Wells Fargo Bank

 

 

The history of the Wells Fargo Bank and company can be traced back to March 1852 when two visionaries, along with other investors, founded Wells, Fargo and Company. Henry Wells and William Fargo started this company to manage the banking and express business impelled by the California Gold Rush. Today, Wells Fargo is an amalgamation of several companies, with banks in several states, especially in the US.[br] 

About Wells Fargo Bank

The Wells Fargo Bank became officially established in 1923 but under a different name. In 1905, the Wells Fargo banking operations merged with the Nevada National Bank (after separating from the express operations) to form the Wells Fargo Nevada National Bank. In 1923, this bank combined with the Union Trust Company to form the Wells Fargo Bank and Union Trust Company. This name was shortened to Wells Fargo Bank in 1954.

 

However, the mergers did not end there. In 1960, the bank merged with the giant American Trust Company to become the Wells Fargo Bank American Trust Company.

In 1968, Wells Fargo and Company (a holding company) was created to hold all shares of the Wells Fargo Bank.

 

By the late 20th century, the Wells Fargo Bank, headquartered in San Francisco, had more than 300 branches in California. This number did not include the subsidiaries, affiliates, and branches all over the world.

 

Other mergers also took place as briefly covered below:

• 1986: Wells Fargo and Company incorporated the Crocker National Corporation for about $1 billion.

• 1996: Merger with First Interstate Bancorporation

• 1998: Merger with Norwest Corporation[br]

Wells Fargo Bank: Products and Services

Having established itself as one of the largest banks in the US, the Wells Fargo Bank offers services such as:

• Banking

• Mortgages

• Insurance

• Asset management

• Brokerage services

 

The bank’s focus is also on cross-selling as it aims to double its products and its number of customers. Through cross-selling, the bank generates huge profits because the expenses are less in comparison to its revenues. Even during the global economic slump in 2007, the Wells Fargo Bank maintained its share yield of more than 3%.

 

From its earliest inception in 1852 to the current year in 2009, Wells Fargo Bank has continued to grow its profits, customers and the overall growth of its operations.

 

Find out more about Wells Fargo Bank.