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Wesco Financial Corporation was an American diversified financial corporation headquartered in Pasadena, California. Wesco was originally the holding company for Mutual Savings, a savings and loan association. Mutual Savings' thrift operations were sold to CenFed Bank in 1993. [6]
The acquisition of this company was controversial following accusations that Buffett's company, Blue Chip, bought Wesco shares to defeat an impending merger between Wesco and Financial Corp. [17] [18] Wesco began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers ...
On January 3, 1972, Blue Chip obtained a controlling interest in See's Candies.Blue Chip later acquired 100 percent of See's for an overall price of $25 million.. Wesco Financial Corporation was an 80.1 percent owned subsidiary of Blue Chip Stamps until its complete merger into Berkshire Hathaway in 2011.
Center Financial Corporation(CenterBank) First Union Corporation: Wells Fargo: 1996 Fleet Financial Group, Inc. National Westminster Bancorp, a subsidiary of National Westminster Bank: Fleet Financial Group, Inc. Bank of America: 1996 Crestar Financial Corp. Citizens Bancorp (Laurel, MD) Crestar Financial Corp. Truist Financial: 1997 U.S. Bancorp
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Buffett became close friends with Katharine Graham, who controlled the company and its flagship newspaper and joined its board. In 1974, the SEC opened a formal investigation into Buffett and Berkshire's acquisition of Wesco Financial, due to possible conflict of interest. No charges were brought.
Kansas Bankers Surety was acquired by Wesco Financial Corporation in 1996. [1] Berkshire Hathaway had owned 80% of Wesco since the 1970s, and in 2010 it announced its intention to acquire the remainder and become 100% owner of Wesco. [2] Kansas Bankers Surety became part of the Berkshire Hathaway Homestate Companies on December 31, 2013. [3]
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