' United States Banker, January 1989, pp. 38+.
• Ellis, James E., '`It's Not Sexy, but It's Sure,' Business Week, April 2, 1990, pp. 96--97.
• Engen, John R., 'The Acquiring Mind of Richard Kovacevich,' Corporate Report-Minnesota, October 1995, pp. 28--30+.
• 'First Interstate Breathes Again,' United States Banker, February 1993, pp. 34+.
• Glater, Jonathan D., 'The Big Bank That Thinks Small: Norwest Targets `Little Guys,' Washington Post, January 8, 1995, p. H1.
• Himelstein, Linda, and Kathleen Morris, 'Why Wells Fargo Is Circling the Wagons,' Business Week, June 9, 1997, pp. 92--93.
• Hungerford, Edward, Wells Fargo: Advancing the American Frontier, New York: Random House, 1949, 274 p.
• Iwata, Edward, 'How to Make a Merger Work: Dick Kovacevich Is Successfully Piloting the New Wells Fargo,' San Francisco Examiner, August 10, 1999, p. C1.
• King, Ralph T., Jr., and Steven Lipin, 'Wells Fargo Sets Big Cuts in California After Merger: Pact with First Interstate Could Take Heavy Toll in Branches, Personnel,' Wall Street Journal, January 24, 1996, p. A3.
• King, Ralph T., Jr., Timothy L. O'Brien, and Steven L. Lipin, 'California Dream: A Chance to Cut Costs Drives Wells Fargo Bid for First Interstate,' Wall Street Journal, October 19, 1995, pp. A1+.
• Knecht, G. Bruce, 'Banking Maverick: Norwest Corp. Relies on Branches, Pushes Service--and Prospers,' Wall Street Journal, August 17, 1995, pp. A1+.
• Kover, Amy, 'Dick Kovacevich Does It His Way,' Fortune, May 15, 2000, pp. 299--300+.
• Levine, Thomas B., et al., 'Two California Banks Riding Different Waves,' Business Week, May 9, 1988, p. 127.
• Loomis, Noel M., Wells Fargo: An Illustrated History, New York: Clarkson N. Potter, 1968, 340 p.
• Milligan, John W., 'The Fight for First Interstate,' United States Banker, March 1996, pp. 32--36, 38--40.
• Moody, Ralph, Wells Fargo, Boston: Houghton Mifflin, 1961, 184 p.
• Mullen, Liz, 'Banking on Independence,' Los Angeles Business Journal, March 14, 1994, pp. 14+.
• Murray, Matt, 'Norwest, Wells Fargo Agree to a Merger,' Wall Street Journal, June 9, 1998, p. A2.
• 'Norwest: Hurtling into Innovative Services,' Business Week, May 28, 1984, pp. 78--79.
• O'Donnell, Thomas C., 'A `Loyal Number Two' Takes Charge,' Forbes, September 29, 1980, pp. 46+.
• Racine, John, 'How First Interstate Beats the California Blues,' American Banker, January 11, 1995, pp. 4+.
• Roosevelt, Phil, 'King of the Cross-Sell: Richard Kovacevich Wants to Turn Wells Fargo into a Perpetual-Motion Machine,' Barron's, October 11, 1999, pp. 20, 23.
• Rose, Sanford, 'They're Still Pioneering at Wells Fargo Bank,' Fortune, July 1976, p. 122.
• St. Anthony, Neal, 'From Go-Go to Cut-Cut: Norwest, Growing Fast but Spending a Lot, Now Focuses on Controlling Costs,' Minneapolis Star Tribune, August 5, 1994, p. 1D.
• ------, 'Norwest Corp. Knows How to Grow,' Minneapolis Star Tribune, August 13, 1990, p. 1D.
• Schafer, Lee, 'Executive of the Year: Lloyd P. Johnson,' Corporate Report-Minnesota, January 1991, pp. 28+.
• Sinton, Peter, 'Bungles Bruise Wells Fargo: Merger Woes Hurt Once Sterling Reputation,' San Francisco Chronicle, June 26, 1997, p. D1.
• ------, 'Wells Fargo Wagon Rolls On,' San Francisco Chronicle, March 25, 1996, p. B2.
• Somasundarum, Meera, 'Norwest, Banking Giant, Seeks Gains by Stressing Services for Customers,' Wall Street Journal, December 10, 1996, p. B11A.
• Timmons, Heather, 'Can the Wells Fargo Wagon Roll Alone?,' Business Week, October 23, 2000, p. 144.
• 'Waving Good-bye to Wells Fargo,' Business Week, August 1, 1994, p. 36.
• Weiner, Steve, '`The Wal-Mart of Banking,' Forbes, March 4, 1991, pp. 62, 65.
• 'Wells Fargo's Fight to Hold the West,' Business Week, June 14, 1982, pp. 90+.
  Wells Fargo Since 1852, San Francisco: Wells Fargo & Company, 1988.
• Wilson, Neill C., Treasure Express: Epic Days of the Wells Fargo, New York: Macmillan, 1936.
• Winther, Oscar O., Via Western Express and Stagecoach, Stanford, Calif.: Stanford University Press, 1945, 158 p.
• Zuckerman, Sam, 'A New Stage for Wells' Hazen,' San Francisco Chronicle, November 4, 1998, p. D2.

Source: International Directory of Company Histories, Vol. 38. St. James Press, 2001.