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Norwest had grown into this position of strength without completing any of the blockbuster mergers that shook up the banking industry in the 1990s, but in June 1998 the bank announced the pending merger with San Francisco-based Wells Fargo & Company in a stock swap worth $34 billion. [1]
Continuing the Norwest tradition of making numerous smaller acquisitions each year, Wells Fargo acquired 13 companies during 1999 with total assets of $2.4 billion. The largest of these was the February purchase of Brownsville, Texas -based Mercantile Financial Enterprises, Inc., which had $779 million in assets.
Wells Fargo & Company was an American banking company based in San Francisco, California, that was acquired by Norwest Corporation in 1998. During the California Gold Rush in early 1848 at Sutter's Mill near Coloma, California, financiers and entrepreneurs from all over North America and the world flocked to California, drawn by the promise of huge profits.
Norwest would ultimately merge with Wells Fargo in 1998, and the bank has been the firm’s primary LP ever since. Norwest’s story seems to be one of a slow, deliberate expansion—and it could ...
With its $924 billion in deposits, Wells Fargo trails only Bank of America when it comes to institutions holding the money of the American public. Wells Fargo is a household name with an ...
The following video is from Tuesday's MarketFoolery podcast, in which host Chris Hill, along with analysts Joe Magyer and Matt Argersinger, discuss the top business and investing stories of the day.
Wells Fargo, in its present form, is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. The merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco.
Norwest Corporation Wells Fargo: 1991 Wachovia: The South Carolina National Bank Wachovia: Wells Fargo: 1991 First Union Corporation: Southeast Banking Corporation: First Union Corporation: Wells Fargo: 1991 NBD Bancorp: Summcorp NBD Bancorp: $323 million [25] JPMorgan Chase: 1991 Society Corp. Ameritrust Corp. Society Corp. KeyBank: 1991 ...