![]() ![]() Acquisition of Wachovia (2008) A former Wachovia branch converted to Wells Fargo in the fall of 2011 in Durham, North Carolina.ĭuring the financial panic of September 2008, Wells Fargo made a bid to purchase the troubled Wachovia Corporation. In June 2007, John Stumpf was named Chief Executive Officer of the company, and Richard Kovacevich remained as chairman. In August 2008, Wells Fargo acquired Century Bancshares of Texas. In January 2008, Wells Fargo acquired United Bancorporation of Wyoming. In June 2007, Wells Fargo acquired CIT's construction unit. In May 2007, Wells Fargo acquired Greater Bay Bancorp, which had $7.4 billion in assets, in a $1.5 billion transaction. In January 2007, Wells Fargo acquired Placer Sierra Bank. Vest Financial Services for $128 million, but sold it in 2015 for $580 million. Following completion of the First Security acquisition, Wells Fargo had total assets of $263 billion with some 140,000 employees. Wells Fargo thereby became the largest banking franchise in terms of deposits in New Mexico, Nevada, Idaho, and Utah as well as the largest banking franchise in the West overall. In October 2000, Wells Fargo made its largest deal since the Norwest-Wells Fargo merger when it paid nearly $3 billion in stock for First Security Corporation, a $23 billion bank holding company based in Salt Lake City, Utah, and operating in seven western states. of Lincoln, Nebraska, which had $2.9 billion in assets, and a Seattle-based regional brokerage firm, Ragen MacKenzie Group Incorporated. Wells Fargo also acquired First Commerce Bancshares, Inc. The acquisition pace picked up in 2000, with Wells Fargo expanding its retail banking into two more states: Michigan, through the buyout of Michigan Financial Corporation ($975 million in assets), and Alaska, through the purchase of National Bank of Alaska, with $3 billion of assets. The largest of these was the February purchase of Brownsville, Texas-based Mercantile Financial Enterprises, Inc., which had $779 million in assets. The new company chose to retain the name of " Wells Fargo" and so this article is about the history after the merger.Ĭontinuing the Norwest tradition of making numerous smaller acquisitions each year, Wells Fargo acquired 13 companies during 1999 with total assets of $2.4 billion. This article outlines the history of Wells Fargo & Company from its merger with Norwest Corporation and beyond. For history of Wells Fargo before the merger of Wells Fargo and Norwest Corporation, see Wells Fargo (1852–1998). ![]()
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