#5. Wells Fargo Bank, National Association ($538,958,000,000)
Wells Fargo Bank, National Association 101 N. Phillips Avenue
Sioux Falls, SD 57104 http://www.wellsfargo.com
Background
Headquartered in San Francisco, California (its bank, Wells Fargo Bank, N.A., is legally chartered in Sioux Falls,South Dakota), Wells Fargo is a result of a merger between California-based Wells Fargo & Co. and Minneapolis-based Norwest Corporation in 1998. The new company chose to keep the name Wells Fargo, to capitalize on the 150-year history of the nationally-recognized Wells Fargo name and its trademark stagecoach. After the merger, the company maintained its headquarters in San Francisco, CA and charter in Sioux Falls, SD.
It is also known as one of Big Four Banks of United States along with JPMorgan Chase Bank, Bank of America, and Citigroup.
FDIC Certificate #
3511
Bank Charter Class
Commercial Bank
Asset Concentration
Commercial Lending Specialization
Product Specialty
A diversified financial services company providing banking, insurance, investments, mortgage and consumer finance.
Key Information & News
Number of Branches: 3,389 offices in the U.S.
Number of Employees: 141,688 employees.
Executives
CEO
John G. Stumpf
CFO
Howard I. Atkins
Chairman
Richard M. Kovacevich
2008 News
Actuired Century Bancshares and its banking operations in Dallas-Fort Worth, and Texarkana, Texas and Arkansas in a stock-for-stock merger.
Acquired Wachovia Bank for a total of about $14.8 billion in an all stock transaction even though Wachovia was in an agreement to sell its banking business to Citibank with the help of the FDIC.
Citigroup is still pursuing its $60 billion claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement.
Received $25 billion in TARP money in the Fall of 2008.
2009 News
Suspended its performance bonus policy for top executives, citing compensation limitations placed upon companies that received money under the Troubled Asset Relief Program.
Announced it will slash its dividend by 85 percent, joining the line of major banks that have succumbed to such reductions to preserve capital as the tumbling economy threatens swelling credit losses.
