WELLS FARGO & COMPANY AUTHORIZES REPURCHASE OF UP TO 81 MILLION COMMON SHARES
SAN FRANCISCO — February 22, 2000
Wells Fargo & Company's (NYSE: WFC) Board of Directors today authorized the Company to acquire, from time to time, up to 81 million shares of the Company's issued and outstanding common stock. This is about five percent of the Company's 1.6 billion shares of outstanding common stock.
On September 28, 1999, the Company announced a share repurchase of up to 82 million shares. Approximately 35 million shares remain to be purchased, subtantially all of which is yet to be acquired for announced acquisitions.
These shares, to be purchased at market price, are part of Wells Fargo & Company's systematic pattern of common stock repurchases to meet the periodic common stock issuance requirements of the Company's benefit plans and other stock issuance requirements, including acquisitions accounted for as purchases.
Wells Fargo & Company is a $218 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 and elsewhere internationally.