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The History & Timeline of Wells Fargo: From its founding during the California Gold Rush in 1852, to its rise into a national “Big Four” bank in the modern era, Wells Fargo has endured economic upheavals, wars, scandals, and more over its 170+ year history.
EARLY HISTORY (1852-1929)
1852 — Founding
Henry Wells and William Fargo founded a joint-stock company called Wells, Fargo & Company to provide express and banking services to support the California Gold Rush.
They transported gold, bank notes, supplies, and mail between New York and San Francisco. Quickly became the premier express, banking and mail delivery company in the West.
1860 — Pony Express
Wells Fargo won the contract to operate the western portion of the Pony Express mail delivery system.
They used fleet of horses and riders to quickly carry mail overland from Missouri to California. Continued Pony Express operations for 18 months until telegraph lines connected East & West.
1872 — Western Expansion
Lloyd Tevis, friend of Central Pacific railroad leaders, became president of Wells Fargo.
Held presidency for 20 years and expanded operations significantly.
Opened offices in new rail hubs, mining camps, cattle towns across the West.
1905 — Banking Split
Wells Fargo split into separate express and banking companies.
Banking side merged with Nevada National Bank to form Wells Fargo Nevada National Bank.
1917 — Nationalization
U.S. federal government nationalized Wells Fargo’s express operations due to World War I Created U.S. Railway Express Agency (REA) as a federal agency to run express services 1923.
Wells Fargo Nevada National Bank merged with Union Trust Company.
Formed Wells Fargo Bank & Union Trust Company.
Expanded reach in California through branch networks.
EXPANSION ERA (1930-1998)
1954 — Wells Fargo Bank
After previous mergers, the bank shortened its name to simply Wells Fargo Bank.
Reflected its growth into a major West Coast regional bank.
1968 — National Bank Charter
Wells Fargo Bank converted into a national bank charter.
Became Wells Fargo Bank N.A., subject to supervision by Comptroller of the Currency.
1969 — Holding Company
Wells Fargo & Company formed as a bank holding company.
Wells Fargo Bank N.A. became its main banking subsidiary.
Set stage for further expansion of Wells Fargo.
1986 — Western Bank Goliath
Wells Fargo made major acquisition of Crocker National Bank for $1.1 billion.
Vastly expanded its presence and branch network throughout California.
1996 — Epic Bank Merger
Purchased First Interstate Bancorp for $11.6 billion.
Was largest U.S. bank merger since 1929 at the time.
Further solidified Wells Fargo’s position in western U.S. states.
But integration challenges led many executives to depart.
MODERN HISTORY (1999-PRESENT)
1998 — NorWest Corporation
Norwest Corporation acquired Wells Fargo & Company.
But took on the more well-known Wells Fargo name and brand.
Created coast-to-coast bank with national footprint.
2000 — More Acquisitions
Expanded further with acquisitions of National Bank of Alaska and First Security Corp.
2007 — Greater Bay Bancorp
Purchased Greater Bay Bancorp for $1.5 billion.
Added 41 more branches in the San Francisco Bay Area.
2008 — The Great Recession
Acquired Wachovia bank during the financial crisis for $15 billion.
Transformative deal created a “Big Four” U.S. bank.
2016 — Cross Selling Scandal
Wells Fargo cross-selling scandal emerged.
Over 1.5 million fake accounts opened to meet sales goals.
Damaged the bank’s reputation and resulted in fines.
2020 — $3 Billion Settlement
Historic $3 billion settlement reached with U.S. government.
Resolved investigation into fake accounts scandal.
2022 — Continued Fallout
Fined additional $3.7 billion by Consumer Financial Protection Bureau.
Continued fallout over fake accounts and other consumer abuses.