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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]
Wells Fargo: 1926 Fidelity Trust Company: ... Norwest Corporation Wells Fargo: 1991 ... "Bank Merger Activity in the United States, 1994–2003," Washington: Board of ...
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.
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 $1.34 billion deal, the largest bank merger up to that time, turned First Fidelity into a regional powerhouse and one of the nation's 25 largest banks. [14] In 1996, First Fidelity was absorbed into First Union, which in 2001 merged with Wachovia, which was acquired by Wells Fargo in 2008. [15]
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.
Today, after multiple mergers and acquisitions, the original Bank of the North America is now part of Wells Fargo. The Bank first merged with a life insurance firm in 1929, and then it merged with ...