National Bank of Alaska

National Bank of Alaska

Company type	Subsidiary (after 1982)
Industry	Banking
Predecessor	Bank of Alaska
Founded	1916 in Skagway, Alaska, United States
Founder	Andrew Stevenson
Defunct	2000
Fate	Acquired by Wells Fargo & Co.
Successor	Wells Fargo
Headquarters	Anchorage , United States
Area served	Alaska, Seattle (Washington)
Key people	Edward Anton Rasmuson (president from 1919), Elmer E. Rasmuson, Edward Bernard Rasmuson
Products	Banking services
Owner	National Bancorp of Alaska (from 1982)
Parent	National Bancorp of Alaska (from 1982), Wells Fargo & Co. (from 2000)

National Bank of Alaska, initially known as Bank of Alaska, stood as the preeminent financial institution in Alaska during the latter part of the 20th century. Its acquisition by Wells Fargo in 2000 extended Wells Fargo’s operations to encompass 23 states.

Founding and early history

Established in 1916 by Andrew Stevenson in Skagway, Alaska, Bank of Alaska initially operated out of the former Canadian Imperial Bank of Commerce premises at Fifth and Broadway. The bank later moved to a newly constructed facility at Sixth and Broadway, a property still held by its successors. Early growth saw the opening of branches in Wrangell and the then-newly designated Anchorage.

Edward Anton Rasmuson joined the institution as legal counsel during its inaugural year and eventually assumed leadership during the financial difficulties following World War I. By 1919, he had become president, with his wife Jenny Olson Rasmuson serving on the board. The bank relocated its headquarters to Anchorage in 1945. After Edward’s passing in 1949, his son, Elmer E. Rasmuson, succeeded him at the helm.

Expansion

In 1950, the bank transitioned to a national charter and was renamed National Bank of Alaska. Following a merger in 1960, it expanded to 19 branches across six locations, solidifying its status as Alaska’s largest banking institution. Leadership passed from Elmer Rasmuson to his son Edward Bernard Rasmuson in 1975 when Elmer retired.

By 1978, National Bank of Alaska had grown to operate 34 branches serving 19 communities. In 1982, it restructured as a fully owned subsidiary under the bank holding company National Bancorp of Alaska. Assets surpassed $1 billion by 1983, and by 1990 the bank managed approximately half of all banking assets within Alaska.

Wells Fargo purchase

In December 1999, Wells Fargo & Co. agreed to acquire National Bancorp of Alaska for $907 million. At that time, the bank controlled assets exceeding $3 billion and operated 53 branches throughout 29 Alaskan communities plus one location in Seattle, Washington. The transaction was finalized in 2000, with all branches rebranded as Wells Fargo by June 2001. This acquisition broadened Wells Fargo's reach to include 23 states, positioning it as the nation’s largest banking franchise by geographic coverage.

Bibliography

• Rasmuson, Elmer E. and Cole, Terrence Banking on Alaska: The Story of the National Bank of Alaska (2 volumes)