Wells Fargo is Nation's Largest AG Bank For Second Straight Year
SAN FRANCISCO — August 17, 2000
Nine subsidiary banks of Wells Fargo & Company ranked among the top 100 agricultural banks in the nation in 1999, and their combined loans rank the company as the nation's top agricultural bank lender.
WELLS FARGO IN THE AG LENDER 100 SURVEY
1999 rank/Total ag loans ($000):
2. Wells Fargo Bank/$2,390,000
13. Norwest Bank S.D./$344,733
21. Norwest Bank Minn. South/209,960
23. Norwest Bank Texas/$201,432
33. Norwest Bank N.D./$163,887
36. Norwest Bank Iowa/$146,902
37. Norwest Bank Colo./$140,030
55. Norwest Bank Neb./$110,810
95. Wells Fargo Bank N.M./$76,997
SOURCE: Ag Lender Magazine, July 2000, as compiled from
Dec. 31, 1999 call reports and income reports to the Federal
The results were published in the July 2000 edition of Ag
Lender magazine, which does an annual ranking of the nation's top ag
banks. The ranking was compiled from Federal Reserve call and income
reports for the year ending Dec. 31, 1999.
Combining all Wells Fargo banking subsidiaries in the list, the company had $3.79 billion in total ag loans in 1999.
"The survey shows that Wells Fargo increased its agricultural lending nearly 8 percent between 1998 and 1999, years that were particularly challenging for our ag customers," said Dick Kovacevich, president and CEO of Wells Fargo & Company. "Ag lending is an important part of our business at Wells Fargo. With 2,000 banking stores across the West and Midwest - many serving rural communities - we can offer our customers all the tools of a major financial organization with the service of a hometown bank."
In addition, Norwest Bank North Dakota was recognized as an "ag bank" by the Federal Reserve by having 18 percent of its total loans and leases qualify as ag loans. The designation is given to banks with more than 17 percent of its total loans in agriculture.
Founded in 1852, Wells Fargo
& Company is a $234-billion diversified
financial services company providing banking, insurance, investments,
mortgage and consumer finance through about 5,300 stores, the Internet (www.wellsfargo.com
) and other distribution channels
across North America, including all 50 states, and elsewhere