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Having only entered Texas in 1993, Norwest had built up a $10 billion presence there by buying 33 banks. Norwest Mortgage was national in scope, while Norwest Financial covered 49 states, along with additional operations in Guam, Saipan, Canada, the Caribbean, and Central America. Net income had reached $1.35 billion by 1994.
Norwest Corporation, a bank based in Minneapolis, Minnesota that operated from 1929 to 1998; Norwest United, an Association Football Club in Auckland, New Zealand; Norwest Venture Partners, an investment firm based in Palo Alto, California; Rochdale Society of Equitable Pioneers, a co-operative that traded as Norwest from 1982 to 1991
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 Corporation: United Bank of Denver 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 ...
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.
At Norwest, Kovacevich confronted a similar situation. Norwest was mostly centered in Minnesota and Iowa at the time, with a relatively small population in both states. Kovacevich realized the only way he could keep growing the company would be to expand beyond banking services, into investment and insurance services as well.
In 1990, the company was acquired by GMAC Mortgage Corporation. [ 2 ] In 2005, GMAC (now Ally Financial ), a subsidiary of General Motors , transferred ownership of GMAC Mortgage Corporation and Residential Funding Corporation (GMAC-RFC) to Residential Capital Corporation (ResCap) and contributed $2 billion of equity.
From 1994 to 1998 he was regional president for Norwest Bank Texas. During his four years in that position, he led Norwest's acquisition of 30 Texas banks with total assets of more than $13 billion. [7] Norwest merged with Wells Fargo in 1998. Norwest was the nominal survivor, but the merged bank retained the Wells Fargo name.