DOCSLIB.ORG

Download Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Download Report I WELLS FARGO & COMPANY AND SUBSIDIARIES CORPORATE PROFILE HIGHLIGHTS Wells Fargo Bank, N.A. is the primary subsidiary (in millions) % Change of Wells Fargo & Company, founded in 1852. 1997/ 1996/ The Company's familiar trademark, the Concord 1997 1996 1995 1996 1995 stagecoach, is both a memento of its historic role FOR THE YEAR in developing the West's premier stage line and Net income $ 1,155 $ 1,071 $ 1,032 8% 4% an enduring symbol of reliability - the pride in Net income applicable to common stock 1,130 1,004 990 13 1 Earnings per common share 12.77 12.21 20.37 5 (40) "coming through" for its customers that has been TABLE OF CONTENTS $ $ $ Earnings per common share - assuming dilution 12.64 12.05 20.06 5 (40) a Wells Fargo hallmark for over 145 years. Dividends declared per common share 5.20 5.20 4.60 13 1 HIGHLIGHTS Wells Fargo operates one of the largest and Average common shares outstanding 88.4 82.2 48.6 8 69 2 LETTER TO SHAREHOLDERS busiest consumer banking businesses in the Average common shares outstanding - assuming dilution 89.4 83.3 49.4 7 69 8 WELLS FARGO' IN THE COMMUNITY United States, serving as banker to more than Profitability ratios FINANCIAL REVIEW 10 million households in 10 western states~ Net income to average total assets (ROA) 1.16% 1.15% 2.03% 1 (43) 10 Overview Net income applicable to common stock to average The bank provides a retail network of more than 13 Line of Business Results common stockholders' equity (ROE) 8.79 8.83 29.70 (70) 1,900 staffed service outlets, 4,400 round-the- 16 Earnings Performance Efficiency ratio 62.2% 69.0% 55.3% (10) 25 clock Wells Fargo Express™ ATMs, a 24-hour 16 Net Interest Income 16 Noninterest Income Average loans $64,625 $ 60,574 $34,508 7 76 telephone banking service and a popular online 17 Noninterest Expense Average assets 99,560 93,392 50,767 7 84 banking service. 20 Earnings/Ratio Excluding Goodwill Average core deposits 72,996 70,890 36,624 3 94 and Nonqualifying CDi Net interest margin 5.99% 6.11% 5.80% (2) 5 TIle Company also provides a full range of 21 Balance Sheet Analysis banking services to small business, commercial, 21 Investment Securities Net Income and Ratios Excluding Goodwill and agribusiness and real estate customers. A joint (table on page 44) Nonqualifying Core Deposit Intangible Amortization 22 Loan Portfolio and Balances ("Cash" or "Tangible") venture, Wells Fargo HSBC Trade Bank, N.A., is (table on page 46) Net income applicable to common stock $ 1,588 $ 1,376 $ 1,025 15 34 a nationally chartered, FDIC-insured bank that 24 Nonaccrual and Restructured Earnings per common share 17.96 16.74 21.08 7 (21) is solely devoted to international trade finance Loans and Other Assets Earnings per common share - assuming dilution 17.77 16.52 20.76 8 (20) 26 Allowance for Loan Los e ROA 1.77% 1.66% 2.12% 7 (22) for middle-market businesses. Wells Fargo i also (table on page 47) ROE 34.39 28.46 34.92 21 (18) recognized as one of the nation's leading man- 28 Depo its Efficiency ratio 54.6 62.2 54.5 (12) 14 agers and administrators of mutual fund and 28 Certain Fair Value Information AT YEAR END trust assets. In addition to managing $23 billion 28 Capital Adequacy/Ratios (table on page 65) (27) in mutual flmds, the bank maintains personal Investment securities $ 9,888 $ 13,505 $ 8,920 51 29 Market Risks Loans 65,734 67,389 35,582 (2) 89 and institutional trust assets of approximately 30 Derivative Financial Instruments Allowance for loan losses 1,828 2,018 1,794 (9) 12 $149 billion. 32 Liquidity Management Goodwill 7,031 7,322 382 (4) 33 Comparison of 1996 Versus 1995 Assets 97,456 108,888 50,316 (10) 116 34 Additional Information Core deposits 71,397 81,581 37,858 (12) 115 fiNANCIAL STATEMENTS Common stockholders' equity 12,614 13,512 3,566 (7) 279 35 Consolidated Statement of Income Stockholders' equity 12,889 14,112 4,055 (9) 248 36 Consolidated Balance Sheet Tier 1 capital 6,119 6,565 3,635 (7) 81 37 Consolidated Statement of Changes in Total capital (Tiers 1 and 2) 9,242 10,000 5,141 (8) 95 Stockholders' Equity Capital ratios 38 Consolidated Statement of Ca h Flows Common stockholders' equity to assets 12.94% 12.41 % 7.09% 4 75 39 Notes to Financial Statements Stockholders' equity to assets 13.22 12.96 8.06 2 61 (index on in ide back cover) Risk-based capital 71 INDEPENDENT AUDiTORS' REPORT Tier 1 capital 7.61 7.68 8.81 (1) (13) 72 QUARTERLY FINANCIAL DATA Toral capital 11.49 11.70 12.46 (2) (6) Leverage 6.95 6.65 . 7.46 5 (11) 74 DiRECTORY Book value per common share $146.41 147.72 $ 75.93 (1) 95 SHAREHOLDER INFORMATION $ (inside back cover) Common stockholders 42,629 42,277 27,885 1 52 (10) INDEX OF SPECIAL TOPICS Staff (active, full-time equivalent) 33,100 36,902 19,249 92 Physical distribution offices 1,935 2,007 975 (4) 106 * Arizona, California, Colorado, Idaho, Nevada, New Mexico, (inside back cover) Oregon, Texa~, Utah and Wa hinglon ., LETTER TO SHAREHOLDERS fhJOughout 1997, as I traveled ating standards we enjoyed prior to company by $700 million. However, PHYSICAL DISTRIBUTION GROUP surround a larger traditional branch. Wells Fargo's territory, I witnessed the First Interstate merger in 1996, this did not meet our pre-merger During 1997, we continued our By the end of 1997, we had 322 time and time again the remarkable but we are not complacent. expense target of reducing combined branch redesign strategy. We fully staffed branches operating franchise we have. We are operating Every business throughout our expenses by $800 million. We did strengthened our network by open­ in Arizona and Nevada, a 38% in nine of the 10 fastest-growing company is focused first and fore­ not achieve the expense cuts we had ing more in-store locations in key increase from the 234 in place states in the countly,* which attract most on ensuring we deliver originally projected because we were markets, we developed new formats in April 1996, when we acquired individuals and businesses alike. services to our customers in a way not able to turn our attention to to better serve our customers and we First Interstate. Each of these markets has differ­ that demonstrates we respect their streamlining our processes until closed redundant or low-performing The convenience that our net­ ent characteristics and strengths time. Nothing is more important late in the year. Those efforts are branches. We also sold branches in work offers meets the needs of and presents us with varied oppor­ to us. Based on the foundation we now underway and they will rural areas to community banks that many groups. For instance, branch tunities for growth in our diverse began laying in 1997, we believe expand in 1998. employees in Tucson "set up shop" specialize ill. providing financial PAUL HAZEN - CHAIRMAN businesses. Within these markets, we we are well-positioned to deliver In the fourth quarter of 1997, services in those markets. By year­ at the Social Security Administra­ offer innovative financial services on the expectations ofour customers amid the Asian financial turmoil, end, we had expanded our retail tion's local office to educate senior through a convenient network in the coming years and to see con­ we were able to report that Wells presence in several markets, and citizens on the benefits of direct that encompasses retail and small tinued growth in our many markets Fargo had little direct exposure our in-store locations accounted deposit. In"just one day, they opened business branches, commercial and and business lines as a result. to the most troubled markets. We for approximately half of our total dozens of new accounts because encouraging trend we noted with real e tate lending offices, -uper­ typically use large American or distribution network. seniors were attracted to the ease, our new in-store locations is that market locations, ATMs, telephone FINANCIAL SUMMARY European banks as counterparties In California, our largest and most access and security of our multiple many of them exceeded their banking and online access. for asset/liability and foreign cur­ established network, we continued banking channels. business goals and were among During the year, our empl yees Earnings for 1997 were $1.2 billion rency management. Additionally, our in-store expansion, opening 70 Texas was another market where the highest-scoring branches in demonstrated remarkable focus, or $12.77 per share vs. $1.1 billion although we acquired ome modest new locations. The value that cus­ we added to our existing traditional our ongoing customer satisfaction/ discipline and dedication in return­ or $12.21 per share for 1996. Cash loan exposure to South Korea as tomers place on our 1,071 California network, opening 33 new store service surveys. ing our company to the historical earnings for the year were $17.96 part of the First Interstate merger locations was reflected in account sites. We ended the year with a Throughout 1997, we focused service standards for which we are vs. $16.74 in 1996. in 1996, w had eliminated it from and balance growth. Additionally, total of 181 retail locations, up 10% on providing high-caliber service known. By the fourth quarter, that Return on average assets (ROA) our books by mid-1997.
Load more

Recommended publications
  • Companies in Texas That Match Financial Donations
    COMPANIES IN TEXAS THAT MATCH FINANCIAL DONATIONS Abbott Laboratories Avery Dennison Chubb Group/Chubb & Sons Adobe Systems Avon Products (Federal Insurance) ADP Ball Cigna Advanced Micro Devices Bank One Dallas Circuit City Stores Aetna BankAmerica Cisco Systems AG Communication Systems Bankers Trust CIT Group Air & Water Technologies Baroid Citgo Petroleum Air Products & Chemicals BASF Citicorp/Citibank N.A. Albertson’s Baxter Citizens Ban Alco Standard Bechtel CJT Enterprises Alcoa Becton Dickinson Clarcor Alex Brown & Sons Beecham SmithKline Clark, Klein & Beaumont Allegheny Ludlum Bell & Howell Clorox Allstate BellSouth Coca-Cola Amcast Industrial Bemis Colgate-Palmolive American Electric Power Beneficial Comerica American Express BetzDearborn Computer Associates Intl American General Finance BF Goodrich Conoco American Home Products Bituminous Casualty Container American Honda Motor Bloomingdale’s Continental Airlines American Intl Group Boeing Continental Corp Insurance American National Bank & Trust Borden Cooper Industrial American Standard Borg-Warner Cooper Tire & Rubber American States Insurance BP America Corning Amerisure Companies Brenco Cray Research Ameritech Bridgestone/Firestone Credit Suisse AMI Bristol-Myers Squibb Crowe Horwath LLP Amoco Brunswick Crum & Foster AMP BT Cummins Engine Analog Devices Budget Rent-A-Car CUNA Group Andersons Management Bunge Cytec Industries Anheuser-Busch Burlington Northern Dain Bosworth/IFG A.O. Smith Cabot Darden Restaurants Aon Campbell’s Soup Datatel Apache Canada Ltd Candle DDB
    [Show full text]
  • To Volume 74
    December 1988 A81 Index to Volume 74 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Issue Text "A" pages Issue Text "'A" pages Index to Index to Total tables Total tables January 1-78 1-82 83-84 July 403-516 1-78 79-80 February.... 79-150 1-88 89-90 August 517-590 1-78 79-80 March 151-194 1-76 77-78 September.. 591-632 1-92 93-94 April 195-278 1-82 83-84 October 633-715 1-76 77-78 May 279-360 1-82 83-84 November.. 716-782 1-76 77-78 June 361-402 1-88 89-90 December .. 783-830 1-78 79-80 The "A" pages consist of statistical tables and reference Statistical tables are indexed separately (see p. A79 of this information. issue. AGRICULTURE, loans Bank Holding Company Act of 1956—Continued Amortization of losses by agricultural banks 546 Orders issued under Extension of comment period Ill A & P Holding Co 69 American Bankers Association 364, 370, 597, 783 Abbott Bank Group, Inc 187 Angell, Wayne D. Abington Bancorp, Inc 144 Federal margin regulations to equities application, Affiliated Banc Corporation 586 statement 453 Affiliated Banc Group, Inc 830 Federal Reserve System budget and expenses, Affiliated Bank Corporation of Wyoming 171 statement 437 Alabama Bancorp 829 Annual Report: Budget Review, 1987-88, publication 467 Albright Bancorp, Inc 144 Annual Report, 74th edition, 1987, publication 467 Alliance Bancorporation 511 Annual Statistical Digest, 1987, publication 791 Algemene Bank Nederland, N.V., Amsterdam, Articles The Netherlands 505 Exchange rates, adjustment, and J-curve 633 Alta Vista Bancshares, Inc 780 Financial system, developments in United States ..
    [Show full text]
  • HANS VAN LIGTEN Partner Land Use and Entitlement
    HANS VAN LIGTEN Partner Land Use and Entitlement Orange County (714) 662-4640 [email protected] A substantial part of Hans Van Ligten’s practice focuses on zoning and general planning, California Environmental Quality Act compliance and litigation, U.S. Related Services and California Endangered Species Act compliance, 404 wetland regulation and 1602 streambed alteration, and administrative law. The range of projects on Land Use and Entitlement which he has worked includes large residential developments, high rise senior Government and Regulatory citizen housing, commercial/industrial developments, and regional sports Affordable Housing and facilities such as the Honda Center of Anaheim. Economic Development Environmental His experience equips him to take a project from raw land through the Government Relations and discretionary permit and CEQA process with local and State governments, and, Political if necessary, federal agencies as well. Hans will defend the project entitlements Municipal Law General and in both the trial and appellate courts, as well as pursue any litigation necessary Special litigation to project the rights of property owners from arbitrary governmental Real Estate action. Hans works with landowners to obtain incidental take authorizations under Sections 10 and 7 of the Federal Endangered Species Act. His projects have Related Industries been located in or near purported Least Bell’s Vireo, Willow Fly Catcher, Delhi Public Entities and Sand Flower-loving Fly, Stephens Kangaroo Rat, Quino Checkerspot Butterfly, Municipalities Riverside Fairy Shrimp, California coastal gnatcatcher potential habitat areas Environmental and Natural and many others. Resources Hans worked with his client to establish the Barry Jones Wetlands Mitigation Bank in Western Riverside County, which will preserve the largest remaining vernal pool in Southern California.
    [Show full text]
  • Federal Register / Vol. 60, No. 227 / Monday, November 27, 1995 / Notices 58363
    Federal Register / Vol. 60, No. 227 / Monday, November 27, 1995 / Notices 58363 Y (12 CFR 225.21(a)) to commence or to 2. Progressive Growth Corp., Gaylord, company or to acquire voting securities engage de novo, either directly or Minnesota; to engage de novo through of a bank or bank holding company. The through a subsidiary, in a nonbanking its subsidiary, Progressive Technologies, listed companies have also applied activity that is listed in § 225.25 of Inc., Gaylord Minnesota, in data under § 225.23(a)(2) of Regulation Y (12 Regulation Y as closely related to warehousing, computer network CFR 225.23(a)(2)) for the Board's banking and permissible for bank integration services, communications approval under section 4(c)(8) of the holding companies. Unless otherwise services related to the transmission of Bank Holding Company Act (12 U.S.C. noted, such activities will be conducted economic and financial data, database 1843(c)(8)) and § 225.21(a) of Regulation throughout the United States. management services, and other data Y (12 CFR 225.21(a)) to acquire or Each application is available for processing services, pursuant to § control voting securities or assets of a immediate inspection at the Federal 225.25(b)(7) of the Board's Regulation Y. company engaged in a nonbanking Reserve Bank indicated. Once the C. Federal Reserve Bank of Kansas activity that is listed in § 225.25 of application has been accepted for City (John E. Yorke, Senior Vice Regulation Y as closely related to processing, it will also be available for President) 925 Grand Avenue, Kansas banking and permissible for bank inspection at the offices of the Board of City, Missouri 64198: holding companies, or to engage in such Governors.
    [Show full text]
  • FINANCIAL INDUSTRY LUMINARIES SUPPORT MOBILE BANKING and PAYMENT INITIATIVE Tyfone, Inc
    FINANCIAL INDUSTRY LUMINARIES SUPPORT MOBILE BANKING AND PAYMENT INITIATIVE Tyfone, Inc. Builds Strategic Team, Strong in Banking and Financial Services Expertise PORTLAND, Ore. – Sept. 12, 2006 – Tyfone, Inc., a developer of next generation applications that will transform any mobile handset into a secure banking concierge, announces its board of directors. The board includes diverse financial service and banking experts experienced in international markets. The board will guide Tyfone’s management team in the development and marketing of its mobile banking solution, which directly connects banks to the mobile channel, while leveraging the existing point of sale (POS) payment infrastructure. The bank-owned technology makes it possible to securely conduct any existing form of banking and payment transaction, regardless of the wireless carrier service the consumer uses. The company announced its solution in June. The board’s expertise includes: Bruce G. Willison, former dean and professor of management, UCLA Anderson School of Management Patrick J. Swanick, retired president, KeyCorp Retail Banking & Electronic Services Ashok T. Aram, managing director, integrated credit trading/global markets, Deutsche “I’m excited to be joining a dynamic team, which is on the cutting edge of mobile banking,” said Patrick J. Swanick, Tyfone board member. “Now banks can deliver secure mobile banking with their own brand in the mobile channel.” Board of Director Biographies Bruce G. Willison, former dean and professor of management at the UCLA Anderson School of Management, came to UCLA in 1999 after a distinguished 26-year career in the banking industry, having served as the president and COO of Home Savings of America and H.F.
    [Show full text]
  • H.2 Actions of the Board, Its Staff, and The
    ANNOUNCEMENT H.2, 1988, No. 29 Actions of the Board, its Staff, and BOARD OF GOVERNORS the Federal Reserve Banks; OF THE Applications and Reports Received FEDERAL RESERVE SYSTEM During the Week Ending July 16, 1988. ACTIONS TAKEN BY THE BOARD OF GOVERNORS ADVISORY COUNCILS Consumer Advisory Council. Convened, July 14, 1988. BANK HOLDING COMPANIES The Toyo Trust and Banking Company, Limited, Tokyo, Japan — to acquire Toyo Trust Company of New York, New York, New York. Approved, July 11, 1988. REGULATIONS AND POLICIES Regulation Y — informal hearing concerning the proposed rules to implement the nonbank bank provisions tinder the Competitive Equality Banking Act of 1987 (Docket R-0637). Announced, July 13, 1988. TESTIMONY AND STATEMENTS Monetary policy objectives — statement by Chairman Greenspan before Senate Committee on Banking, Housing, and Urban Affairs, July 13, 1988, and before the House Committee on Banking, Finance and Urban Affairs, July 28, 1988. Authorized, July 11, 1988. ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY ABBREVIATIONSi BS&R - Banking Supervision and Regulation; C&CA - Consumer and Community Affairs; FOMC - Federal Open Market Committee; FRBO - Federal Reserve Bank Operations; IF - International Finance; OSDM - Office of Staff Director for Management BANK BRANCHES, DOMESTIC Minneapolis The Brookings Bank, Brookings, South Dakota — to establish a branch in Sioux Falls, South Dakota. Approved, July 11, 1988. Richmond First Community Bank, Forest, Virginia — to establish a branch at 3638 Old Forest Road, Lynchburg, Virginia. Approved, July 13, 1988. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis H.2 JULY 11, 1988 TO JULY 16, 1988 PAGE 2 ACTIONS TAKEN BY THE STAFF AND THE FEDERAL RESERVE BANKS UNDER DELEGATED AUTHORITY BANK BRANCHES, DOMESTIC Philadelphia Meridian Bank, Reading, Pennsylvania — to establish an offsite electronic facility at Super Fresh Food Markets, Inc., New Rodgers Road and Bristol Pike, Bristol, Pennsylvania.
    [Show full text]
  • A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School
    Fordham Urban Law Journal Volume 20 | Number 2 Article 2 1993 A Guide to Enforcing the Community Reinvestment Act Richard Marisco New York Law School Follow this and additional works at: https://ir.lawnet.fordham.edu/ulj Part of the Property Law and Real Estate Commons Recommended Citation Richard Marisco, A Guide to Enforcing the Community Reinvestment Act, 20 Fordham Urb. L.J. 165 (1993). Available at: https://ir.lawnet.fordham.edu/ulj/vol20/iss2/2 This Article is brought to you for free and open access by FLASH: The orF dham Law Archive of Scholarship and History. It has been accepted for inclusion in Fordham Urban Law Journal by an authorized editor of FLASH: The orF dham Law Archive of Scholarship and History. For more information, please contact [email protected]. A GUIDE TO ENFORCING THE COMMUNITY REINVESTMENT ACT Richard Marsico* TABLE OF CONTENTS I. Introduction ........................................... 170 II. Step One: Assessing Community Credit Needs .......... 180 A. Defining the Community ........................... 180 B. Gathering Socioeconomic Data about the Community's Residents ............................. 180 1. Demographic Data ............................. 181 2. Income and Employment Data .................. 181 3. Business D ata .................................. 181 4. Housing Data .................................. 182 5. Quality of Life Data ............................ 182 6. Community Outreach Data ..................... 182 C. Preparing a Community Credit Needs Statement .... 182 1. Socioeconomic Profile ........................... 183 2. Credit Needs Statement ......................... 184 III. Step Two: Gathering Information about a Bank's CRA R ecord ................................................ 185 A. Choosing a Bank to Evaluate ....................... 185 B. Locating Information about the Bank's CRA Record ... ......................................... 186 1. The Bank ...................................... 186 a. CRA Disclosure Requirements .............. 186 b. The Home Mortgage Disclosure Act .......
    [Show full text]
  • Staff Study 174
    Board of Governors of the Federal Reserve System Staff Study 174 Bank Mergers and Banking Structure in the United States, 1980–98 Stephen A. Rhoades August 2000 The following list includes all the staff studies published 171. The Cost of Bank Regulation: A Review of the Evidence, since November 1995. Single copies are available free of by Gregory Elliehausen. April 1998. 35 pp. charge from Publications Services, Board of Governors of 172. Using Subordinated Debt as an Instrument of Market the Federal Reserve System, Washington, DC 20551. To be Discipline, by Federal Reserve System Study Group on added to the mailing list or to obtain a list of earlier staff Subordinated Notes and Debentures. December 1999. studies, please contact Publications Services. 69 pp. 168. The Economics of the Private Equity Market, by 173. Improving Public Disclosure in Banking, by Federal George W. Fenn, Nellie Liang, and Stephen Prowse. Reserve System Study Group on Disclosure. November 1995. 69 pp. March 2000. 35 pp. 169. Bank Mergers and Industrywide Structure, 1980–94, 174. Bank Mergers and Banking Structure in the United States, by Stephen A. Rhoades. January 1996. 29 pp. 1980–98, by Stephen A. Rhoades. August 2000. 33 pp. 170. The Cost of Implementing Consumer Financial Regula- tions: An Analysis of Experience with the Truth in Savings Act, by Gregory Elliehausen and Barbara R. Lowrey. December 1997. 17 pp. The staff members of the Board of Governors of the The following paper is summarized in the Bulletin Federal Reserve System and of the Federal Reserve Banks for September 2000. The analyses and conclusions set forth undertake studies that cover a wide range of economic and are those of the author and do not necessarily indicate financial subjects.
    [Show full text]
  • Alphabetical Index
    Alphabetical Index 1st Source Corporation 3 Aerojet-General Corporation 12 Allied/Egry Business Systems, Inc 25 20th Century Industries 3 Aeronautical Electric Co 13 Allied Materials Corporation 26 3COM Corporation 3 Aeronca Inc 13 Allied Paper Inc 26 3M 3 Aeroquip Corporation 13 Allied Products Company 26 A A Brunell Electroplating Aerospace Corporation 13 Allied Products Corporation 26 Corporation 4 Aetna Life & Casualty Company 13 Allied Security Inc 26 A B Dick Company 4 Aetna Life Insurance & Annuity Co 13 Allied Stores Corporation 26 A C Nielsen Co 4 Aetna Life Insurance Co 14 Allied Van Lines, Inc 27 A E Staley Mfg Co 4 Affiliated Bank Corporation of Allied-Lyons North America A G Edwards Inc 4 Wyoming 14 Corporation 27 A H Belo Corporation 4 Affiliated Bankshares of Colorado 14 Allied-Signal Aerospace Company 27 A H Robins Company, Inc 4 Affiliated Food Stores, Inc 14 Allied-Signal, Inc 27 A Johnson & Company, Inc 4 Affiliated Hospital Products, Inc 14 Allis-Chalmers Corporation 28 A L Williams Corporation (The) 4 Affiliated Publications, Inc 15 Allstate Insurance Group 28 A M Castle & Co 4 AFG Industries, Inc 15 Alltel Corporation 28 A 0 Smith Corporation 4 Ag Processing Inc 15 Alma Plastics Companies 28 A P Green Refractories Co 4 Agency-Rent-A-Car Inc 15 Aloha Inc 28 A Schulman Inc 4 AGRI Industries 16 Alpha Corporation of Tennessee 28 AT Cross Co 4 AGRIPAC Inc 16 Alpha Industries Inc 28 A Y McDonald Industries, Inc 4 Ags Computers Inc 16 Alpha Metals, Inc 29 A&E Products Group, Inc 4 AGWAY Inc 16 Alpha Microsystems 29 A&M Food
    [Show full text]
  • United States Securities and Exchange Commission
    UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): JANUARY 24, 1996 FIRST BANK SYSTEM, INC. ----------------------- (Exact name of registrant as specified in its charter) DELAWARE 1-6880 41-0255900 (State or other jurisdiction (Commission (I.R.S. Employer of Incorporation) File Number) Identification No.) 601 SECOND AVENUE SOUTH, MINNEAPOLIS, MINNESOTA 55402 ------------------------------------------------------ (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 612-973-1111 ------------ NOT APPLICABLE -------------- (Former name or former address, if changed since last report) Item 5. OTHER EVENTS First Bank System, Inc. ("FBS") announced the termination of its merger agreement with First Interstate Bancorp ("First Interstate") (NYSE.I). Under terms of an agreement signed on January 23, 1996, with Wells Fargo and Co. ("Wells") and First Interstate, FBS received $125 million in cash and will receive an additional $75 million upon consummation of the First Interstate/Wells transaction. FBS estimates that its out of pocket costs for investment banking, legal, accounting and public relations are approximately $10 million. FBS and Wells have agreed to drop all litigation protests. The agreement also resolves any claims that First Interstate has breached its merger agreement with FBS. Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS The following exhibits are filed with this report: EXHIBIT NUMBER DESCRIPTION -------------- ----------- 2.1 Settlement Agreement, dated as of January 23, 1996, between FBS, First Interstate and Wells. 20 Press Release of FBS issued January 24, 1996, regarding termination of the FBS and First Interstate Merger Agreement.
    [Show full text]
  • Department of Corporations
    1REGULATORY AGENCY ACTION tion with the organization of First securities sold in California. "Securities" Property Brokers Law, Health Care Ser- Interstate Central Bank and the pur- are defined quite broadly, and may vice Plan Law, Escrow Law, Check chase and assumption transaction: an include business opportunities in Sellers and Cashiers Law, Securities application by First Interstate Bancorp addition to the traditional stocks and Depositor Law, California Finance for authority to organize the bank with bonds. Many securities may be "quali- Lenders Law and Security Owners Pro- capital of $4 million was filed and fied" through compliance with the tection Law. approved; a certificate of authorization Federal Securities Acts of 1933, 1934 A Consumer Lenders Advising Com- permitting the bank to transact commer- and 1940. If the securities are not under mittee advises the commissioner on cial banking at the location of the head federal qualification, the commissioner policy matters affecting regulation of office of First National Bank was issued; must issue a "permit" for their sale consumer lending companies licensed by and First Interstate Central Bank's in California. the Department of Corporations. The purchase of part of the business of First The commissioner may issue a "stop committee is composed of leading execu- National Bank under the purchase and order" regarding sales or revoke or tives, attorneys and accountants in con- assumption transaction was approved. suspend permits if in the "public inter- sumer finance. All depositors of First National Bank est" or if the plan of business underlying became depositors of First Interstate the securities is not "fair, just or MAJOR PROJECTS: Central Bank, and there was an orderly equitable." Proposed Exemption.
    [Show full text]
  • Federal Register / Vol. 60, No. 227 / Monday, November 27, 1995 / Notices
    58364 Federal Register / Vol. 60, No. 227 / Monday, November 27, 1995 / Notices President) 250 Marquette Avenue, National Westminster Prima Limited, et York, and thereby engage in securities Minneapolis, Minnesota 55480: al.; Acquisitions of Companies activities, including securities brokerage 1. First Bank System, Inc., Engaged in Permissible Nonbanking and financial and investment advisory Minneapolis, Minnesota; to acquire, Activities activities, both separately and on a combined basis, for institutional through its wholly owned subsidiary, The organizations listed in this notice customers, pursuant to § 225.25(b)(15) Eleven Acquisition Corp., Minneapolis, have applied under § 225.23(a)(2) or (f) of the Board's Regulation Y and Board Minnesota, 100 percent of the voting of the Board's Regulation Y (12 CFR Order (72 Fed. Res. Bull. 584 (1986)); shares of First Interstate Bancorp, Los 225.23(a)(2) or (f)) for the Board's NatWest International Securities Inc., Angeles, California, and thereby approval under section 4(c)(8) of the New York, New York, and thereby indirectly acquire First Interstate Bank Bank Holding Company Act (12 U.S.C. engage in securities brokerage activities, of California, Los Angeles, California, 1843(c)(8)) and § 225.21(a) of Regulation pursuant to § 225.25(b)(15) of the First Interstate Bank of Montana, Y (12 CFR 225.21(a)) to acquire or Board's Regulation Y; Westminster National Association, Kalispell, control voting securities or assets of a Research Associates Inc., New York, Montana, First Interstate Bank, Ltd., Los company engaged in a nonbanking New York, and thereby engage in certain Angeles, California, First Interstate Bank activity that is listed in § 225.25 of securities brokerage activities, pursuant of Englewood, National Association, Regulation Y as closely related to to § 225.25(b)(15) of the Board's Englewood, Colorado, First Interstate banking and permissible for bank Regulation Y; NatWest Investment Bank of Alaska, National Association, holding companies.
    [Show full text]