Wells Fargo History in Portland
Financial Heartland

Before banking, Wells Fargo was simply the merging of two rival transportation companies in the 1850’s. In order to serve the West’s demand for faster communication, Henry Wells and William Fargo built a Wells, Fargo & Co. location in 1882 in Portland, Oregon. Portland’s location at the joining of the Willamette and Columbia established it as the shipping center for the Pacific Northwest and an attraction for Wells Fargo’s express business. The California Gold Rush influenced the company to offer banking in buying gold and selling paper bank drafts, which were just as good as gold, with rapid delivery across the United State. This was included with the diverse services the company had already had, such as general forwarding and commissions and freight series, After discovery of gold in the Boise Basin, precious metals came down the Columbia River to Wells Fargo’s banking and examine office in Portland. This caused more offices to open in new cities all over the United States. In 1863 alone, Wells Fargo’s office in Portland handled over 200,000 ounces of gold. A year later, offices were added in Salem and Eugene, along with more express offices in Portland. Wells Fargo’s reputation of trust built in the 1850’s during the boom and bust of the economy. The bank went to great lengths, coming through for customers and providing responsible and swift services. In 1868 the Columbia River froze in the winter and a messenger carried his shipment of valuables by wagon from The Dalles to Portland. These significant acts helped to contribute to the prosperity of Portland and its surrounding cities. By implementing the policy of subcontracting express services to established companies, rather than duplicating existing services; this became a key factor in Wells Fargos’ early success. Wells Fargo used steamers, river boats, railroad cars, freight wagons, mule trains, celerity wagons, pony express and men on skies to deliver mail and link the rest of the United States to the Portland express offices. They even allowed women to oversee several Oregon Offices. Almost one hundred years late, Wells Fargo Headquarters happens to be in the largest building in Portland, Oregon and the business came to continuously impact its community in various ways. It is obvious what the Wells Fargo bank provided and continues to provide to Portland. The methods of transportation the company used provided jobs within the Portland community. Wells Fargo became Portland’s all-purpose business, communications, and transportation agent. Wells Fargo’s modest mission to have a global market view allowed Portland to gain international access. This meant business expansion, settlement, and opening the East to Portland products through Wells Fargo’s use of the Northern Pacific Railroad. Portland boomed in population almost 120,000 people by the early 20th century. The railroads Wells Fargo used made markets for Oregon’s produce, livestock, and lumber, as well as for Portland manufactures. Freight moved everywhere from Portland to Jersey City bound for Chicago, St. Louis, the Twin Cities, the Southwest, Denver, Los Angeles, San Francisco, Tacoma, and Seattle. Their ability to service so many cities and states allowed Portland to further the cities development. Portland depended on Wells Fargo efficient and speedy services. Ever after the company separated from the freight business in 1905, the banking branch of the company fused with the Nevada National Bank and continued to grow globally. Who knew the Wells Fargo Banking Company would be one of the “Big Four: banks in our current years, Bank of America, JP Morgan Chase, and Citi Group are the other three banks that make up the “Big Four”. Thoday, Wells Fargo & Company is a diversified financial services Company with $400 billion in assest, providing banking, insurance, investments, mortgage, and consumer finance to more than 23 million customers from thousands of banks and offices and the internet (wellsfargo.com) across North America and elsewhere internationally. Just like the three banks of the “big four:, Wells Fargo merged with Norwest after a botched job of taking over First Interstate Bancorp. In our most recent years, Wachovia Corporation was a troubled bank during the financial panic of September 2009. The following month, Wachovia accepted Wells Fargo’s offer to buy all of the financial institution for a little over $15 billion, even though the FDIC had already agreed to Citigroup’s bid for Wachovia. This expanded Wells Fargo’s operations even further to the Eastern and Southern states. This helped create a “superbank” with almost $1.5 trillion in assets and roughly 48 million customers. Unlike other similar transactions done by the other “Big Four”, this transaction required no government assistance. This made Wells Fargo the most profitable bank of the remaining “Big Four” that had formed in the 1900’s. When Wells Fargo became the first major financial services firm to offer Internet banking back in 1995, its persistence in advancements for its company became more evident. In comparison to its fellow bank mates, Wells Fargo’s smooth transactions of acquiring banks and merging became a reason for envy. Wells Fargo will have to reevaluate their respective businesses with the trends of time. The life span of Wells Fargo Company and name gives customers current and potential the ability to see its long term perspective. Providing top customer service throughout its history made its reputation unparalleled. This transportation company turned bank continued making selective acquirements and pursuing cross-selling of an ever-wider range of credit and investment product to its massive customer base. While the economic weather conditions ruined it competitors, Wells Fargo provided innovative services to its customers. On May 18, 1995, Wells Fargo became the first bank in the nation to give customers free Internet access to current balances in their checking, savings, line of credit and credit card accounts. This is just one reason why they were the recipient of the Monarch Most Innovative Feature Award in 2010. Wells Fargo did more for Portland than just influence the creation of its first skyscraper; it helped Portland maintain its position as the dominant shipping center in the Pacific Northwest to the end of the 19th century. And just like our economy, Wells Fargo has had its good years and bad. Because of the continuing influence of modern technology and the expansion for the financial organization, Wells Fargo has the potential to continue to provide up to date banking trends worldwide. Wells Fargo not only influenced the success of Portland but the remaining 10,000 communities it is a part of. Wells Fargo may not have been the first national bank charter on the Pacific Coast, but it does have standing as a West Coast bank.

Research Sources
Baum, Ryan. “The First National Bank on the Pacific Coast”. Miscellaneous. September, 14th, 2009. http://blog.wellsfargo.com.
Gibson, Elizabeth. “Wells Fargo & Company”. Suite101. July 25th, 2000. http://www.suite101.com/article.cfm/old_west/44339/3
Riggs, Charles. “Portland and Wells Fargo”. Oregon. August 12th, 2010. http://www.wellsfargohistory.com