Wells Fargo Extends $51 Billion In New Credit To Its Customers In January 2009
San Francisco — March 19, 2009
Wells Fargo & Company (NYSE: WFC) said today that it extended $51 billion in loans and loan commitments to its customers in January, bringing the total credit extended to customers to $144 billion in the last four months. The Company said that is nearly six times the $25 billion capital investment the U.S. Treasury made in Wells Fargo last fall.
“Wells Fargo has remained ‘open for business’ throughout the credit crises and continues to prudently extend credit to creditworthy consumer and business customers throughout the United States,” said Chief Financial Officer Howard Atkins.
The January data is in the Company’s monthly lending reports submitted to the U.S. Treasury Department in connection with Wells Fargo’s participation in the Capital Purchase Program (CPP). The January report is now available on the Company’s website at https://www.wellsfargo.com/invest_relations/filings_treasury_reports. Future monthly reports will be available after they are published by the Treasury Department.
Highlights from Wells Fargo’s January 2009 monthly lending report:
- $ 51 billion in January domestic loan originations and commitments including:
- $24 billion home mortgage originations
- $ 6 billion consumer loan originations
- $14 billion commercial loan renewals
- $ 7 billion new commercial loan commitments
Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody’s Investors Service, “Aa1,” and Standard & Poor’s Ratings Services, “AA+.”