1967 annual report wells fargo bank

Transcription

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1967 ANNUAL REPORT WELLS FARGO BANK
52
"WELLS FARGO BANK
1967 ANNUAL REPORT
Brief Comparisons
2
Letter to Stockholders
3
Financial Review
5
Summary of Operations
7
Financial Statements:
Wells Fargo Bank entered the Southern Califurnia
market (cover) in December. The Pershing Square
Office opening (above) is the first uf fifty planned
for metropolitan Los Angeles by 1')72.
Consolidated Statements of Condition
12-13
Consolidated Statements of Earnings
14-15
Explanatory Notes to Financial Statements
14-15
Changes in Capital Accounts
16
Changes in Reserve for Bad Debts
16
Daily Average Balances
16
A verage Annual Yields on Earning Assets
17
Comparison of Loans
17
Comparison of Investments
18
Maturity Schedule of Investment Securities
18
Ten -Year Comparisons
18
Directors
19
Bank Organization
20
Branch Offices
22
Map of Operating Area
Inside Back Cover
TO OUR STOCKHOLDERS:
For Wells Fargo Bank, 1967 was a year of major accomplishments.
We announced plans to become state-wide and, before year-end, established our Southern California headquarters in downtown Los Angeles.
We were one of the founding banks which introduced the successful
new consumer credit card in California-"Master Charge."
We joined with three other banks in forming a new European entity,
Western American Bank, Ltd., which will greatly strengthen our international operations.
The Bank also began conversion to third generation computers.
using the latest and most sophisticated systems available. We were
aggressive in developing new banking services such as providing preapproved credit for checking account customers and an automated
record keeping service for small and medium size businesses.
1967
1966
$ 238,203,287
$ 220,461,296*
FOR THE YEAR
Operating Income .
201,697,290
Operating Expenses
BRIEF
COMPARISONS
Net Operating Earnings
Before Taxes .
$
Change
$
$
41,824,622*
17,741,991
23,060.616
178,636,674
8,223,300
Taxes on Operating Earnings
2
36.505.997
$
14,713,000*
(6,489,700)
$
28.282,697
$
27,111,622*
$
1,171,075
Dividend Accrued
$
12,044,115
$
10,259,802
$
1,784,313
Operating Earnings Per Share
$ 3.17
$ 3.04*
$ 0.13
Year-End Annual Dividend Rate
$ lAO
$ 1.20
$ 0.20
Assets.
$4,693,300,983
$4,204,572,410
$ 488.728,573
Deposits
$4,064,756,926
$3,682,101,048
$ 382.655,878
Loans.
$2,715,290,209
$2,563,929,963
$ 151,360,246
Investments
$1,165,600,400
$ 870,524,995
$ 295,075,405
Capital Notes
$
$
AT THE YEAR END
Capital Stock
Surplus
Undivided Profits
Total Capital Funds
Book Value Per Share
(Excluding Capital Notes)
75,347,300
89,215,670
89,215,670
110,784,330
110,784,330
80,638,552
69,852,779·
$ 355.985,852
$ 345,200,079·
$31.46
$30.25*
*Rcvised. See "Adjustment of 1966 Figures" section of explanatory notes on page 14.
But by early summer, even though the Federal Reserve Board continued a policy of ease and supplied reserves to the nation's banks at
record levels, interest rates-especially in the long term area-moved
higher because of the credit demands of corporations, and of Federal
and local governments.
(5,318,625)
Net Operating Earnings
After Taxes
75,347,300
Due in considerable part to a severe credit squeeze that reached its
peak the previous fall, California business activity slowed somewhat
in early 1967. By February. a lessening of credit demand and an
increase in the money supply helped to ease loan rates. Short term
money rates, the price of Federal funds and interest rates generally
began to soften.
$
10,785,773
$
10,785,773
$ 1.21
The devaluation of the British pound in late November triggered
a quick reaction by the Federal Reserve. The discount rate-the
lending rate charged to member banks-was raised one-half a per
cent. Within a few days, major banks had increased their prime lending
rates to six per cent.
H. Stephen Chase, chairman, and Richard P. Cooley,
president and chief executive officer.
The action of the Federal Reserve was stated to be a defensive move
to slow the flight of short-term investment money abroad, attracted
by the higher interest rates announced in London. The rate increase
was also a needed restraint on an economy showing expansionary and
inflationary tendencies. In recent weeks, the Federal government has
taken steps to maintain confidence in the dollar and improve our balance-of-payments. The moves made at this writing are temporary and
will not benefit us if allowed to remain in effect for a long period. The
government must take additional and broadened fiscal actions to curb
the present inflationary pressures within the United States. So far, we
have heard of no better alternatives than to reduce government spending and increase taxes.
These economic and monetary developments were reflected in Wells
Fargo's operations in 1967. The slowing of loan growth and the increase
in deposits added to the Bank's liquidity position, as our loan to
deposit ratio dropped from a peak of 73 per cent in August, 1966 to
65 per cent at the end of 1967.
But the lessening in loan demand, new programs undertaken by the
Bank during the year (i.e. introduction of the credit card, entry into
Southern California) and an increase in the State franchise tax resulted
in only a modest rise in our earnings over 1966's record gains.
Although the move into Southern California was probably the most
important step taken by the Bank last year, our projections indicate
3
that this expansion cost will be approximately seven cents a share in 1968. We still
expect to show a better improvement in earnings than the gain made in 1967.
RECORD EARNINGS: Net operating earnings were up four per cent
to $28.3 million or $3.17 per share, compared to $27.1 million or
$3.04 per share in 1966.
FINANCIAL REVIEW:
In November, stockholders of both the Bank of Pasadena and Wells Fargo Bank
voted in favor of a merger. The merger has also been approved by the State Banking
Department and now awaits final approval by the Federal regulatory authorities.
The figures for 1967 were increased three cents per share because of
an accounting change in our method of recording losses when real
estate loans are sold. ThIS change (more fully described in the footnotes)
was made to conform to new rules of the regulatory authorities.
Figures for 1966 have been revised to meet these changes with the
result that net operating earnings for that year increased three cents
per share to $3.04. In the adjustment, undivided profits as of December 31, 1966 were decreased $472,000.
Opening of new branches in Northern California for the foreseeable future will move
at a much slower pace as our branch expansion program of recent years now gives us
adequate coverage of major metropolitan markets. In the last five years, Wells Fargo
opened eighty new banking offices in Northern California, and we plan to continue
opening branches at this same pace in the next five years. In that period of time, we
expect to have fifty branches in the five-county Los Angeles metropolitan area.
In early 1968, an important move for the Bank will be the acquisition of Sonoma
Mortgage Corporation, one of the nation's large firms in the mortgage banking business.
Sonoma Mortgage services a real estate loan portfolio of approximately $400 million.
The Bank's portfolio in this field is about $280 million. The operation will continue as
a separate division of the Bank and will immediately make a contribution to profit. We
expect that within a reasonable period of time we will be servicing more than one billion
dollars in mortgage loans through this combined operation.
Two new directors were elected in 1967. Leonard K. Firestone, president of Firestone
Tire and Rubber Company of California, was elected to our Board in September. As
a prominent Los Angeles business and civic leader, Mr. Firestone's counsel and guidance will be of substantial benefit to the Bank as our expansion program for Southern
California progresses.
4
The 1967 earnings performance was somewhat less than anticipated
due to a lessening in loan demand in the first three quarters. The unexpected increase in the State franchise tax amounted to $550,000.
OPERATING EARNINGS AND DIVIDENDS
30 Millions of Dollars
Net Operating
Income
after Taxes
25 I-_-I-_ _-I-_ _I-~'--+-_--I
201-....,r:.=--+_ _-I-_-----j1-_-l-_--I
DEPOSITS INCREASE 10%: Deposits showed a healthy gain, up 10
per cent to $4,065,000,000, topping the $4 billion mark for the first
time. Total assets increased 12 % to $4.7 billion.
151-_-1-_ _-1-_ _1---_-1-_ _
101-_-\-_ _-l-_ _/_--:::
Mr. Ernest C. Arbuckle, formerly an executive vice president of W. R. Grace & Co.
(Pacific Coast) and presently dean of the Stanford Graduate School of Business, was
elected to the Board in October. Mr. Arbuckle is also chairman and chief executive
officer of the Stanford Research Institute. With over 20 years experience in diverse
fields of business, he holds directorships in a number of major U. S. corporations.
Dividends
1963
1964
1965
1966
For the second year in a row, the annual dividend was increased.
In July, the directors approved an increase from $1.20 to $1.40 per
share. Total cash payments to stockholders in 1967 amounted to
$12,044,115.
Demand deposits, which have shown a slow growth in recent years,
gained eight per cent. Passbook savings were up about five per cent.
The greatest percentage deposit gain was made in non-negotiable
certificates of deposit, up 44 per cent to $393 million. These are individual CD's with a minimum of $1,000 held for a six-month period
or longer.
1967
Ransom M. Cook announced his retirement as chairman of the executive committee
December 14. Mr. Cook will continue as a director of the Bank and assumes the new
positions of chairman of the board of both Wells Fargo Bank International Corporation and Western American Bank, Ltd., the new international entity founded by Wells
Fargo and three other banks.
LOAN GROWTH SLOWS: Credit demands in 1967 were strong but
were primarily in the bond area rather than in the loan field. This
resulted in a considerable change in the loan trend from prior years.
Since 1961, average loans outstanding had increased substantially
each year through 1965.
Banking today-especially in California-is becoming an increasingly exciting, creative and challenging field. To anticipate and meet the needs and demands of the business community and the general public requires an institution dedicated to innovation.
While the Bank's rate of loan growth slowed in 1966 during the
credit squeeze, this was principally due to sales of loans to investors out
of the real estate portfolio. However, the slowdown in business activity
in the early part of 1967 had a direct effect on the Bank's loan demands.
But, because of prior commitments, real estate loans continued to be
delivered to mortgage investors the first part of the year. These sales,
together with reduced real estate activity, resulted in a decrease in the
average annual real estate loans outstanding. The loans declined until
August, but are now increasing again. By year end, total real estate
loans were only $28 million less than the end of 1966.
AVERAGE DEPOSITS
4000 Millions of Dollars
We believe that with our capable and aggressive management team, our talented
specialists, our extensive resources, and our 115 years of banking experience, we will
be able to meet these challenges.
Total Deposits
1---\-=...=::"'1---+---\----1 Demand Deposits
When our immediate expansion plans for Southern California are realized, we will
be in an even stronger position to serve this market and play a more important role
in the growth of our state.
We wish to express warm appreciation to our directors for their support and to our
staff whose dedication to the well-being and progress of the Bank was never more evident than in 1967. The initiative, vision and energy of Wells Fargo people, which combined to produce outstanding accomplishments in the past year, provide us with the
momentum to achieve even greater results in 1968.
January 15, 1968
~.,...~£
H. Stephen Chase, Chairman
~~~
Richard P. Cooley, President
Consumer credit, as was the case generally, did not grow at its previous pace. With the Bank's emphasis on quality, and with the overall
reduction in the rate of growth of consumer credit, consumer loans
decreased $18 million from a year ago.
Time Deposits
1000
1963
1964
1965
1966
1967
Commercial loan demand, after a slow first quarter, strengthened
as the year progressed, resulting in an increase of $200 million. The
commercial loan growth more than offset the decline in consumer and
real estate loans and resulted in an overall gain of $154 million in total
loans.
5
.....-------......-IIIIII!!!--iI!!!ii!!!!!i!iiIi-..---iiiiIiiii~---------------------...--------------------If(i·
--------------------------------~
With the slowing in loan growth and the substantial increase in
deposits, the loan-to-deposit ratio dropped from its high of 73 % in
August 1966 to 65 % at the end of 1967. This substantial amount of
liquidity places the Bank in a good position to meet the anticipated
loan demands in early 1968.
Reflecting the higher interest rates charged on all loans in 1966 and
1967, the average interest rate (loan yield) on all loans and discounts
reached a new high of 6.34%, a gain of 0.19% over 1966.
AVERAGE LOANS
3000 Millions 01 Dollars
Monthly
Payment
Loans
Real Estate
L021lls
Commercial
loans
1962
1963
1964
SUMMARY OF OPERATIONS:
1965
1966
The lending rate to commercial borrowers reacts fairly rapidly to
increases and decreases in the prime rate. However, consumer loan
yields are subject to a more delayed effect because of their term nature.
Long term real estate loan yields show the greatest delay in reacting
to rate changes. With the prime rate now at six per cent, real estate
rates moving up and consumer rates staying fairly steady, prospects
are good for continued higher loan yields in the first half of 1968.
1111
A number of steps have been taken since the decision was made in
mid-June to establish branches in Southern California. The Bank purchased a four-story building at 415 West Fifth Street in downtown Los
Angeles. The remodeled building houses the temporary Southern California headquarters as well as the permanent quarters for the Pershing
Square office.
CAPITAL ACCOUNTS AND RESERVES: Capital funds increased
$11 million to $356 million. The Reserve for Bad Debts rose to $39.3
million, a $2.5 million increase and the maximum amount that is taxdeductible this year. Charge-offs on loans (net of recoveries) were
$6 million, as compared to $4.9 million the previous year. Early in
1967, three loans totaling $3.7 million were charged off. Prospects are
good for substantial early recovery on these loans.
Wells Fargo is also purchasing property at the southeast corner of
Wilshire Boulevard and Flower Street. The Bank plans to construct
a 14-16 story building on the site within three years for the permanent
Southern California headquarters.
1967
BOND YIELDS UP: Contrary to the usual seasonal pattern, there was
no need to sell securities for liquidity purposes in 1967. The sizeable
deposit growth was not only sufficient enough to meet loan demands,
but it also provided additional funds for the bond portfolio.
6
To maintain a fully invested position, some $295 million in securities were added to the Bank's portfolio, bringing the total at year-end
to $1,166 million. All categories of the portfolio increased, with the
largest amount in the Bank's holdings of tax-exempt municipal bonds.
U. S. Government securities at year-end represented 10.0% of our
total assets, unchanged from a year ago. Municipal bonds, however,
now represent 13.7% of our total assets, compared to 9.7% a year ago.
INTEREST RATES
7 Percent
-
-
~
Interest Earned
on loans
and
Investmcnls~
Interest Paid
on Time Deposits
Q"Taxable
Equivalent
Yields
o
1962
1963
1964
1965
1966
1967
Some funds were placed in short term maturities to ensure an ample
secondary reserve against our increased deposit totals and to provide
for potential loan demand. Additional funds were employed in longer
term bonds to increase earnings. As a result, income from the bond
portfolio was 33 % higher than the previous year, and investment yields
were up 0.50% on a taxable equivalent basis.
There were other changes in the bond mix to take advantage of
attractive yields prevailing and to place us in a more flexible position
for bond account operation. The average maturity of U. S. Government
securities is presently one year and nine months, compared to two
years and two months a year ago.
Money market activities, especially with major corporate accounts
continued to increase with 1967 volume topping $85 billion, a 70%
increase from a year ago. With the Los Angeles opening, which includes
a fully-staffed Investment Department, further substantial gains are
expected in Wells Fargo's money market operations in 1968.
SOUTHERN CALIFORNIA MOVE: The entry into Southern California was a major step for WeIls Fargo and the move at this time was
based on many factors: (1) In recent years, a heavy branch expansion
program was undertaken in Northern California. This program is now
slowing since adequate coverage has been achieved in most of Northern
California's population centers. (2) California is fast becoming a statewide market and corporations are needing and demanding the services
of one bank on a state-wide basis. (3) In Northern California, there
is presently one banking unit to every 6,200 people, while Southern
California has one bank to every 8,000 people. (4) Wells Fargo
branches opened in Northern California today are averaging a breakeven point after three or four years of operation. The Bank's studies
indicate that most of the new branches established in Southern California will be operating in the black within two years. (5) Long-range
projections show that Southern California will continue to have better
than sixty per cent of the state's population for many years to come.
!J) 1/ J
, •
Los Angeles today. The new Music Center with the
City Hall in the background. Wells Fargo opened
its first banking and express office in Los Angeles
in 1854011 Main Street near the Bella Union Hotel.
Applications are pending for additional branches in the five-county
Los Angeles metropolitan area. The announced goal is fifty branches
in a five-year period by de novo.
The merger with the Bank of Pasadena awaits final approval of the
regulatory authorities. The merger has already been approved by stockholders and by the State Banking Department.
The Bank of Pasadena, as of December 31, 1967, had total resources
of $11,690,596 and deposits of $9,934,284. The bank was founded
in 1963 and has two offices in Pasadena and approval for a third in
Tujunga.
John R. Breeden, executive vice president, directs the Southern
California operations. Mr. Breeden was previously in charge of the
Bank's commercial banking activities. Assisting Mr. Breeden is Senior
Vice President Richard D. Jackson, formerly vice president and cashier.
The Southern California headquarters officially opened December 4
with completely staffed departments covering all banking services such
as international, trust, investment, loans, leasing, safe deposit, and
checking and savings accounts.
CREDIT CARD: "Master Charge," the new consumer charge card
initiated by Wells Fargo and three other banks, has surpassed all expectations in its first six months of operation.
Eighty banks in California are participating in the program through
the California Bankcard Association, which acts as a clearing house
for the member banks.
7
Current trends indicate that by the end of the first year of operation
(June 30, 1968), the Association's sales volume figures will approach
$200 million-two-and-one-half times the original projection.
Principally generated as a by-product of the lock box service, the
rapid transmission of this data is receiving increased attention throughout the nation as a modern aid in cash and credit management.
The introduction of Master Charge required the most intensive
marketing effort in the history of the Bank. Nearly every department
provided personnel to explain the advantages of the plan to merchants
and service establishments and to supply them with the materials necessary for participation.
AUTOMATIC CREDIT ACCOUNT: A new Automatic Credit Account service involving"a personal line of credit for checking account
customers was also introduced in 1967. More than 20,000 customers
with pre-approved credit now have this extra feature associated with
their regular or special checking account.
The Bank's program for affiliating merchants was effective and its
share of the Association's total sales volume is about 18 per cent.
More than four out of every ten sales in Northern California were
made through participants signed by Wells Fargo.
ff emergency cash is needed, a customer can write a check for an
amount greater than the actual balance in his checking account. When
the account is activated the Bank makes automatic deposits in multiples
of $100 to the customer's checking account. Repayments are made
monthly with an interest charge on the average daily balance outstanding.
Card usage in the first six months of operation is also far greater
than anticipated. Over 30 per cent of Wells Fargo's Master Charge
cardholders are actively using their credit card.
More than 60 per cent of these customers have elected to have their
payments made by automatic transfer from their checking accounts.
Loans outstanding in this new service are averaging $4 million monthly.
Developmental costs and operating losses after taxes were in line
with the original estimate of seven cents per share for 1967. Based
on current operating results, Master Charge should make a contribution to profit by the end of 1968-substantially ahead of the original
projections.
8
Plans are now underway to extend the service of Master Charge
on a nationwide interchange basis with banks having similar card programs. The California Bankcard Association is affiliated with INTERBANK, and when the interchange agreements have been implemented
Master Charge cardholders will be able to use their card in many areas
of the United States.
"Master Charge" cardholders near three million,
doubling anticipated figures. About one-third of
California's retail firms, representing two hundred
types of businesses, are participating.
Wells Fargo Bank
••• . . . . . . . . ~I • • ,
•·•• ·....,U.Lo'''
.. ........ JU·
I~:I
WK.'
w
NATIONAL CORPORATE SERVICE: The Bank also expanded its
capabilities for transmission of receivables payment data by high-speed
communications equipment in a computer acceptable format.
101
','.::-
With the Southern California headquarters opening in December,
complete international banking services are now being offered for the
first time to our Southern California customers by a local international
staff.
.
'•• "••
. . . ...,
••"
••'..,.
••"
.............
'
... D" .. CiT
MONEY MANAGEMENT SERVICE: Originally introduced in 1965
as a computer record keeping service for farmers and ranchers, the
Money Management Service has been further developed to provide
similar reports for businesses. This computer service holds great promise and during the year, an extremely diversified business customer
group began using the program.
In March, the International Corporation officially opened its headquarters at 40 Wall Street in New York City, offering a full range of
international banking services. During the balance of the year, the
Bank's subsidiary met its objectives in establishing customer deposits
and loans.
A resident representative was established in Managua, Nicaragua
enabling Wells Fargo to serve its customers more effectively in the
rapidly developing Central American common market.
MARKETING: To market effectively the Bank's services, the marketing structure was reorganized to provide more comprehensive support
for all divisions. In accomplishing this goal, closer coordination has
been effected among marketing planning, advertising, sales training,
research and new services development.
STAGECOACH CHECKS: Capitalizing on Wells Fargo's unique service mark and its Western heritage two new styles of stagecoach checks
wcre introduced in 1967. Both styles were extremely well received and
more than 40 per cent of the checking account customers are now using
purchased checks. The use of interesting graphic designs and colors on
the Bank's checks is helping to attract new customers and indications
are that the new checks are also reducing attrition among established
accounts.
INTERNATIONAL ACTIVITIES: Both the International Division
and the Bank's wholly-owned subsidiary, Wells Fargo Bank International Corporation contributed to the expansion of the international
operations in 1967.
0 __
OlO
SPECIMEN
,,. .".11:""
C"'l.'~.
':1110-00 I ~.: 0000
OOOOOO~
Forty per cent of checking account customers are
now purchasing variations of stagecoach checks
such as the full color version and the antique style
(above), both introduced in 1967.
Headquarters of Western American Bank, Ltd., new
London-based international entity formed in 1967
by Wells Fargo, two other large U.S. banks and one
of Britain's leading merchant banks.
Wells Fargo Bank joined with two other U.S. banks-the National
Bank of Detroit and Security First National Bank of Los Angelesand with one of England's leading merchant banks, Hambros Bank,
Ltd., in forming a new London-based banking entity, Western American Bank (Europe) Ltd.
The new international bank has the facilities and resources to assist
multi-national companies with their international financing arrangements. In addition to conducting a general banking business, the new
bank will be active in the market for Eurodollars and other currencies.
Customers will be provided with a variety of financial services, such
as management of short term funds and financial packaging. WAB will
work closely with commercial and investment bankers, as well as other
specialized institutions in international financial circles.
While the Bank's international banking capabilities continue to grow
to meet customer requirements the efforts to significantly increase
international loans and related deposits are severely limited by the
9
"Voluntary Credit Restraint Program" which in 1968 restricts the
Bank's foreign lending operations to 103 % of the 1964 base.
important bank seminars and conferences, supply visual aids for management meetings and provide a variety of training aids in the field.
Audio-visual communications have the added advantages of dramatic
impact, accuracy and uniformity.
TRUST DIVISION: Research and development was completed on a
new trust program to take advantage of changes in the Self-Employed
Individuals Tax Retirement Act.
NEW EMPLOYEES: The staff increased to 7,611 equivalent full time
employees, a 5.8% increase over 1966. Overcoming the problems of
competition and a tight labor market, the college recruitment program
was successful in attracting 122 graduates for the management training
program. Greater emphasis was placed on recruitment in West Coast
colleges and universities.
The Bank is now marketing this program which enables the selfemployed easily to adopt the Bank's Master Retirement Plan, thereby
taking advantage of our investment facilities.
The pension and profit-sharing segment of the trust business also
continued to grow rapidly during the past year and assets under our
management reached a new record level.
Additional branch trust offices were established in 1967 in Los
Angeles, San Mateo and Carmel. The new Los Angeles office offers
a full complement of trust and investment services to individuals and
corporations. The number of accounts serviced continued to increase,
due in part to a more intensive business development effort. The Trust
Division now services accounts with assets exceeding $5 billion.
BRANCH EXPANSION: Matching the branch expansion program of
the past five years, thirteen new offices were opened in 1967. Eight
of the new offices were in communities not previously served by Wells
Fargo.
Initial pilot productions of new audio-visual equipment demonstrate advantages of television as an
in-bank communications vehicle.
INVESTMENT MANAGEMENT SERVICE: Initiated in late 1962
to broaden the range of financial services available to Wells Fargo
customers, this investment counsel facility completed its fifth year of
operation with a new high in assets under active supervision.
Seaside is within the growing Monterey-Santa Cruz Area. Pleasanton, Danville, Castro Valley and Greenbrae are suburban communities
in the San Francisco Bay Area. Lodi and Madera are farm communities in the San Joaquin Valley. The Madera office is Wells Fargo's first
in Madera County.
Originally conceived for people of means who lacked either the time
or the increasingly specialized knowledge required for effective planning and management of their investment programs, IMS has since
found increasing acceptance among all types of investors-corporations, fiduciaries, schools and other institutions.
10
Branches were also opened near the University of California's new
Santa Cruz campus; Crystal Springs in San Mateo County; the new
Del Monte Shopping Center, Monterey; Florin Center near Sacramento and in Enterprise, a suburb of Redding. At year end, there
were 233 branches. The total includes three branches at military facilities that became complete banking offices in June. Highlighting the
1967 openings were the Market-Montgomery office in the Wells Fargo
Building and the Los Angeles Pershing Square office. Both openings
featured stagecoach parades in the financial districts, bands, historical
exhibits and week-long open houses.
Each account combines flexible portfolio management with an
unusual degree of attention, frequent reports and complete custodial
and bookkeeping services in a single responsive relationship. IMS is a
direct activity of the Financial Analysis Department, one of the West's
largest security research and asset management organizations.
Vast quantities of financial data are sifted and stored
on tape for computer use as an aid to management
in security analysis.
INVESTMENT ANALYSIS AND COMPUTERS: Wells Fargo is
among the leaders in the use of computers as an aid in security analysis.
The ability of the Bank's analysts to handle financial informationcollecting and sifting vast quantities of corporate data, calculating
financial ratios and economic growth rates, making sophisticated industry comparisons and preparing evaluation reports - has increased a
hundred fold. The computers are providing the analysts with a new
statistical tool with which to judge investments more quickly and in
greater depth.
Under development are a number of projects designed to further
expand the use of computers in such areas as price monitoring, measurement of investment performance, company analysis and "market
action" analysis.
VISUAL COMMUNICATIONS: To improve and broaden the scope
of the training programs within the Bank, a new communications
vehicle was placed in operation by the Training Department. Presentations can now be captured by video-tape and used to document
Nine additional offices were relocated in new and larger quarters
and remodeling projects were completed in six offices. In addition to
the Southern California headquarters office opened in Los Angeles
as previously mentioned, these communities are now being served:
Seaside, Pleasanton, Lodi, Castro Valley, Greenbrae, Madera and
Danville.
In 1968 fifteen new offices are scheduled to be opened. Eleven
branches will be enlarged and remodeled, eight others will be located
in new quarters. The largest construction project to be completed will
be the Stockton Main office district headquarters which is scheduled
to move into a milJion dollar three-story building in mid-year.
Foundation pile-driving is under way for 20-story
building in San Francisco which will bouse expanding departments of the Head Office.
Applications have been approved or submitted to regulatory authorities for new branches in Santa Ana, Visalia, Bakersfield, Los Angeles,
Saratoga, Fremont, Aptos, Santa Clara and Concord.
Construction began in October on a new $10 million, 20-story building at 475 Sansome Street in San Francisco as quarters for many of
the expanding departments in the Head Office.
The new building will provide needed parking facilities in the basement and first four floors and a cafeteria on the fifth floor. Completion
is scheduled for July 1969.
11
CONSOLIDATED STATEMENTS OF CONDITION
Assets
Cash and Due from Banks.
December 3 I,
1967
December 31,
1966
$ 630,497,501
$ 590,246,139
$
Change
Liabilities
40,251,362
Demand Deposits
Savings Deposits
Investment Securities:
U. S. Government Obligations
452,459,785
420,126,917
32,332,868
Obligations of States and Political Subdivisions
644,463,842
406,066,643
238,397,199
68,676,773
44,33 I ,435
24,345,338
1,165,600,400
870,524,995
295,075,405
29,072,231
8,370,893
20,701,338
Other Securities
Total Investment Securities
Trading Account Securities
12
Time Deposits
Total Deposits
Mortgages Payable .
Liability for Other Borrowed Money
Bank's Acceptances Outstanding
Accrued Taxes and Other Expenses
Commercial, Consumer and Real Estate Loans
Less Reserve for Bad Debts
Net Commercial, Consumer and Real Estate Loans
Money Market Loans
Total Loans
61,924,000
12,476,000
Borrowed Capital:
2,715,290,209
2,563,929,963
151,360,246
Accrued Interest Receivable
29,566,004
22,548,297
7,017,707
Other Assets .
34,612,726
24,552,929
10,059,797
$4,693,300,983
$4,204,572,410
$ 488,728,573
Total Liabilities
Explanatory notes are on pages 14 and 15.
382,655,878
23,000,000
23,500,000
151,740,733
39,850,268
111,890,465
8,957,420
45,646754
(36,689,334 )
4,337,315,131
3,859372,331 ':'
Capital Notes, 4 J/2 % due 1989
50,000,000
50,000,000
Convertible Notes, 31,4 % due 1989
25,347,300
25,347,300
75,347,300
75,347,300
89,215,670
89,215.670
110,784,330
110,784,330
Total Borrowed Capital
(500,000)
3,344,700
16,111,094
477,942,800
Equity Capital:
Capital Stock ($10.00 Par)
Surplus
Undivided Profits
Total Assets
3,682, 101,048
16,993, 166
74,400,000
(36,601 822)
4,064,756,926
33,104,260
Capital Accounts
45,559,242
191,757,307
Other Liabilities
138,884,246
8,957,420
Customers' Acceptance Liability
778390,611
683,919
2,502,005,963
44,100
970,147,918
28,881,897*
2,640,890,209
44,100
Investment in Subsidiaries Not Consolidated
77 942,328
29,565,8 I 6
2,475,812
2,024,720
1,460,263,758
Reserve for Unearned Discount
36,841,970
1,069,254
1,538,206,086
446,078
39,317,782
3,093,974
Other Real Estate Owned .
$1 12,956,243
2,676,470
141,360,058
77,726,598
$1,443,446,679
3,122,548
2,538,847,933
76,566,418
Bank Premises and Equipment
$1,556,402,922
Change
19,722,728*
2,680,207,991
(1,160,180)
December 31,
1966
23,067,428
Dividends Payable
Loans:
December 3 J.
1967
80,638,552
69,852779*
10,785,773
Total Equity Capital
280,638,552
269,852,779*
10,785,773
Total Capital Funds
355,985,852
345,200079*
10,785,773
Total Liabilities and Capital
* Revised.
$4,693,300,983
$4,204,572,410
See "Adjustment of 1966 Figures" section of explanatory notes on page 14.
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
MEMBER FEDERAL RESERVE SYSTEM
$488,728,573
13
CONSOLIDATED STATEMENTS OF EARNINGS
1967
1966
Change
$167,953,274
$163,226,111 '"
$ 4,727,163
Operating Earnings
Interest and Other Fees on Loans
Other Securities .
Trading Account Income
Trust Income
Service Charges on Deposit Accounts
Other Operating Income .
Total Operating Income
Loan Recoveries (not Credited to Reserve for Bad Debts)
17,803,374
21,163,355
2,138,229
194,522
7,701,192
14,459,318
6,790,023
238,203,287
16,816,256
12,741,420
1,319,991
156,891
7,694,020
12,963,197
5,543,410
220,461,296*
987,118
8,421,935
818,238
37,631
7,172
1,496,121
1,246,613
17,741,991
Total Nonoperating Additions
Profit Sharing Contribution
Interest on Deposits
Interest on Capital Notes
Net Occupancy Expense of Bank Premises
Equipment Expenses
]4
Other Operating Expenses
Total Operating Expenses.
Operating Earnings Before Income Taxes
Income Taxes Applicable to Operating Earnings
Net Operating Earnings After Taxes
Change
44,109,007
2,047,314
6,348,60J
6,509,4J 5
100,445,638
5,296,969
3,073,801
10,186,225
5,183,926
20,301,891
201,697,290
36,505,997
8,223,300
$ 28,282,697
$ 3.17
Per Share
89,356,365
2,949,573
3,073,801
9,519,897
4,083,352
8,518,089
(4,438,489)
4,079,600
1,617,452
(497,000)
1,120,452
1,213,854
(652,100)
Transfer to Reserve for Bad Debts
Deduction from Taxes
Net Security Losses
17,148,764
178,636,674
41,824,622 '"
14,713,000'"
$ 27,111,622':'
$ 3.04*
4,219,403
323,701
160,814
J 1,089,273
2,347,396
$
26,051
12,299
38,350
3,095,484
103,361
515,327
11,891,454*
$ 11,853,104*
Net Nonoperating Deductions
$ 28,282,697
5,452,809
Transfer to Undivided Profits
$ 22,829,888
$ 27,111,622':'
11,853,104*
$ 15,258,518 *
All Other Deductions.
Total Nonoperating Deductions.
1
I
10,620,700
(5,512,000)
5,108,700
6,520,582
(3,452,000)
3,068,582
6,577,784*
(3,482,300)
561,754
82,035
217,276
6,061,117
5,452,809
Loan Charge-offs (not Charged to Reserve for Bad Debts)
Net Nonoperating Deductions
666,328
1,100,574
3,153,127
23,060,616
(5,318,625 )
(6,489,700)
$ 1,17] ,075
$ 0.13
2,50b
605,808
608,308
$
(23,551)
593,509
569,958
Nonoperating Deductions
Loss on Sale of Real Estate Loans
48,328,410
2,371,015
Salaries
Interest on Borrowed Money
$
All Other Additions
Operating Expenses
Pension, Social Security and Other Employee Benefits
1966
Nonoperating Additions
Interest and Dividends on Securities:
U. S. Government Obligations
1967
Nonoperating Earnings
Operating Income
$
(2,102,611 )
1,073,511
(1,029,100)
(4,903,130)
2,955,000
(1,948,130)
( 5,363,930)
2,830,200
(2,533,730)
(21,326)
(298,051 )
(5,830,337)
$ (6,400,295)
SUMMARY
Operating Earnings
$
J,171,075
(6,400,295)
$
7,571,370
* Revised. See "Adjustment of 1966 Figures" section of explanatory notes on page 14.
"'Revised. See "Adjustment of 1966 Figures" section of explanatory notes below.
EXPLANATORY NOTES TO FINANCIAL STATEMENTS
ADJUSTMENT OF 1966 FIGURES: During 1967 the regulatory
authorities issued a ruling that caused the Bank to change its
former practice of charging losses incurred when selling real estate
loans to a reserve and amortizing them over a twelve-year period.
Under our new procedure such losses will be entirely charged off
as a nonoperating deduction in the year incurred. Figures for 1966
were revised to conform to this change in accounting. The principal changes in figures reported in the 1966 Annual Report are
described below.
On the Statement of Condition for December 31, 1966, Accrued
Taxes and Other Expenses decreased $3,20 I ,200 and Reserve for
Unearned Discount increased $3,673,572.
On the Operating Earnings statement, Net Operating Earnings
After Taxes increased $249,950 or three cents per share. On tbe
Nonoperating Earnings Statement there was a net increase of $722,322 in Total Nonoperating Deductions and in Net Nonoperating Deductions. Transfer to Undivided Profits decreased $472,372.
PRINCIPLES OF CONSOLIDATION: The financial statements
include those of the Bank and two wholly-owned subsidiary companies-Wells Fargo Bank International Corporation, an "Edge
Act" subsidiary, and ATC Building Company, a bank premises
subsidiary. At the end of 1967 total assets of the Wells Fargo Bank
International Corporation were $22,863,809 and those of the ATC
Building Company were $44,175,797.
SECURITIES: Investment securities are carried at cost, adjusted
for amortization of premiums and accumulation of discount. On
December 31, 1967, the market value of investment securities was
approximately $1,076,673,500. Trading account securities are
stated at the lower of cost or market.
PLEDGED ASSETS: On December 3I, 1967, investment securities carried at $73 1,835,038 were pledged to secure public deposits,
trust deposits and other deposits as provided by law.
Bank premises having a net book value of $31,467,395 are
serving as security for the Collateral Trust and Mortgage Bonds
of $23,000,000 issued by ATC Building Company. These bonds
were issued in two series: 4\4 % Series A Bonds, of which $10,500,000 are outstanding and are being retired by annual payments of
$500,000 to 1988; and 4V2 % Series B Bonds, of which $12,500,000
are outstanding and will be retired in annual installments of
$500,000 from 1969 to 1993.
BANK PREMISES AND EQUIPMENT: Bank premises and
equipment are generally carried at cost less accumulated depreciation of $15,814,040 at December 31,1967 and $13,066,551 at
the end of the preceding year. The provision for depreciation and
amortization was $3,880,531 in 1967 and $3,439,078 in J 966.
CAPITAL NOTES: The 4'/2 % capital notes will mature September 15, 1989. There is no sinking fund or other provision for retirement before maturity. The notes are callabl.e at a premium at the
option of the Bank anytime after September 14, 1969.
The 3\4 % convertible capital notes will also mature on September 15, 1989. These notes are convertibl.e into capital stock at
$60 per share. The conversion price is subject to adjustment in
certain circumstances as set forth in the indenture. There is no
sinking fund or other provISIon for retirement before maturity
other than by conversion. However, the notes are callable at a
premium at the option of the Bank.
The indentures covering the capital notes and the convertible
capital notes contain certain restrictions relating to maintenance
of minimum amounts of capital funds, payments of dividends, etc.
As of December 3I, 1967, $55,638,552 of undivided profits were
free of restrictions.
The notes are subordinate in right of payment to the claim of
depositors and certain other creditors of the Bank.
EQUITY CAPITAL: At December 31,1967,8,921,567 shares of
$10.00 par val.ue capital stock of the Bank were outstanding out
of an authorized 12,000,000 sbares. Of the authorized but unissued
shares, 422,455 shares are currently reserved for the conversion of
the convertible capital notes, and 61,812 shares are reserved for
issuance to shareholders of Bank of Pasadena pending approval
of this merger by the regulatory authorities. At the year end an
additional J 33,451 shares were reserved for issuance in connection
with the purchase of the Sonoma Mortgage Corporation.
15
CHANGES IN CAPITAL ACCOUNTS
Balance, December 31, 1966
Transferred to Undivided Profits
from Statement of Earnings
(Net Operating Earnings and
Net Nonoperating Deductions)
Cash Dividends Declared
Net Increase
Balance, December 3], 1967
AVERAGE ANNUAL YIELDS ON EARNING ASSETS(I)
(In Thousands of Dollars)
Capital
Notes
Capital Stock
$10.00 Par
$75,347
$89,216
Undivided
Profits
Surplus
$110,784
$69,853"
$75,347
$89,216
$110,784
16
1966
Change
$36,841,970
$31,104,313
$ 5,737,657
8,518,089
2,574,336
11,092,425
10,620,700
1,584,845
12,205,545
8,616,613
$39,317,782
6,467,888
$36,841,970
(2,102,611)
989,491
( 1, I 13,120)
2,148,725
2,475,812
$
The Reserve for Bad Debts to provide for possible future losses on loans is maintained in accordance with a Treasury Department formula
which determines the amount that may be added to the reserve and taken as a tax deduction. A change in this formula in 1965 permitted
the Bank to substantially increase its reserve. It is the policy of the Bank to add to the reserve each year the maximum amount that may be
claimed as a tax deduction.
DAILY AVERAGE BALANCES
U.S. Government Obligations.
Other Securities
TOTAL INVESTMENT SECURITIES
Trading Account Securities
Commercial Loans
Real Estate Loans
Consumer Loans
Money Market Loans
TOTAL LOANS (I)
Demand Deposits .
Savings Deposits
Consumer Certificates of Deposit
Corporate Certificates of Deposit
Public Time Deposits
Other Time Deposits
TOTAL DEPOSITS
Other Liabilities for Borrowed Money
Total Capital Accounts
(I) Before deducting Reserve for Bad Debts.
1967
1966
$ 414,833,000
623,813,000
41,475,000
$1,080,121,000
14,043,000
$
$ 416,391,000
397,600,000
25,772,000
$ 839,763,000
$ 11,214,000
$1,202,464,000
951,552,000
357,602,000
117,522,000
$2,629,140,000
$1,420,868,000
1,491,290,000
344,342,000
167,530,000
266,127,000
63,790,000
$3,753,947,000
$ 124,25] ,000
$ 348,494,000
$1,130,069,000
1,020,669,000
384,027,000
64,967,000
$2,599,732,000
$1,383,979,000
1,472,651,000
199,824,000
139,949,000
240,246,000
78,419,000
$3,515,068,000
$ 54,036,000
$ 343,446,000
Change
(1,558,000)
226,213,000
15,703,000
$ 240,358,000
2,829,000
$
$
$
$
$
$
$
$
72,395,000
(69,117,000)
(26,425,000)
52,555,000
29,408,000
36,889,000
18,639,000
144,5J8,000
27,581,000
25,881,000
( 14,629,000)
238,879,000
70,215,000
5,048,000
4.66%(2)
4.44%(2)
0.22%(2)
(2)
(2)
6.23
(2)
0.37
5.35%(2)
0.50%(2)
LOANS AND DISCOUNTS
Commercial Loans .
6.J5%
5.96%
0.19%
Real Estate Loans .
5.88
5.72
0.16
Consumer Loans
8.32
7.98
0.34
6.34%
6.15%
0.19%
6.19%(2)
5.94%(2)
0.25%(2)
1967
1966
Change
Loans Unsecured .
$1,014,814,000
$ 91 1,184,000
$ 103,630,000
Loans on Collateral
267,902,000
235,864,000
32,038,000
ALL EARNING ASSETS
1967
Change
5.85%(2)
Total Loans and Discounts
CHANGES IN RESERVE FOR BAD DEBTS
1966
6.60
Total Securities
* Revised. See"Adjustment of 1966 Figures" section of explanatory notes on page 14.
Balance, Beginning of Year.
Additions:
Transfer from Nonoperating Earnings
Recoveries on Previously Charged-off Loans
Total Additions
Deductions:
Loan Losses and Write-downs
Balance, End of Year
U.S. Governments
State, Municipal and Other
22,830
(12,044 )
10,786
$80,639
1967
SECURITIES
(1) Bank only.
(2) Taxable equivalent yield.
COMPARISON OF LOANS
(At End of Year)
COMMERCIAL LOANS
Bills of Exchange and Acceptances Discounted
71,523,000
19,569,000
51,954,000
Money Market Loans
74,400,000
6J,924,000
12,476,000
$1,428,639,000
$1,228,541,000
$ 200,098,000
FHA and VA Loans
$ 300,480,000
$ 281,032,000
$
Conventional Loans
610,069,000
627,501,000
REAL ESTATE LOANS
19,448,000
(17,432,000)
Farm Loans
17,770,000
19,379,000
(1,609,000)
Interim Construction
40,667,000
69,53J ,000
(28,864,000)
$ 968,986,000
$ 232,224,000
$ 997,443,000
$ 252,672,000
$ (28,457,000)
$ (20,448,000)
Number of loans held by Bank at end of year
59,300
60,000
(700)
Number of sold loans serviced for others at end of year
18,500
17,300
1,200
$ 282,964,000
$ 259,126,000
$
Total Consumer Loans at end of year
$ 356,983,000
$ 374,788,000
$ (17,805,000)
Dollar volume of new loans made during year
$ 467,669,000
$ 505,269,000
$ (37,600,000)
J79,000
186,000
(7,000)
Dollar volume of new loans made during year
Dollar volume of sold loans serviced for others at end of year
23,838,000
CONSUMER LOANS
Number of new loans made during year(l) .
Loan losses as a per cent of loans outstanding at end of year(l)
TOTAL LOANS (2)
(1) Does not include Master Charge loans.
(2) Before deducting Reserve for Bad Debts.
(3) Revised.
.55 of 1%
$2,754,608,000
.82 of 1%(3)
$2,600,772,000
(.270fl%)
$ 153,836,000
17
COMPARISON OF INVESTMENTS
Change
Book Value
Book Value
1966
Book Value
U.S. Government Securities
Per cent of total
Federal Agencies Issues .
Per cent of total .
State, County and Municipal Bonds
Per cent of total .
Stock in Federal Reserve Bank
Per cent of total .
Equity Investments of Wells Fargo Bank
fnternational Corporation
Per cent of total
Other Securities
Per cent of total
$ 452,460000
38.82
41,593,000
3.57
644,464,000
55.29
6,000,000
.51
$420 127,000
48.26
34,854,000
4.00
406,067,000
46.65
6,000,000
.69
5,745,000
.49
15,338 000
1.32
3,477,000
040
TOTAL.
Per cent of total
$1,165,600,000
100.00
$870,525,000
100.00
1967
$
32,333,000
(9.44 )
6,739,000
(.43 )
238,397,000
8.64
$ 295,075,000
Dean, Graduate School of Busines~', Stanford University
KENNETH K. BECHTEL
Chairman of the Board, Industrial Indemnity Company
PAUL A. BISSINGER
(.18 )
2,268,000
.09
15,338,000
1.32
ERNEST C. ARBUCKLE
President, Bissinger & Co.
WILLIAM R. BREUNER
ROBERT L. BRIDGES
DIRECTORS
Thelen, Marrin, Johnson & Bridges, Attorneys at Law
H. STEPHEN CHASE
PETER COOK, JR.
President, John Breuner Company
Chairman of the Board
General Farming, Sacramento Valley of California
RANSOM M. COOK
President, Wel/s Fargo Bank, 1959-64; Chairman, 1964-66
RICHARD P. COOLEY
President
JOHN E. COUNTRYMAN
MATURITY SCHEDULE OF INVESTMENT SECURITIES
18
Maturing within two years
Per cent of total
Maturing within five years
Per cent of total
Maturing within ten years
Per cent of total
Maturing after ten years.
Per cent of total
Chairll/an of the Board and Chief Executive Officer, Del Monte Corporation
LEONARD K. FIRESTONE
1967
Par Value
1966
Par Value
Change
Par Value
$ 493,260,000
42.26
713,791,000
61.16
804,600,000
68.94
362,511,000
$341,164,000
$ 152,096,000
3.39
109,110,000
(7.74)
I 15,713,000
(9.55)
173,742,000
9.55
38.87
604,681,000
68.90
688,887,000
78.49
188,769,000
21.51
31.06
Trustee. Flood Estate
JAMES A. FLOOD
J. A. FOLGER
Fonner Chairman of the Board, The Folger Coffee Company
W. P. FULLER III
':'R.
President, Firestone Tire and Rubber Company of Califomia
R. FUNSTEN
Vice President, Western Regioll for Pittsburgh Plate Glass Company
Chairman of the Board, B. R. Funsten & Co.
JAMES M. HAlT
Chairman of the Board, FMC Corporation
1. W. HELLMAN
President, Wel/.I· Fargo Bank, 1943-60; Chairman, 1960-64
*DANIEL E. KOSHLAND
Chairmau of the Executive Committee, Levi Strauss & Co.
EDMUND W. LlTTLEFIELD
TEN-YEAR COMPARISONS
(In Millions of Dollars)
AT
YEAR
END
Total
Assets
Loans and
Discounts
Total
Deposits
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
2,528
2,552
2,703
2,954
3207
3,401
3733
4,060
4205
4,693
1,193
2,309
2,411
2,441
2,664
2,903
3,117
3,290
3,554
3,682
4,065
1,356
1,421
1,476
1,701
2,000
2,261
2,512
2,564
2,715
Capital
Accounts(l)
171.9
177.8
198.1
217.0
229.5
24404
334.1 (2)
Net Current
Operating
Earnings
340.2
345.2(3)
14.9
17.5
19.6
18.8
18.2
21.6
23.9
23.3
27.1(3)
356.0
28.3
Dividends
6.1
6.3
8.2
7.9
8.0
8.0
8.9
8.9
10.3
12.0
All figures for years prior to 1965 have been revised to conform with the requirements of Regulation F. No adjustment was made for
accrual of bond discount for years before 1962 since figures were not available. Items prior to March 25, 1960 represent the combined
figures of American Trust Company and Wells Fargo Bank.
(I) Does not include Reserve for Bad Debts.
(2) Reflects sale of $75,347,300 of Capital Notes.
(3) Revised.
President and General Manager, Utah Construction & Mining Co.
':'J AMES K. LOCHEAD
President, A merican Trust Company, 1938-56; Chairman, 1956-57
':'DONALD MACLEAN
Former Chairman of the Board, California and Hawaiian Sugar Refining Corporation
J. W. MAILLJARD III
Chairman of the Board, Mail/iard & Sclllniedel/
':'DONALD H. M LAUGHLIN
WILSON MEYER
Chairman of the Board, Wilson & Geo. Meyer & Co.
ROBERT W. MILLER
Chairman of the Executive Committee, Pacific Lighting Corporation
':'GEORGE G. MONTGOMERY
ROBERT S. ODELL
Brobeck, Phleger & Harrison, Attorneys at Law
WILLIAM E. ROBERTS
PETER T. SINCLAIR
*Advisory Directors
Chairman of the Board, Kern County Land Company
President, AI/ied Properties
HERMAN PHLEGER
ALLAN SPROUL
Chairman of the Board, Homestake Mining Company
President, A mpex Corporation
President, Crown Zellerbach Corporation.
Economist; President, Federal Reserve Bank of New York, 1941-56
19
BANK ORGANIZATION
Head D.ffice: 464 California Street, San Francisco 94120
H. Stephen Chase
President and Chief Executive Officer
Richard P. Cooley
Execl/tive Vice Presidents
John R. Breeden
James K. Dobey
Senior Vice Presidenls
A. William Barkan
Glenn C. Bassett, J1'.
Ralph J. Crawford Jr.
J. O. Elmer
Lester H. Empey
F. L. Greiner
Gilman B. Haynes. Jr.
Bernard C. Hogan
John F. Holman
Richard D. Jackson
O. T. Jones
Harold G. King
Ward C. Krebs
Robert F. Smith
K. Stanley Thompson
Vice President, Controller and Cashier
Robert L. Kemper
Vice President and Secretary-Treasl/rer
Harold D. Bostock
General Auditor
Alfred W. Richardson
20
GENERAL OPERATIONS
James K. Dobey
Execl/tive Vice President
MARKETING, ADVERTISING
AND COMPUTER SYSTEMS
Bernard C. Hogan
Senior Vice President
Advertising Department
Francis E. Lougee
Vice President
Computer Systems
Ronald E. Eadie
Vice President
Watson M. McKee, Jf.
Vice President
Peter L. Overmire
Vice President
Janet Wright
Vice President
Marketing Department
Herbert W. Faulkner
Vice President
Edward E. Munger
Vice President
Business Development and
Customer Relations
Richard J. Borda
Vice President
Loan Supervision
Robcrt G. Winden
Vice President
Campbell S. O'Neill
Vice President
E. Julian Unruh
Vice President
Monthly Payment Loan Center
Roderick H. Speetzen
Vice President and Manager
Operations
Walter R. Johnson
Vice President
Personnel
Raymond A. McKellar
Vice President
NATIONAL DIVISION
Robert F. Smith
W. Kent Dyson
Vice Pre.~ident
Robert L. Altick, J r.
Vice President
Henry F. Grady, J1'.
Vice President
John H. Griffith
Vice President
James A. Horsburgh
Vice President
Chester G. Jordan
Vice President
Hans J. Lund
Vice President
W. Peter McAndrew
Vice President
Adolph Mueller II
Vice President
Henry Parish III
Vice President
Robert M. Ridley, Jr.
Vice President
J. Warren Samborn
Vice President
Samuel P. Stevens
Vice President
Wood W. Wilkinson
Vice President
PENINSULA DIVISION
K. Stanley Thompson
METROPOLITAN DIVISION
Customer Relations
Ralph J. Crawford, Jr.
Sigmund E. Beritzhoff
Vice President
Loan Supervision
Loan Supervision
Far East Representative Office
Real Estate Loan Deparhnent
John J. Hennessy
Vice President
Ralph B. Hofer
Vice President
Byron L. Mortenson
Vice President
Howard J. Boscus
Vice President
Ellis M. Cripe
Vice President
John G. Goodrich
Vice President
Neil P. Bruce
Representative. Tokyo
Operations
Operations
INVESTMENT DIVISION
Bertram Holmes
Vice President
George E. Briare
Vice President
Lester H. Empey
Fielding McDearmon
Vice President
Dickson Beckett
Vice President
William L. Martin
Vice President
William M. McVicker
Chief Appraiser
Financial Analysis Department
Personnel
Fred W. Engelbrecht
Vice President
TRUST DIVISION
Harold G. King
Senior Vice President and Senior
Trust Officer
George A. Hopiak
Fred B. Hack
Vice President and Trust Officer
Agency Department
John B. Anderson
Business Development Department
Basil C. Pearce
John V. W. Zaugg
Corporate Trust Department
ADMINISTRATION
O. T. Jones
Cashier's Department
Robert L. Kemper
Carroll H. George
Vice President
Controller's Department
Robert L. Kemper
CREDIT CARD
Securities Clearance Department
ADMINISTRATION
John P. Griffiths
Vice President
J. O. Elmer
Pension and Profit Sharing
Trust Department
Glenhall E. Taylor, Jf.
Vice President
Hasell L. Henderson
CREDIT POLICY COMMITTEE
Probate Department
Francis E. Canatsy
Testamentary Trust Department
Stanley S. Hasbrook
Vice President and Tmst Officer
Trust Operations Department
Robert M. Harper
Vice President
V ALLEY DIVISION
Gilman B. Haynes, J1'.
Customer Relations
John M. Diggs
Vice President
Stephen G. Gribi
Vice President
Investment Department
Gerard E. Downey
Vice President
Eldon T. Peterson
Vice President
Credit Card Deparhnent
Christopher T. Ford
Vice President and Tmst Officer
James R. Vertin
Vice President
William F. Adam
Vice President
W. Rodney Hughes
Vice President
Richard K. Kingsley
Vice President
Emmet W. Luttrell
Vice President
Andrew E. Steen
Vice President
George F. Casey, Jf.
Vice President
David G. Stead
Vice President
Real Property Management
Warren E. Danforth
Private Trust Department
Mexico City Representative Office
Charles H. Green
Repre.\·entari,·e. Mexico City
LOAN DIVISION
John F. Holman
Commercial Loan Deparhnent
Ward C. Krebs
Senior Vice President and Chairman
Ransom M. Cook
Member, Board of Directors
Dwight W. Chapman
Consultant
INTERNATIONAL DIVISION
Glenn C. Bassett, Jf.
William E. Biggerstaff
Vice President
Brian K. Evans
Vice President
William E. Henley
Vice President
Donald W. Jardine
Vice President
Dimitry V. Tomashevsky
Vice President (New York)
Gerrit E. Venema
Vice President
Mattheus Visser
Vice President
F. L. Greiner
W. Stanford Durrant
Vice President
Russell F. Dwyer
Vice President
Robert L. Essick
Vice President
James A. Herbert
Vice President
Earnest C. Lucot
Vice President
Edward B. Wilkinson
Chief Loan Examiner
Loan Adjustment Department
Arthur L. Foskett
Monthly Payment Loan Deparhnent
Leslie C. Smith
Vice President
Walter H. Ehlers
Vice President
Kenneth L. Jones
Vice President
PERSONNEL DIVISION
A. William Barkan
Personnel Department
Philip G. Bowser
Vice President
Training Department
Max H. Forster
Director of Training
PUBLIC AND GOVERNMENTAL
AFFAIRS
Ross Buell
Vice President
SOUTHERN CALIFORNIA
HEADQUARTERS
John R. Breeden
Execl/tive Vice President
Richard D. Jackson
William G. Brock
Vice President
Albert W. Larsen
Vice President
Paul A. Pflueger, Jf.
Vice President
W. James Robertson
Vice Presidellt
George W. Schmitz
Vice President
Andrew H. Stone
Vice President
Donald G. Wbarton, Jr.
Vice President
WELLS FARGO BANK
INTERNATIONAL
CORPORATION
Ransom M. Cook
Richard P. Cooley
President
Glenn C. Bassett, Jr.
Vice President
Brian K. Evans
Vice President
William E. Henley
Vice President
John F. Holman
Vice President
Robert F. Smith
Vice President
Dimitry V. Tomashevsky
Harold D. Bostock
Secretary and Treasurer
21
BRANCH OFFICES
METROPOLITAN DIVISION
CONTRA COSTA DISTRICT
Larkspur
Philip L. McClure
Vice President and District Manager
GREENBRAE OFFICE
464 CALIFORNIA STREET OFFICE
San Francisco
Harry East Miller, Jr.
Vice President
George G. Skot!
MARKET-MONTGOMERY OFFICE
4 Montgomery Street, San Francisco
Frederick B. Henderson, Jr.
Robert A. Saxe
Vice President and Assistant Manager
Lloyd H. Brinck
Vice President, Real Estate
Ernest A. Clark
Vice President, Mortgage Warehousing
Roland J. Wynne
Vice President, Commercial Loans
UNION TRUST OFFICE
2 Grant Avenue, San Francisco
Robert J. Zaro
Antioch
ANTIOCH OFFICE
301 G Street
Gino Cecchini
Assistant Vice President and Manager
EIGHTEENTH AND A STREET OFFICE
1715 A Street
Richard W. Lantz
Manager
Concord
CONCORD OFFICE
2190 Willow Pass Road
James R. Gibson
Assistanl Vice Presidenl and Manager
YGNACIO VALLEY OFFICE
1705 Oak Grove Road
John L. Balzarini
Manager
Danville
DANVILLE OFFICE
BERKELEY DISTRICT
Byron E. Lewis
585 San Ramon Valley Boulevard
Dwight W. Stratton
Manager
Lafayette
Berkeley
BERKELEY MAIN OFFICE
2144 Shattuck Avenue
Byron E. Lewis
22
ELMWOOD OFFICE
2959 College Avenue
John Pillsbury
NORTH BERKELEY OFFICE
1800 Solano Avenue
Frank Fava
Manager
SOUTH BERKELEY OFFICE
3290 Adeline Street
Paul B. Phillips
M(II/ager
UNIVERSITY OFFICE
2460 Bancroft Way
Walter C. Ryan
WEST BERKELEY OFFICE
LAFAYETTE OFFICE
3630 Mt. Diablo Boulevard
Kenneth P. Fowler
Manager
Martinez
MARTINEZ OFFICE
902 Main Street
R. Neil Wood
Assislant Vice President and Manager
Moraga
MORAGA OFFICE
1460 Moraga Road
Samuel von Rajcs
Manager
Orinda
ORINDA OFFICE
20 Moraga Way
Merle D. Brown
Pittsburg
PITTSBURG OFFICE
100 Bon Air Shopping Center
Clinton L. Jones
Manager
Mill Valley
MILL VALLEY OFFICE
18 Miller Avenue
Thomas B. Lathrop
AS.I·islant Vice Presidenl and Manager
Napa
NAPA OFFICE
955 Franklin Street
C. Carroll Cady
Vice Presidenl and Manager
Novato
NOVATO OFFICE
946 Diablo Avenue
Richard H. Malloch
Manager
WEST ALAMEDA OFFICE
1442 Webster Street
Fred W. Zecher
Manager
Emeryville
EMERYVILLE OFFICE
Crescent City
3850 San Pablo Avenue
William R. McGuire
Assistant Vice Presidenl and Manager
Oakland
OAKLAND MAIN OFFICE
415 Twentieth Street
Carl K. Bomberger
Duane G. Anderson
Stanley B. Gerdes
Vice President
DIMOND OFFICE
3442 Fruitvale Avenue
Edward L. Sheehan
MWIGger
ELMHURST OFFICE
ST. HELENA OFFICE
9537 East Fourteenth Street
Glenn V. Hammond
Assistanl Vice President and Manager
San Anselmo
SAN ANSELMO OFFICE
3 Tunstead Avenue
Elmer E. Anderson
FORTIETH-PIEDMONT OFFICE
151 Fortieth Street
Francis E. Warner
Manager
FOURTEENTH-BROADWAY OFFICE
San Rafael
1421 Broadway
William G. Day
SAN RAFAEL OFFICE
FRUITVALE OFFICE
Third and A Streets
Edwin Johnson
C. Lyle Planje
Manager
NORTHGATE OFFICE
GRAND AVENUE OFFICE
600 Las Gallinas Avenue
James C. Gain
Manager
3242 Grand Avenue
Donald F. Mai
Manager
Sausalito
NAVAL SUPPLY CENTER OFFICE
SAUSALITO OFFICE
715 Bridgeway
Clifford E. Christison
Manager
Vallejo
VALLEJO OFFICE
1702 Tennessee Street
Gordon V. Scott
Manager
Building 221, Naval Supply Center
John E. Danska
Manager
PARK BOULEVARD OFFICE
300 East Eighteenth Street
Henry J. Albrecht
Manager
PIEDMONT-HIGHLAND OFFICE
415 Railroad Avenue
John B. Towne
OAKLAND DISTRICT
Carl K. Bomberger
San Leandro
Alameda
A. Donald Lucot
EI Cerrito
Pleasant Hill
PLEASANT HILL OFFICE
9800 San Pablo Avenue
Neil S. Fitch
Manager
699 Contra Costa Boulevard
Roger E. Stange
Manager
Richmond
RICHMOND OFFICE
1001 Macdonald Avenue
Ira E. Pooler
RICHMOND CIVIC CENTER OFFICE
2400 Macdonald Avenue
Lewis M. Allen
Manager
Walnut Creek
WALNUT CREEK OFFICE
1499 North Main Street
Philip L. McClure
Vice Presidenl and Manager
NORTH BAY DISTRICT
Edwin Johnson
Vice President and Dislricl Manager
ALAMEDA OFFICE
1400 Park Street
Richard D. Thomas
NAVAL AIR STATION OFFICE
Building No. 62, U.S. Naval Air Station
Marvin W. Recknor
Manager
SOUTH SHORE ALAMEDA OFFICE
2289 South Shore Center
Charles C. Borden
Manager
CRESCENT CITY OFFICE
1020 Third Street
James E. Kinney
Manager
344 High.land Avenue
William E. Battershill
Manager
SAN LEANDRO OFFICE
REDWOOD EMPIRE DISTRICT
COLUMBUS AVENUE OFFICE
468 Columbus Avenue
Edmund Leveroni
FILLMORE-CALIFORNIA OFFICE
2100 Fillmore Street
Jeremiah M. Corbett
Manager
FILLMORE-O'FARRELL OFFICE
Eureka
J499 Fillmore Street
Joseph H. Guay
Manager
EUREKA OFFICE
447 SUTTER STREET OFFICE
Fifth and I Streets
H. E. Waite
Walton M. Lawrence
GEARY-NINETEENTH AVENUE OFFICE
Middletown
MIDDLETOWN OFFICE
Calistoga Street
Arthur R. Mayo
Manager
Petaluma
PETALUMA OFFICE
101 Petaluma Boulevard North
John E. Gallagher
Santa Rosa
SANTA ROSA OFFICE
49 Old Courthouse Square
James B. Keegan
CODDINGTOWN OFFICE
2960 Cleveland Avenue
Rex W. Hime
Manager
SANTA ROSA PLAZA OFFICE
2765 Fourth Street
Kenneth W. Prior
Manager
Sonoma
SONOMA OFFICE
480 West Napa Street
Robert DeBruycker
Assistant Vice President alld Manager
Ukiah
UKIAH OFFICE
717 South State Street
Jack H. Kummert
Manager
Piedmont
1095 University Avenue
John J. Hall
Manager
EL CERRITO PLAZA OFFICE
COVELO OFFICE
Howard and Main Streets
Charles C. McCulloch
Manager
St. Helena
1107 Main Street
George C. Seider
Manager
Covelo
SAN FRANCISCO
CIVIC CENTER DISTRICT
Leo M. Bianco
Pacifica
PACIFICA OFFICE
1450 Linda Mar Shopping Center
Mrs. Shirley E. Nelson
Manager
San Francisco
5455 Geary Boulevard
Eldridge H. Huber
Manager
GEARY-SPRUCE OFFICE
3200 Geary Boulevard
William 1. Ryan
M(//lCIger
MARINA OFFICE
2166 Chestnut Street
Colin J. Mason
POLK-CALIFORNIA OFFICE
1498 Polk Street
Constant F. Rilliet, Jr.
Assistant Vice President and Mallager
PRESIDIO OFFICE
Building No. 210, Presidio of San Francisco
Frank Malinasky
Manager
725 IRVING STREET OFFICE
Robert L. De Mattei
Mallager
SEVENTH AVENUE-CLEMENT OFFICE
599 Clement Street
Manuel J. Mendes, Jr.
Manager
STONESTOWN OFFICE
599 Buckingham Way
Glenn E. Adams
Manager
TWENTY-FOURTH AVENUEIRVING OFFICE
2300 Irving Street
Leonard E. Blakely
Mallager
WEST PORTAL OFFICE
145 West Portal Avenue
George S. McGahey
SAN FRANCISCO
RINCON DISTRICT
L. Eston Davis
San Francisco
CIVIC CENTER OFFICE
MATSON BUILDING OFFICE
1266 Market Street
Leo M. Bianco
Vice Presidellt and Manager
225 Market Street
L. Eston Davis
ARCATA OFFICE
BROADWAY-GRANT AVENUE OFFICE
CROWN ZELLERBACH OFFICE
1315 G Street
JackL. Taylor
Manager
57 I Broadway
Harry L. Mathis
Manager
Market at Sansome Street
Alan E. Beck
James B. Keegan
Vice President and Districl Manager
Arcata
23
GOLDEN GATEWAY OFFICE
401 Battery Street
R. Tormey Herold
Mal/agel'
FOOTHILL BOULEVARD OFFICE
22628 Foothill Boulevard
Harlan C. Nobis
Assistal/t Vice Presidel/t al/d Mal/agel'
MISSION-OCEAN AVENUE OFFICE
4648 Mission Street
James L. Tacchini
Mal/agel'
SOUTHLAND OFFICE
24345 Southland Drive
Robert T. Graham
Manager
MISSION SAVINGS OFFICE
498 Valencia Street
Eugene A. Franco
Manager
Livermore
NEW MONTGOMERY OFFICE
100 New Montgomery Street
Philip T. Smith
Assistant Vice President and Mal/agel'
THIRD-BRANNAN OFFICE
601 Third Street
Walter J. Spaelti
Assistal/t Vice President and Manager
THIRD-REVERE OFFICE
5048 Third Street
Robert J. Gicker
Manager
TWENTY-NINTH MISSION OFFICE
3299 Mission Street
John P. McNamara
Manager
TWENTY-SECOND MISSION OFFICE
2595 Mission Street
Andrew J. Siordia
Mal/agel'
24
SOUTHERN ALAMEDA COUNTY
DISTRICT
David W. Crane
Vice President and District Mal/agel'
Castro Valley
CASTRO VALLEY OFFICE
20566 Redwood Road
Robert Nathanson
Manager
Dublin
SAN RAMON VILLAGE OFFICE
7745 Amador Valley Boulevard
Lawrence E. Cauble
Manager
LIVERMORE OFFICE
235 South K Street
Earl B. Duarte
Assistant Vice Presidel/t and Mal/agel'
FREMONT OFFICE
4501 Eggers Drive
David W. Crane
WARM SPRINGS OFFICE
46973 Warm Springs Boulevard
James R. Webb
Manager
KING CITY OFFICE
232 Broadway
William H. Dye
Monterey
MONTEREY OFFICE
399 Alvarado Street
John A. Kern
DEL MONTE OFFICE
760 Del Monte Center
Paul A. Renstrom
Manager
Pleasanton
COUNTY CENTER OFFICE
710 Hamilton Street
Andrew McConnell
FOREST HILL OFFICE
1160 Forest Avenue
John W. Mathys
Manager
PLEASANTON OFFICE
1795 Santa Rita Road
Douglas W. Hall
Manager
WOODSIDE ROAD OFFICE
1390 Woodside Road
John R. Barry
Manager
San Lorenzo
San Carlos
SALINAS MAIN OFFICE
201 Main Street
Roland Tavernetti
SAN LORENZO OFFICE
16000 Hesperian Boulevard
Thomas T. Townsend
Manager
SAN CARLOS OFFICE
632 Laurel Street
Henry M. Nissen
Sunnyvale
Newark
NEWARK OFFICE
6536 Thornton Avenue
Donald M. Stephenson
Manager
PENINSULA DIVISION
PALO ALTO DISTRICT
Graham G. Adams
Los Altos
LOS ALTOS OFFICE
100 Main Street
William 1. Maxwell
SUNNYVALE OFFICE
361 South Murphy Avenue
Robert W. Forsberg
Woodside
WHISKEY HILL ROAD OFFICE
2925 Woodside Road
Robert A. Armstrong
Manager
Menlo Park
SALINAS DISTRICT
MENLO PARK OFFICE
735 Santa Cruz Avenue
William H. Mauel
Vice President and Mal/agel'
Roland Tavernetti
SHARON HEIGHTS OFFICE
325 Sharon Park Drive
Harold W. Hill, Jr.
Manager
MOUNTAIN VIEW OFFICE
590 Castro Street
Robert S. Leeper
MAYFIELD MALL OFFICE
250 Mayfield Avenue
John J. Cantlen
Manager
Palo Alto
HAYWARD OFFICE
1172 A Street
Lester E. Cragholm
Mal/agel'
PALO ALTO OFFICE
400 Hamilton Avenue
Graham G. Adams
Vice President and Mal/agel'
George Lang, J r.
FAIRWAY PARK OFFICE
31045 Mission Boulevard
John Mack
Manager
OLD STANFORD FARM OFFICE
600 Quarry Road
Lawrence W. Liston
Manager
Hayward
Redwood City
King City
BROADWAY-MAIN OFFICE
Broadway and Main
Theodore N. Thompson
Vice Presidel/t al/d Manager
Fred B. Walker
Vice President and Assistal/t Mal/agel'
Mountain View
Fremont
STANFORD INDUSTRIAL PARK OFFICE
505 California Avenue
Carl J. Schmitt
Assistal/t Vice President and Manager
UNIVERSITY AVENUE-BAYSHORE
OFFICE
Ronald J. Marcus
Manager
Carmel
CARMEL OFFICE
San Carlos Street
Thomas L. Craig
Castroville
CASTROVILLE OFFICE
10601 Merritt Street
Ignatius M. Bua
Manager
Gonzales
GONZALES OFFICE
346 Alta Street
Adolph Decoto
Mal/agel'
Greenfield
GREENFIELD OFFICE
219 El Cantino Real
G. Earl Cassatt
MWlGger
Hollister
HOLLISTER OFFICE
375 Sixth Street
Lauren R. Stewart
Mal/agel'
ALMADEN VALLEY OFFICE
6465 Almaden Road
Hiram P. Gates
Manager
ALUM ROCK AVENUE OFFICE
2880 Alum Rock Avenue
William A. Jenkins
CAMDEN-HILLSDALE OFFICE
1820 Hillsdale Avenue
Theodore F. VonBerckefeldt
Manager
San Mateo
SAN MATEO OFFICE
100 Fourth Avenue
Carl E. Ward
Vice President al/d Manager
Maurice D. Berchdorf
Vice Presidel/t and Assistal/t Mal/agel'
CRYSTAL SPRINGS OFFICE
2020 Monterey Boulevard
Monte J. Robinson
Mal/agel'
HILLSDALE OFFICE
80 West Hillsdale Boulevard
Robert H. Rehfeld
HEDDING AND THE ALAMEDA OFFICE
1900 The Alameda
George J. Greenwood
Manager
South San Francisco
LONE HILL OFFICE
5411 Camden Avenue
Paul D. Brown
Manager
BRENTWOOD OFFICE
205 Kenwood Way
Warren M. Crawford, J r.
Assistant Vice President al/d Manager
NORTH FIRST STREET OFFICE
798 North First Street
E. Harold Gustafson
SOUTH SAN FRANCISCO
INDUSTRIAL OFFICE
400 South Airport Boulevard
Paul F. Lerch
Manager
ALISAL OFFICE
730 East Alisal Street
John J. Jorgensen
Manager
WILLOW GLEN OFFICE
1250 Lincoln Avenue
Melvin J. Stuparich
SANTA CLARA DISTRICT
NORTH SALINAS OFFICE
George Davis
Manager
SAN MATEO DISTRICT
VALLEY CENTER OFFICE
1037 South Main Street
Clark Alsop
Belmont
Pacific Grove
Salinas
Seaside
SEASIDE OFFICE
1766 Fremont Boulevard
George A. Dujmovich
Manager
SAN JOSE DISTRICT
Walter J. Grierson
Gilroy
GILROY OFFICE
100 North Monterey Street
Vernon C. Gillott
Milpitas
MILPITAS OFFICE
10 Milpitas Center
Huntley E. Miller
Manager
Morgan Hill
MORGAN HILL OFFICE
2 South Monterey Street
Richard C. Traulsen
Manager
San Jose
SAN JOSE MAIN OFFICE
101 South First Street
Walter J. Grierson
William Koves
Carl E. Ward
BELMONT OFFICE
1045 Ralston Avenue
Milton W. Adamson
Burlingame
BURLINGAME OFFICE
249 Primrose Road
Charles E. Nussbaum
BROADWAY·BURLINGAME OFFICE
1399 Broadway
Robert G. Cowan
Manager
BURLINGAME INDUSTRIAL OFFICE
851 Burlway Road
James H. Bryce
Manager
Ellis A. Howard
Campbell
CAMPBELL OFFICE
East Campbell Avenue and Second Street
Joaquin J. Payne
25
Cupertino
CUPERTINO OFFICE
10260 South Saratoga-Sunnyvale Road
David C. McMullen
Manager
Los Gatos
LOS GATOS OFFICE
150 North Santa Cruz Avenue
Jack C. McCarthy
San Jose
SARATOGA-CAMPBELL AVENUE
OFFICE
1730 Saratoga Avenue
Harry J. Zahner
Manager
Santa Clara
Foster City
FOSTER CITY OFFICE
1001 East Hillsdale Boulevard
Robert F. Meurer
Manager
Millbrae
MILLBRAE OFFICE
300 Broadway
Wayne L. Richter
Manager
San Bruno
SAN BRUNO OFFICE
470 San Mateo Avenue
Jeremiah P. Cadigan
Manager
SANTA CLARA OFFICE
1111 Washington Street
Ellis A. Howard
EL CAMINO REAL OFFICE
2120 EI Camino Real
Lee R. Mathews
Manager
HOMESTEAD-KIELY OFFICE
2792 Homestead Road
Thaddeus Apanasewicz
Mal/agel'
STEVENS CREEK OFFICE
65 North Winchester Boulevard
Edward A. Hussong, Jr.
Manager
I;
Sunnyvale
Redding
Marysville
SACRAMENTO DISTRICT
Grass Valley
Stockton
WESTMOOR VILLAGE OFFICE
1241 Mary Avenue
Eugene O. Bastianon
Manager
REDDING OFFICE
1770 Pine Street
George A. Greenleaf
MARYSVILLE OFFICE
300 Fourth Street
Forest Hetland
Robert D. Livingston
GRASS VALLEY OFFICE
214 Mill Street
Alfred B. Dayton
Manager
STOCKTON MAIN OFFICE
26 North San Joaquin Street
Alfred S. Anderson
BEALE AIR FORCE BASE OFFICE
Beale Air Force Base
Edward F. Sustrick
Manager
NORTH STOCKTON OFFICE
7650 Pacific Avenue
Robert L. Gray
Manager
Quincy
SACRAMENTO MAIN OFFICE
500 Capitol Mall
Robert D. Livingston
Gordon G. Nevis
Placerville
SANTA CRUZ COUNTY
DISTRICT
ENTERPRISE OFFICE
830 Cypress Avenue
Robert L. Stone
Manager
QUINCY OFFICE
201 Main Street
James E. Kade
Manager
ALHAMBRA-BROADWAY OFFICE
3031 Broadway
Charles P. Morgan
Rancho Cordova
Yuba City
ARDEN FAIR OFFICE
1795 Arden Way
Herb L. Hebert
Manager
Walter J. Dutro
Santa Cruz
SANTA CRUZ OFFICE
1515 Pacific Avenue
Warren B. Cottrell
OPAL CLIFFS OFFICE
3701 Portola Drive
William T. Allen
MClJlager
SANTA CRUZ CAMPUS OFFICE
2228 Bay Street
Frederick K. Duhring
Manager
Watsonville
PAJARO VALLEY OFFICE
326 Main Street
Alwyne E. MigueL
FREEDOM OFFICE
1501 Freedom Boulevard
Thomas J. Lister
26
VALLEY DIVISION
CHICO DISTRICT
Richard L. Nelepovitz
Assistant Vice President and
District Manager
Alturas
ALTURAS OFFICE
Kenneth E. Smith, Jr.
Manager
Anderson
ANDERSON OFFICE
3005 East Center Street
William F. Candrian
Mal/ager
Chico
CHICO OFFICE
355 Memorial Way
Richard L. Nelepovitz
FRESNO DISTRICT
Eugene E. Cochrane
Clovis
CLOVIS OFFICE
430 Pol1asky Avenue
Henry 1. Flory
Manager
YUBA CITY OFFICE
700 Plumas Street
Howard W. Fleming
Manager
Fresno
YUBA PLAZA OFFICE
900 Colusa Avenue
Arthur W. Johansen
Manager
FRESNO MAIN OFFICE
L206 Van Ness Avenue
Eugene E. Cochrane
K. T. Crawford
Vice President
Theo. Kinnune
Vice President
BLACKSTONE-ASH LAN OFFICE
4270 North Blackstone Avenue
Neil G. Ring
Manager
WEST FRESNO OFFICE
1048 E Street
George S. Weaver
Manager
Huron
HURON OFFICE
36582 Dinero Way
John Vai
Manager
MODESTO DISTRICT
Joseph L. Nessier
Los Banos
LOS BANOS OFFICE
461 J Street
Ned B. Dickson
Merced
MERCED OFFiCE
1911 M Street
MudD. Long
Mal/ager
Modesto
Sacramento
CAMELLIA CITY CENTER OFFICE
5700 Folsom Boulevard
Stanley C. Nicolaus
Manager
CAMPUS COMMONS OFFICE
Wayne E. Smith
Manager
CROSSROADS-FREEPORT BOULEVARD
OFFICE
5660 Freeport Boulevard
Edward V. King, Jr.
Manager
FLORIN CENTER OFFICE
6945 Stockton Boulevard
Richard E. Lofstrand
Manager
PLACERVILLE OFFICE
186 Placerville Drive
Warren E. Farnam, Jr.
Manager
CORDOVA-MILLS OFFICE
10124 Coloma Road
Edward G. Stillwell
Manager
Roseville
ROSEVILLE OFFICE
380 Roseville Square
Peter C. Wright
Manager
Sacramento
ARDEN TOWN OFFICE
Watt Avenue and Fair Oaks Boulevard
George P. Agajan
Manager
COUNTRY CLUB CENTRE OFFICE
3380 El Camino Avenue
William G. Isherwood
ROSEMONT PLAZA OFFICE
9111 Kiefer Boulevard
Curtis W. Haug
Manager
South Lake Tahoe
NORTH SACRAMENTO OFFICE
1501 Del Paso Boulevard
W. Gary Alford, Jr.
SOUTH TAHOE OFFICE
3443 Highway 50 at Bal Bijou Road
Sherman W. McKissock
Manager
SACRAMENTO SOUTHGATE OFFICE
4401 Florin Road
Paul J. Fritschie
Manager
Tahoe City
Kingsburg
MODESTO MAIN OFFICE
1120 K Street
Joseph L. Nessier
KINGSBURG OFFICE
1400 Draper Street
L. H. Kehn
Manager
McHENRY AVENUE OFFICE
1601 McHenry Avenue
Merle L. Lancey
Manager
TENTH AND J STREET OFFICE
1011 Tenth Street
Thomas A. Bigelow
Madera
Oakdale
West Sacramento
MADERA OFFICE
324 West Yosemite Avenue
Loren C. Rigby
Manager
OAKDALE OFFICE
105 West F Street
Robert D. Lingley
Manager
WEST SACRAMENTO OFFICE
845 Jefferson Boulevard
Charles L. Sharpless
Manager
Jackson
SIERRA DISTRICT
Lotti
William G. Isherwood
Assistant Vice President and
District Manager
LOm OFFICE
14-A South School Street
J obo W. Larsen
Manager
San Joaquin
SAN JOAQUIN OFFICE
8777 Main Street
Arturo 1. Garcia
Manager
Patterson
PATTERSON OFFICE
17 Plaza
Edward G. Hammon
NORTH TAHOE OFFICE
150 Westlake Boulevard
D. Jack Sheehan
STOCKTON DISTRICT
Alfred S. Anderson
JACKSON OFFICE
11 Main Street
Foster Briggs
Coming
Sonora
Auburn
CORNING OFFICE
L503 Solano Street
Arnold K. Miller
Manager
Forest Hetland
Vice President al/d District Manager
SONORA OFFICE
172 West Stockton Street
Benjamin C. Hickey
MClllager
AUBURN OFFICE
455 Grass Valley Highway
Charles F. Wuesthoff
Manager
Red Bluff
Gridley
Turlock
Carmichael
Plymouth
RED BLUFF OFFICE
555 Walnut Street
Lloyd E. Smead, Jr.
Mal/ager
GRIDLEY OFFICE
520 Kentucky Street
Paul D. Kimmelshue
Mal/agel'
TURLOCK OFFICE
440 East Olive Street
Donald R. Harrison
Mal/ager
CRESTVIEW VILLAGE OFFICE
4712 Manzanita Avenue
Buford C. Cook
Manager
PLYMOUTH OFFICE
Main Street
James K. VanAusdal
Assistant Cashier
MARYSVILLE DISTRICT
Manteca
MANTECA OFFICE
Roger B. Rehn
Manager
PACIFIC AVENUE OFFICE
1906 Pacific Avenue
Cletus J. Doneux
WILSON WAY-MARKET OFFICE
49 South Wilson Way
Melvin R. Slocum
Manager
Sutter Creek
SUTTER CREEK OFFICE
58 Main Street
K. William Oehler, Jr.
Manager
Tracy
TRACY OFFICE
1025 Central Avenue
Leo W. Bardin
WOODLAND DISTRICT
John E. Weaver
Davis
DAVIS OFFICE
340 F Street
Richard P. FeLdrniller
Fairfield
FAIRFIELD OFFICE
601 Jackson Street
George L. Olson
Vacaville
VACAVILLE OFFICE
201 East Monte Vista Avenue
William J. Steiner
Manager
Williams
WILLIAMS OFFICE
780 E Street
Bill E. Turner
Manager
Woodland
WOODLAND OFFICE
444 Court Street
John E. Weaver
SOUTHERN CALIFORNIA
Los Angeles
PERSHING SQUARE OFFICE
415 West Fifth Street
Daniel C. Davis
John A. Held
Vice President
John K. Snyder
Vice President
27
Market-Montgomery Office and Metropolitan Division Headquarters
Grass Valley Office
Almaden Valley Office
Crescent City Office
Carmel Office
ARCATA·
* REDDING (2)
• ANDERSON
• RED BLUFF
• CORNING
-COVELO
• CHICO
• GRIDLEY
.. uKlAli
• GRASS VALLEY
• WILliAMS
TAHOECI
YUBA CITY (2) •• MARYSVILLE
WELLS FARGO
BANKING OFFICES
• M1DDLETOWti
BEALE AIR FORCE BASE • AUBURN
• ROSEVILLE
ST. HELENA.
WOODlAND.
• PLACERVILLE
• SANTA ROSA (3)
WEST ....,
.CARMICHAEL
SACRAMENTO.
• RANCHO CORDOVA
DAVIS.
SACRAMENTO (13)
'ALUMA• VACAVILLE
• PLYMOUTH
NOVAT0
"'~!RFIELD
• SUTTER CREEK
ALLEJO·
* LODI
• JACKSON
SAN ~NSELMO •
(2) SAN RAFAEL •
~ ARTIti§ ~
• STOCKTON (4)
LARKSPU~*
" RICHMOND (2)
PITISBURG
MILL VALLEY..
• EL CERRITO
• ANTIOCH (2)
SAUSALIl',
• B~KELEY (6) • CONCORD (2)
SAN FRANCISCO.
• EMERYVILLE
• PLE/,'SANT HILL
Head Office ana 29 Branches
• PIEDMONT
LAFAYETI:f • • WALNUT CREEK
(2) SOUTH SAN FRANCISCO.
• OAKLAND (9) ORINDA·
SAN BRUNO 0
.~LAMEDA (4)
• MORAGA
DANVILLE
PACIFICI\.
• SAN LEANDRO
CASTRO VALLEY
MILLBflAE.
SAN LORENZO
• DUBLIN
• MANTECA
• HAYWARO (4)
LIVERMORE· • TRACY
• OAKDALE
(3) BURLINGAME. \.
(2) SAN Ml>.TEO •• FO~RCITY
• FREMONT (2)
PLEASANTON
• MODESTO (2)
*
1
*
*
CRYSTAL SPRINGS
*
*
NEWARK
BEL~ONT • • S'AN C.A:RLOS
(3)REDW90DCITY.' ~
PATTERSON • • TURLOCK
(2) ME,NLO PARK. • (4) PALO ALTO
• MERCED
WpODSIOE.
., MILPITAS
(2)'I-\OUNTAIN VIEW·
.($) SAN JOSli:
OS ALTOS.
• (2) SUNNYVALE
• (4) SANTA CLARA
CUPERTINO •
CAMPBELL·
·LQSGATOS
• LOS BANOS
• MORGAN HILL
MADERA
(3) SANTA CRUZ
• GILROY
• CLOVIS
• HOLLISTER
(2) WATSONViLLE.
*
*
..
• CASTROVILLE
o FRESNO (3)
• SALINAS (4)
SEASIDE
MONTEREY (2)
PACIFIC GROVE,o
CARMEL 0
-GONZALES
*
• SAN JOAQUIN
• KINGSBURG
o VISALIA
• GREENFIELD
• KING CITY
• HURON
o BAKERSFIELD
L0-lANG5LES
*
METROPOLITAN LOS ANGELES (2)0
,
DPendlng
*
Offices added in 1967
(3) Figures in parentheses indicate
number of offices in the
designated community.

1967 annual report wells fargo bank

Transcription

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