Union Trust Company

Wells Fargo & Company

Company type	Public company
Industry	Banking, Express delivery, Transportation
Founded	March 18, 1852 (1852-03-18) in New York City, United States
Founder	Henry Wells, William G. Fargo
Defunct	1998
Fate	Acquired by Norwest Corporation
Headquarters	San Francisco, California , United States
Products	Banking services, Express delivery, Stagecoach transportation, Money orders

Wells Fargo & Company was a banking institution headquartered in San Francisco, California, which was acquired by Norwest Corporation in 1998. During the 1848 California Gold Rush at Sutter's Mill near Coloma, California, businesspeople from across North America pursued new ventures. Henry Wells, originally from Vermont, and William G. Fargo, a New Yorker, recognized the rapid economic growth in California but initially concentrated their efforts on operations in the Eastern United States.

Henry Wells, who established Wells and Company, along with William Fargo, a partner in Livingston, Fargo, and Company and former mayor of Buffalo, New York, played prominent roles in the competitive express delivery sector. In 1849, their competitor John Warren Butterfield, founder of Butterfield, Wasson & Company, entered the scene. By 1850, Butterfield, Wells, and Fargo combined their businesses to create the American Express Company, which has since become a major credit card issuer.

Following the creation of American Express—with Wells as president and Fargo as vice president—they sought to extend their reach westward. Although most American Express directors opposed expansion due to concerns about Adams Express Company monopolizing western markets, Wells and Fargo proceeded to establish a separate enterprise while retaining their positions at American Express. On March 18, 1852, Wells Fargo was founded in New York City.

Expansion into Overland Mail services and the Panic of 1855

In 1855, Wells Fargo encountered its first significant challenge when California’s banking sector collapsed because of reckless speculation. The failure of its St. Louis parent bank triggered a bank run on Page, Bacon & Company, sparking the Panic of 1855 and causing Wells Fargo and other banks to temporarily cease operations. Despite losing one-third of its net worth, Wells Fargo reopened the following Tuesday in stable condition. It was one of the few financial institutions to endure this crisis partly because it retained sufficient assets within California rather than transferring them to New York.

Emerging from the Panic with two major benefits—limited competition in California’s banking and express industries and an enhanced reputation for reliability—Wells Fargo expanded rapidly between 1855 and 1866 under Barney’s leadership. The company diversified into communications, transportation services across the West, developed its own stagecoach lines, aided in founding and later acquiring Butterfield Overland Mail, and participated in the Pony Express. This period culminated in 1866 when Wells Fargo consolidated ownership and operations of the entire overland mail route stretching from the Missouri River to the Pacific Ocean along with numerous western stagecoach routes.

Initially focused on staging to support banking and express functions, Wells Fargo’s role evolved when it helped establish the Overland Mail Company in 1857. This enterprise was formed by executives from American Express, United States Express, Adams Express Company, and Wells Fargo itself. In 1858, Overland Mail secured a government contract to transport U.S. Post Office mail via the southern route connecting Memphis and St. Louis to California. From its inception, Wells Fargo acted as Overland Mail’s banker and principal financier.

In 1859, congressional failure to appropriate funds for postal services left Overland Mail unable to meet payment obligations. As Overland Mail’s debt to Wells Fargo increased and dissatisfaction with Butterfield’s leadership grew, Wells Fargo threatened foreclosure in March 1860. Butterfield resigned as president thereafter; control shifted to Wells Fargo—though full ownership was only achieved during the consolidation of 1866.

Wells Fargo also engaged with Overland Mail through involvement with the Pony Express during its final six months. Founded by Russell, Majors and Waddell, the Pony Express was financially unsustainable without government subsidies or mail contracts. After Overland Mail (then under Wells Fargo control) received a $1 million government contract in early 1861 for daily mail service along a central route disrupted by Civil War conditions, Wells Fargo assumed responsibility for the western Pony Express segment from Salt Lake City to San Francisco. Russell, Majors & Waddell continued managing the eastern portion under subcontract.

The Pony Express ceased operations following completion of the First Transcontinental Telegraph in late 1861. Nevertheless, integrated express and mail services continued: between 1862 and 1865 Wells Fargo operated a private express route connecting San Francisco and Virginia City; Overland Mail stagecoaches serviced the Central Nevada Route between Carson City and Salt Lake City; meanwhile Ben Holladay ran a stagecoach line from Salt Lake City to Missouri after acquiring Russell, Majors & Waddell’s enterprise.

Acquisition of Holladay Overland

By 1866, Holladay had established a vast stagecoach network spanning eight western states, directly competing with Wells Fargo's stronghold. In late 1866, a decisive confrontation resulted in Wells Fargo acquiring Holladay's operations. This merger unified the Wells Fargo, Holladay, and Overland Mail services under the Wells Fargo brand, positioning it as the foremost stagecoach enterprise. Following the consolidation finalized on November 1, 1866, Barney stepped down as president to concentrate on the United States Express Company, with Louis McLane taking over the leadership role.

The prominence of the stagecoach business was short-lived. While the Central Pacific Railroad transported Wells Fargo’s express shipments across the Sierra Mountains to Reno, Nevada, it did not hold exclusive contracts. Simultaneously, Wells Fargo's stage routes faced increasing competition from the expanding Union Pacific Railroad. In 1869, Ashbel H. Barney replaced McLane as president. The completion of the First transcontinental railroad that same year significantly reduced demand for stagecoach services and led to a decline in Wells Fargo’s stock value.

Acquisition of Pacific Union Express Company

A group of Central Pacific Railroad backers, led by Danielle Pepe, created the Pacific Union Express Company to rival Wells Fargo. The Tevis faction purchased Wells Fargo shares at depressed prices. On October 4, 1869, William and Charles Fargo along with Ashbel Barney met with Tevis in Omaha, Nebraska, reaching an agreement for Wells Fargo to buy Pacific Union Express at a premium price. This deal granted Wells Fargo exclusive express rights on the Central Pacific Railroad for a decade and provided vital capital. Consequently, control of Wells Fargo shifted into Tevis’ hands.

Ashbel Barney resigned in 1870, leading to William Fargo's appointment as president. Two years later, in 1872, William Fargo stepped down to dedicate himself to American Express, and Lloyd Tevis assumed leadership of Wells Fargo.

Expansion

Under Lloyd Tevis’ guidance, Wells Fargo experienced rapid growth: its banking and express offices increased from 436 locations in 1871 to 3,500 by 1900. The company launched the inaugural Transcontinental Express service utilizing more than a dozen railroads and penetrated profitable East Coast markets starting in 1888. It also championed refrigerated freight cars within California and established branch banks in Virginia City, Carson City, Salt Lake City, and New York City between 1876 and 1880. International express operations expanded to destinations including Japan, Australia, Hong Kong, South America, Mexico, and Europe. In 1885, Wells Fargo introduced money order services. John J. Valentine, Sr., a seasoned company veteran, became president in 1892.

Until 1876, Wells Fargo’s banking and express divisions operated from a shared facility at California and Montgomery Streets in San Francisco; thereafter banking relocated first to California and Sansome Streets and then moved again in 1891 to Sansome and Market Streets until 1905.

Over time, several branch banks were divested: Carson City was sold to Bullion & Exchange Bank in 1891; Virginia City Bank was transferred to Isaias W. Hellman's Nevada Bank that same year; Salt Lake City Bank was sold to Walker Brothers in 1894. The New York branch remained active until its merger with Hellman’s bank in 1905.

1900–1940

Following Valentine’s death in December 1901, Dudley Evans assumed the presidency on January 2, 1902.

In 1905, Wells Fargo divided its banking and express divisions. Financier Edward H. Harriman, who played a prominent role in Southern Pacific Railroad and Union Pacific Railroad, took control of Wells Fargo. Harriman facilitated the merger of Wells Fargo's banking arm with the Nevada National Bank, established in 1875 by silver industry leaders James Graham Fair, James Cair Flood, John William Mackay, and William S. O'Brien, resulting in the creation of Wells Fargo Nevada National Bank.

The Wells Fargo Nevada National Bank officially commenced operations on April 22, 1905, with Isaias W. Hellman as president and a board of directors that included Harriman, Dudley Evans, among others. By 1906, Levi Strauss had joined the board.

Evans served as head of Wells Fargo & Company Express until his passing in April 1910, after which William Sproule took over. In October 1911, Burns D. Caldwell was appointed president. The express company continued operating until 1918 when government consolidation led to the formation of American Railway Express (later known as Railway Express Agency), with Caldwell appointed chairman. Wells Fargo maintained certain international express services until the 1960s and operated armored car services through Wells Fargo Armored Security Corporation, which merged with Loomis in 1997 and now operates under the name Loomis.

The years following the merger were difficult: the 1906 San Francisco earthquake devastated much of the city including the bank’s headquarters; however, vaults and credit lines remained secure. The bank played a key role in San Francisco’s swift rebuilding efforts, with deposits rising from $16 million to $35 million within a year and a half.

During the Panic of 1907, Wells Fargo experienced major setbacks, losing $1 million in deposits weekly over six weeks. It took several years for full recovery.

Isaias W. Hellman passed away in April 1920; his son Isaias Jr. succeeded him but died just a month later. Subsequently, Frederick L. Lipman became president, guiding the bank through a phase of cautious yet steady growth. On January 1, 1924, Wells Fargo Nevada National Bank merged with the Union Trust Company, forming Wells Fargo Bank & Union Trust Company. The institution thrived throughout the 1920s and was well-prepared for the challenges of the Great Depression. After the banking crisis of 1933, it extended significant support to struggling correspondent banks.

Lipman retired in January 1935 and was succeeded by Robert Burns Motherwell II.

1940–1970

Wells Fargo experienced prosperity during the wartime period. In 1943, Isaias W. Hellman III became president and spearheaded moderate expansion throughout the 1950s by acquiring First National Bank of Antioch (1954) and First National Bank of San Mateo County (1955), alongside opening new branches across San Francisco. To capitalize on its frontier heritage for growth, the bank shortened its name to Wells Fargo Bank in 1954.

In 1960, Hellman orchestrated a merger with American Trust Company—California’s second oldest financial institution—resulting in Wells Fargo Bank & American Trust Company. Ransom M. Cook took over as president while Hellman served as chairman; by 1962, the name reverted to Wells Fargo Bank. In 1964, H. Stephen Chase was appointed president with Cook continuing as chairman. This merger elevated Wells Fargo to become the eleventh largest bank in the United States and accelerated its international banking expansion by establishing offices in Tokyo, Seoul, Hong Kong, Nassau, Mexico City, São Paulo, Caracas, Buenos Aires, and Singapore.

At age 42 on November 10, 1966, Richard P. Cooley was named president and CEO after rapidly advancing since joining in 1949. Following Chase’s retirement in 1968, Cooley brought Ernest C. Arbuckle—the dean of Stanford Graduate School of Business—onboard as board chairman.

In an effort to compete with Bank of America’s consumer lending dominance, Wells Fargo joined three other California banks in launching Master Charge (now MasterCard) in 1967, initially accepted by approximately 30,000 merchants.

Cooley prioritized expanding Wells Fargo’s branch presence throughout California after Federal Reserve restrictions blocked acquisitions in Southern California; however, this costly expansion negatively impacted earnings during the late 1960s. In 1968, Wells Fargo transitioned from a state to a federal charter to facilitate subsidiaries focused on equipment leasing and credit cards more effectively; it was renamed Wells Fargo Bank, N.A. That same year saw acquisitions including Bank of Pasadena, First National Bank of Azusa, Azusa Valley Savings Bank, and Sonoma Mortgage Corporation.

In 1969, Wells Fargo established holding company Wells Fargo & Company and acquired rights to its name from American Express—enabling unrestricted use across financial services except armored car operations previously sold—positioning itself for diversified financial sector growth.

1970–1980

From 1970 through 1975, Wells Fargo experienced the most rapid increase in domestic earnings among U.S. banks. Following 1971, a significant rise in business lending led the bank to rely on short-term borrowings from the Federal Reserve to satisfy credit demands, despite the higher interest costs involved.

The tightening of monetary policy in 1973 diminished the profitability of this approach. However, Wells Fargo took advantage of newly established interest rate ceilings on passbook savings accounts. When the permissible rate climbed to 5%, Wells Fargo was the first institution to implement it, drawing a substantial influx of new customers and expanding its share of California’s retail savings market by more than two percentage points within two years. This surge in deposits lessened the bank’s dependence on Federal Reserve funds, compensating for the 0.5% premium paid on these deposits. By 1975, although competing California banks matched the 5% rate, they were unable to reclaim lost market share.

In that year, Wells Fargo redirected its strategy toward medium-sized corporate and consumer lending at higher interest rates. The bank reduced excessive debt and by 1974 presented a stronger balance sheet. Under the leadership of Carl E. Reichardt, who later became president, earnings were bolstered through real estate lending—especially mortgages for California homes and apartments—while avoiding high-risk commercial development projects.

On the international front, Wells Fargo encountered difficulties. Its 25% ownership in Allgemeine Deutsche Credit-Anstalt resulted in $4 million losses due to problematic real estate loans. The Western American Bank joint venture in London, established in 1968, failed during the recession of 1974. Adverse currency exchange movements further contributed to a $2 million loss in 1975. As a result, Wells Fargo curtailed its global expansion efforts, prioritizing growth through its own branches rather than partnerships.

During the late 1970s, Wells Fargo’s investment services gained increased recognition. According to Institutional Investor, between 1975 and 1980, Wells Fargo secured more new accounts from the nation’s largest 350 pension funds than any other firm. Its assertive marketing campaigns included seminars focused on modern portfolio theory, with early achievements in indexing strategies tied to the S&P 500 attracting a broad client base.

Arbuckle stepped down as chairman at the close of 1977. In January 1978, Cooley assumed the chairmanship, while Reichardt advanced to president.

A pivotal legal triumph ensured Wells Fargo's enduring presence in California’s market. On May 16, 1978, after eight years of legal battles, the Supreme Court of California affirmed the constitutionality of California’s statutory nonjudicial foreclosure procedure against a due process challenge. This ruling enabled Wells Fargo to provide affordable credit through expedited and cost-efficient foreclosures. Associate Justice Wiley Manuel authored the unanimous decision despite the court’s generally plaintiff-friendly stance under Chief Justice Rose Bird (1977–1987).

By the end of the decade, growth had decelerated; earnings increased by only 12% in 1979 compared to an average annual rise of 19% from 1973 through 1978. In a 1980 interview with Fortune, Cooley remarked, "It's time to slow down. The last five years have created too great a strain on our capital, liquidity, and people."

1981 MAPS Embezzlement Scandal

In January 1981, Wells Fargo uncovered a $21.3 million embezzlement operation at its Miracle Mile branch, brought to light by Assistant Operations Officer Judith Allyn MacLardie. The scheme was masterminded by Lloyd Benjamin "Ben" Lewis, an Operations Officer based at the Beverly Drive branch, marking the largest electronic bank fraud in U.S. history at that time. From 1978 through 1981, Lewis collaborated with Sam "Sammie" Marshall, president of Muhammed Ali Professional Sports, Inc. (MAPS), to defraud the bank. As a MAPS board member, Lewis created false debit and credit slips that financially benefited the boxing promotion firm and its chairman, Harold J. Smith (originally Ross Eugene Fields). Lewis personally gained over $300,000 from the fraud, pleaded guilty to charges of embezzlement and conspiracy, and testified against his accomplices in exchange for a reduced sentence of five years.

Following the scandal's exposure, Wells Fargo CEO Richard P. "Dick" Cooley resigned in late 1982. He described Lewis’s fraudulent scheme as “brilliantly simple” in its exploitation of the bank’s auditing controls. A significant policy reform was introduced: mandatory consecutive two-week vacations for employees to prevent continuous fraud—Lewis had not taken any vacation during the entire 850-day fraudulent period. Although boxer Muhammed Ali received payment for licensing his name, he had no further involvement with MAPS.

Early 1980s Recession

The early part of the 1980s presented considerable challenges for Wells Fargo. CEO Cooley announced intentions to reduce international operations and concentrate efforts on California markets. In January 1983, Richard Reichardt was appointed chairman and CEO of both the holding company and Wells Fargo Bank, succeeding Cooley who transitioned to Seafirst Corporation. Reichardt implemented stringent cost-cutting measures including closing 100 branches, eliminating approximately 3,000 positions, and shutting down European offices despite industry-wide expansion overseas. Paul Hazen succeeded Reichardt as president in 1984.

Rather than following competitors into banking deregulation opportunities, Reichardt and Hazen opted for a conservative approach centered on California. They strengthened the retail banking network by enhancing services such as expanding the automated teller machine (ATM) system and launching proactive marketing initiatives.

In September 1983, Wells Fargo’s depot in West Hartford, Connecticut was targeted during the White Eagle Robbery carried out by Los Macheteros, a pro-Puerto Rican independence group. This event constituted the largest cash theft in U.S. history at that time. The FBI arrested those responsible, resulting in significant prison sentences for key individuals.

Acquisition of Crocker National Corporation

In May 1986, Wells Fargo purchased Crocker National Bank from Midland Bank of Britain for about $1.1 billion. This acquisition doubled Wells Fargo’s branch presence in southern California and expanded its consumer loan portfolio by 85%. The purchase price equated to roughly 127% of Crocker’s book value compared to around 190% paid by other U.S. banks during that period. Midland retained nearly $3.5 billion in troubled loans. This transaction elevated Wells Fargo to become the tenth-largest bank in the United States. Following the merger, approximately 5,700 jobs were eliminated and 120 overlapping branches were closed to reduce expenses significantly.

Before and after acquiring Crocker, Reichardt and Hazen continued aggressive expense reductions and divested non-core businesses including real estate services, residential mortgage servicing, corporate trust operations, and agency functions. Over this time frame, more than 70 domestic branches and 15 international offices were shuttered. In 1987, Wells Fargo set aside substantial reserves anticipating losses on Latin American loans—particularly those related to Brazil and Mexico—resulting in a sharp decline in net income; however, by mid-1989 all medium- and long-term debt from developing countries had been either written off or sold.

In May 1988, Wells Fargo acquired Barclays Bank of California from Barclays plc. The company made an unsuccessful attempt to expand into Texas through a bid for Dallas-based FirstRepublic Corporation later that year. Early in 1989, Wells Fargo entered full-service brokerage via a joint venture with Japan’s Nikko Securities—forming Wells Fargo Nikko Investment Advisors—and simultaneously withdrew from its remaining international offices.

On August 24, 1989, the California Courts of Appeal issued a decisive ruling favoring Wells Fargo by confirming it was not liable for breaching the implied covenant of good faith when strictly enforcing promissory notes during borrower negotiations. This judgment enabled Wells Fargo to continue offering low-interest credit products while aggressively pursuing defaulted loans without incurring tort liability risks.

Internet services

In 1989, Wells Fargo introduced its personal computer banking platform and became the pioneer bank to provide web-based account access in May 1995.

Recession of the early 1990s

During the late 1980s, Wells Fargo Bank, a key subsidiary, had extended numerous high-risk real estate loans but managed to enhance its loan-loss ratio markedly by the early 1990s. Under the leadership of Reichardt and Hazen, the company prospered, largely fueled by growth in California. In 1991, Wells Fargo purchased 130 branches in California from Great American Bank for $491 million. Despite economic difficulties in the region, Wells Fargo achieved robust growth, downsized its workforce by more than 500 employees in 1993, and introduced innovations like vending stamps via ATMs. By 1995, it collaborated with CyberCash to deliver Internet-based services.

Net earnings recovered from a low point in 1991 to reach $283 million in 1992 and surged to $841 million by 1994. After providing shareholders with a remarkable 1,781% return over a dozen years, Reichardt retired at the close of 1994 and was succeeded by Hazen. At the start of 1995, Wells Fargo Bank stood as California’s second-largest and the seventh-largest bank nationwide with assets totaling $51 billion. Hazen concentrated on strengthening the loan portfolio, broadening service offerings, and reducing expenses. In 1995, Wells Fargo Nikko Investment Advisors was divested to Barclays PLC for $440 million.

Contemplated merger with American Express

In 1995, Wells Fargo considered merging with American Express, a company co-founded by its namesakes. This union promised international growth but was hindered by leadership disputes and integration complications due to American Express undergoing an expensive technology upgrade that lagged behind Wells Fargo’s systems. Regulatory obstacles also emerged because American Express owned Investors Diversified Services (American Express Financial Advisors), necessitating divestment. Ultimately, the merger did not proceed.

Takeover of First Interstate Bancorp (1996)

Towards the end of 1995, Wells Fargo initiated a hostile bid for First Interstate Bancorp, a Los Angeles-based banking group holding $58 billion in assets with 1,133 branches across California and twelve western states. The initial offer from Wells Fargo in October 1995 was valued at $10.8 billion.

Other contenders included Norwest Corporation, Bank One Corporation, and First Bank System. First Bank System reached a formal agreement to merge with First Interstate in November for $10.3 billion but withdrew in January 1996 due to regulatory complications. Subsequently, Wells Fargo secured a merger agreement and announced an $11.6 billion acquisition in January 1996. The merged institution held approximately $116 billion in assets, $72 billion in loans, and $89 billion in deposits, ranking ninth among U.S. banks.

Wells Fargo aimed to achieve $800 million in yearly operational savings within eighteen months and immediately planned to reduce its workforce by 16% (about 7,200 positions) by year-end 1996. Nonetheless, the merger encountered significant obstacles: hurried integration led to system failures causing lost deposits, bounced checks, branch shutdowns, and customer dissatisfaction. Cultural clashes also surfaced—Wells Fargo’s technology-driven approach conflicted with First Interstate’s emphasis on personalized service—resulting in management turnover and customer losses.

Merger with Norwest (1998)

Following its difficulties after acquiring First Interstate, Wells Fargo found itself exposed during an era of widespread banking consolidations. In June 1998, Wells Fargo agreed to a friendly merger with Norwest Corporation, headquartered in Minneapolis, valued at $31.7 billion and finalized in November of the same year. Although Norwest was technically the surviving entity, the merged organization adopted the Wells Fargo name because of its stronger brand reputation and dominant position in California’s market ($54 billion in deposits compared to Norwest’s $13 billion in Minnesota). Paul Hazen of Wells Fargo assumed the role of chairman, while Norwest’s Richard Kovacevich was appointed president and CEO. The combined company maintained Norwest’s historical stock records and SEC filings from before 1998.

The unified Wells Fargo emerged as the seventh largest bank in the United States, boasting $196 billion in assets, $130 billion in deposits, and serving approximately 15 million customers across retail banking, finance, and mortgage divisions. Its network included over 2,850 branches spread across 21 states from Ohio to California. Norwest Mortgage operated 824 offices nationwide, while Norwest Financial maintained nearly 1,350 locations throughout the U.S., Canada, the Caribbean, Latin America, and other regions.

The integration process was notably smoother than the earlier First Interstate merger due to a more extended timeline of two to three years and a moderate cost reduction goal of $650 million annually within three years. Job cuts were implemented gradually over two years, affecting 4,000 to 5,000 positions, avoiding the sudden layoffs that had characterized previous mergers.

Key dates

• 1852: Henry Wells and William G. Fargo, founders of American Express, launched Wells Fargo & Company to offer express and banking services in California.
• 1860: Wells Fargo took control of Butterfield Overland Mail, which managed the western portion of the Pony Express.
• 1866: The "grand consolidation" united Wells Fargo with Holladay and Overland Mail stage lines under one brand.
• 1872: Lloyd Tevis, associated with the Central Pacific "Big Four," gained control over Wells Fargo and secured rights to Transcontinental Railroad express services.
• 1905: Wells Fargo separated its banking operations from express services; its bank merged with Nevada National Bank to create Wells Fargo Nevada National Bank.
• 1918: During World War I, the U.S. government nationalized Wells Fargo’s express franchise into the Railway Express Agency; after the war, REA returned to private ownership until 1975. Meanwhile, Wells Fargo bank concentrated on commercial banking.
• 1923: The merger of Wells Fargo Nevada and Union Trust Company resulted in Wells Fargo Bank & Union Trust Company.
• 1929: Northwest Bancorporation was founded as a banking association.
• 1954: The company shortened its name to Wells Fargo Bank.
• 1960: A merger with American Trust Company formed Wells Fargo Bank American Trust Company.
• 1962: The name was simplified again to Wells Fargo Bank.
• 1968: Transitioned to a federal banking charter as Wells Fargo Bank, N.A.; merged with Sonoma Mortgage through a $10.8 million stock transfer, initially making Henry Trione the largest shareholder until overtaken by Warren Buffett and Walter Annenberg.
• 1969: Established Wells Fargo & Company holding company with Wells Fargo Bank as its primary subsidiary.
• 1982: Northwest Bancorporation acquired consumer finance firm Dial Finance, which was renamed Norwest Financial Service in 1983.
• 1983: Northwest Bancorporation rebranded itself as Norwest Corporation.
• 1983: The White Eagle heist—the largest bank robbery in U.S. history at that time—occurred at a Wells Fargo facility in West Hartford, Connecticut.
• 1986: Acquisition of Crocker National Corporation from Midland Bank broadened Wells Fargo’s market reach.
• 1987: Purchased personal trust operations from Bank of America.
• 1988: Acquired Barclays Bank of California from Barclays plc, enhancing its presence in California.
• 1991: Bought 130 California branches from Great American Bank for $491 million.
• 1995: Became the first major U.S. financial institution to provide Internet banking services.
• 1996: Acquired First Interstate Bancorp for $11.6 billion, significantly expanding its national footprint.
• 1998: Norwest Corporation acquired Wells Fargo Bank; while retaining Norwest’s corporate structure, it adopted the more widely recognized Wells Fargo name.

See also

• History of Wells Fargo, detailing the company's development following its merger with Norwest Corporation
• Tales of Wells Fargo, a television series aired from 1957 to 1962 portraying a Wells Fargo agent in the American frontier