This week, Wells Fargo surprised the investment community with news that it planned to purchase Charlotte-based Wachovia for $15.1 billion.
Wells Fargo & Co is a San Francisco-based financial institution that began as a result of the West Coast gold rush. Founded in 1852, the bank opened in the port city of San Francisco as additional cities and gold mining camps developed during the Gold Rush. The company started solidly by buying gold and selling paper that was backed by gold. Additionally, the bank guaranteed rapid delivery of the gold and valuables by a six-horse stagecoach that remains the corporate logo today. The bank had significant assets in both railroads and steel with expansion into the northeast.
Today, the company is a leading U.S. lender. The company practices extremely conservative lending practices that make the bank one of the strongest in the U.S. The company did not get wrapped up in the sub-prime mortgage market that has affected the majority of U.S. banking institutions.
The Wells Fargo purchase marks entry into the southeastern U.S. market. The buyout will add to Wells’ 5900 locations, 160,000 employees and $600 billion in assets.
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