Wells Fargo to Pay $312.5 Million Dividend to U.S. Taxpayers
San Francisco — May 14, 2009
Wells Fargo & Company (NYSE: WFC) today announced a total quarterly dividend of $312.5 million payable to the U.S. Treasury on its 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series D purchased from the Company as part of the department’s Capital Purchase Program (CPP).
The dividend of $12,500.00 per share is payable May 15, 2009. The U.S. Treasury is the only holder of record of the Series D preferred stock.
“Since last October when Wells Fargo received this investment from the U.S. Treasury, Wells Fargo has extended more than $225 billion of credit to U.S. consumers and businesses,” said Chief Financial Officer Howard Atkins. “In the first quarter alone, we originated $101 billion in home mortgages helping 450,000 customers finance a mortgage - almost double the number of customers who did so with us the previous quarter.”
First Quarter Lending Highlights
- $175 billion in loan commitments, mortgage originations and mortgage securities purchases
- $190 billion in mortgage applications, including record $83 billion in applications in March
- $101 billion in mortgage originations, helping over 450,000 homeowners purchase a home or refinance
- $225 billion of credit extended to U.S. taxpayers since last October, nine times the amount received from U.S. taxpayers through the U.S. Treasury’s Capital Purchase Program investment
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 10,400 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.