History of Wells Fargo Acquisitions and Mergers
Acquired Imperial Valley National Bank () in EL CENTRO, CA. Changed name to Wells Fargo Bank, National Association. Acquired Wells Fargo Bank, National Association () in SAN FRANCISCO, CA. Acquired Barclays Bank of California () in SAN FRANCISCO, CA. Wells Fargo acquires Crocker National, Barclay's Bank and First Interstate Bank between 19in the largest buyouts to date. Norwest acquires First Interstate of Wisconsin in , followed by First Minnesota Savings Bank, then United Banks of Colorado in Norwest merges with Wells Fargo in and keeps the Wells Fargo name.
This chart shows some what is aptt blood test the mergers noted above. Solid arrows point from the acquiring bank to the acquired one.
The lines are labeled with the year of the deal and color-coded from blue older to red newer. Dotted arrows point to the final merged entity. From Bamk, the free encyclopedia. Wikipedia list article. This article needs additional citations for verification. Please help improve this article wslls adding citations to reliable sources.
Unsourced material we,ls be challenged and removed. Banks portal. The New York Times. April 4, Retrieved July 12, Accounts vary - The Boston Globe". Retrieved May 23, April 12, Retrieved February 16, The Bankers Magazine. World Banking. Wilmington, Delaware. The Sunday Morning Star. December 1, Retrieved October 10, Guided By History. Wells Fargo. Archived from the original on October 19, Retrieved October 17, Kaufman Dies; Ex-Banker Here, wdlls.
Company Profiles. Retrieved November 26, The Sunday Star. Nuyout 2, Retrieved November 22, New York Times. February 9, ProQuest Retrieved August 16, Comptroller of wwhat Currency. Retrieved October 15, December 10, Press and Sun-Bulletin. Binghamton, New York.
October 30, August 1, Philadelphia Inquirer. Retrieved June weols, Retrieved November 25, Northwest Indiana Times. First Fidelity via PR Newswire. November 15, The Los Angeles Times.
March 19, Chicago Tribune. July 13, Archived from the original on March 19, Retrieved May 5, Atlanta Business How to become an rn in illinois. May 9, Washington Post. September 12, Archived from the original on January 14, Retrieved March 6, Financial Times.
Retrieved December 9, CNN Money. Business Courier of Cincinnati. Retrieved May 10, The Wall Street Journal. Authority control LCCN : sh Categories : Corporation-related lists Lists of banks in the United States Lists of corporate acquisitions Lists of companies of the United States by industry Banking-related lists.
Namespaces Article Talk. Views Read Edit View history. Help Dis to edit Community portal Recent changes Upload file. Download as PDF Printable version. Add links. North American Trust Company. International Banking and Trust Company. Berks County Trust Company. Schuylkill Valley Bank. First National Bank of Boston. Massachusetts Bank. Trust Company of America. Consolidated National Bank. Oriental Buyoyt. Catham National Bank. Phenix National Bank. Chatham and Phenix National Bank.
National Bank of Wilmington and Brandywine. First National Bank. Mutual Alliance Trust Company. Bank of North America and Trust Company. Fidelity Trust Company. Philadelphia Trust Company. Fidelity-Philadelphia Trust Company . Security Trust Company. National Bank of Delaware.
Security Trust Company . PNC Financial Services. Colonial Trust Company.
rows · Oct 12, · Wells Fargo Corp. Wells Fargo: Union Bank Bank of California: . May 16, · In , the Fed imposed an asset cap on Wells Fargo that prevents the bank from growing above $2 trillion in assets. Last month, the Fed eased these growth restrictions, but only to . Jun 08, · NEW YORK (CNNfn) - Norwest Corp. said Monday it will merge with Wells Fargo & Co. in a stock deal valued at $34 billion, a transaction that ends Wells Fargo's tenure as .
Less regulation is a good thing, right? Actually, no… there is less oversight when the Plan Provider intentionally break the rules. When that happens, it is the investor you that suffers. If I were to choose a Plan Provider, the best option is to choose neither company. If you absolutely love Wells Fargo hard to imagine , now is the time to vacate the roost. If you absolutely love Principal, now is the time to demonstrate your willingness to lose your retirement security over a love relationship that will eventually go south.
Both Principal and Wells Fargo will win if this deal is completed. Wells Fargo will pocket a cool billion in the beginning, and rake off billions later as a co-conspirator with Principal. Unfortunately, if you are now using Wells Fargo for your k service platform, and are invested in Wells Fargo investments, you may soon fit into the category of former Wells Fargo clients. The reason I can make such an absurd statement is because it is true… today, as a k investor with Wells Fargo, you own your plan assets.
Whether invested in stocks, bonds, or collective trusts, you still own your plan assets. This fact will change overnight when Principal takes over your k Plan as a service provider. You may recall I mentioned the State of Iowa earlier. The state regulations state that Principal must own all plan assets! Beginning on the date Principal takes over, all plan assets in the employer sponsored k plan will now be owned by Principal.
Your monthly payments to Principal will now become nothing less than a gratuity payment… no Trustee, no Fiduciary except your Plan Administrator , and no oversight. At this point, your retirement plan has zero value. Typically, there is seldom a run on the investment where all investors want their money, so Principal can hold back a portion to invest in other properties they will own, purchased with your money, but held hidden in a private llc for a future sale.
Your PSA may have billions in potential claims against the account, yet have a value substantially less. Your PSA is not a legal entity…. It is considered a legal instrument by the courts, can sue or be sued. The Department of Labor also allows Principal to submit a letter of compliance stating the values reported are true, and such statement precludes an Audit by an independent auditor.
The Judge will consider your complaint under common law, and since Principal now owns all plan assets, you will not have a case. At this juncture, you may be reluctant to move your k to Principal. Sloan and Principal Financial were likely fraudulent co- conspirators for several years, and with Sloan out of the picture, I doubt the buyout will take place, so breath easy…. Insurance companies have a sweet deal when it comes to offering k options to their clients.
Search for:. To fully understand why this will be an issue, consider the following: Wells Fargo is a banking system, and is regulated by the Securities and Exchange Commission SEC. As such, there is little or no regulation by the state.
As long as Principal can pay its bills, the State of Iowa could care less. Federal laws apply to Wells Fargo, and if they violate the regulations, there will be penalties and other disciplinary issues to deal with. States seldom impose penalties or disciplinary activity.
Neither Wells Fargo nor Principal are considered fiduciaries under the law. Author: Dennis Myhre Mr. Myhre can be contacted at Related Articles.
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