Wells Fargo (1852–1998)

Wells Fargo (1852–1998) refers to the original Wells Fargo & Company, a business founded in 1852 by Henry Wells and William Fargo, along with associates, to provide banking and express services in California and the Western territories of the United States. It played a significant role in the development of the American West, transporting gold, valuables, and passengers, and establishing a network of stagecoach routes.

Initially, Wells Fargo focused on transporting gold dust and other valuables from the California gold mines to the East Coast. It also offered banking services to miners and merchants. As the West expanded, Wells Fargo established branch offices and agencies throughout the region. Its stagecoach lines became vital transportation arteries, connecting remote communities and facilitating commerce.

The company faced challenges including competition from other express companies, risks associated with transporting valuables across vast and sometimes lawless territories, and disruptions caused by the Civil War. However, Wells Fargo adapted and continued to grow.

In 1918, the U.S. government nationalized the nation's railroads, and Wells Fargo's express operations were consolidated into a single entity, the American Railway Express Company. This effectively separated the banking and express businesses of Wells Fargo.

The remaining Wells Fargo bank continued operating and eventually merged with Norwest Corporation in 1998. Although the surviving entity adopted the Wells Fargo name, the original Wells Fargo & Company as a distinct business entity ceased to exist at that time due to the merger. The 1998 merger led to the creation of the Wells Fargo we know today, a large, diversified financial services company. It's crucial to understand that while the current Wells Fargo uses the same name and heritage, it is technically a successor to the original rather than a direct continuation of the 1852-1998 company.