Wells Fargo & Co. was founded in 1852, as a bank and express company, serving the miners who came to California for the “gold rush.” The company was started in San Francisco, but rapidly expanded to serve other towns springing up in California. They not only held deposits of gold and issued paper bank drafts, but built up a delivery company, using rail, stagecoach, pony rider, steamship and telegraph. By 1869, they were the first nationwide express company.
With agents in 2500 communities, in 25 states, Wells Fargo was offering banking and delivery services. By 1918, Wells Fargo had a presence in 10,000 communities. The Federal government, in its war effort, took over the nation’s express services. San Francisco became the sole location of Wells Fargo.
Wells Fargo became a commercial lender in the West, following the First War, and survived the Depression through prudent management. By the 1980’s, Wells Fargo had expanded statewide in California, to become the nation’s seventh largest financial institution. The 90’s saw expansion on-line, and into the Western, Midwest and Eastern states.
Loans funded by Wells Fargo Mortgage
- Purchase and Renovate Mortgage Loans
- Shop, Lock and Roll Program; pre-approved mortgage with a rate guarantee, and a one-time rate adjustment if rates drop
- Home Asset Management Account; establishes a line-of-credit against a down-payment, as part of a first mortgage, adjusted as equity is built up in the property
- Interest-only Mortgages
- First- and Second- Mortgage Combination
- Relocation Mortgage Program, for corporate transferees
- Bridge Loan, provides financing until existing property is sold
- Refinance and Renovate
- Refinance to Consolidate Debt
- Reverse Mortgage for Seniors
With $492 billion in assets, Wells Fargo Bank, N.A. is the only bank in the United States to receive a “Aaa” rating from Moody’s Investor Service. Wells Fargo serves over 23 million customers, from 6200 locations nationwide. A preferred Small Business Administration lender in thirty states, Wells Fargo loaned $579 million through 4165 loans to small businesses in 2005.
As part of its commitment to the communities where it does business, Wells Fargo established the Wells Fargo Housing Foundation in 1993, to increase low- to moderate-income homeownership, through the development of affordable housing. With grants to non-profits addressing issues of affordability, renovation and repair of existing homes, Wells Fargo and its team members is striving to improve the quality of life of all.
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