Beginning in the mid-1800s, a six-horse stagecoach rumbled across the American West, delivering gold and other valuables. It was a service of Wells, Fargo & Co.’s Bank, San Francisco, a company founded by Henry Wells and William Fargo in 1852.
Since then, the Wells Fargo name has been associated with the stagecoach image, which represents the company’s past and service. The Wells Fargo stagecoach comes to Nevada for the annual Reno Rodeo parade and also appears at branch grand openings.
“I think the bank marries the best of both worlds: a 150-plus-year history and cutting-edge products and services,” said Kirk Clausen, regional president of Wells Fargo Bank for the state of Nevada.
Wells Fargo in Nevada is part of the $500 billion Wells Fargo & Co. corporation. The company’s presence in this state dates back to the Comstock days, when the first bank opened in Virginia City. In the same year –1860 – Wells Fargo added offices in Carson City, Genoa, Gold Hill and Silver City.
Today, the financial services company provides banking, insurance, investments, mortgage and consumer finance services. Banking can be done via the phone, the Internet or its 130 branches.
Clausen said the bank’s products and services have evolved over the years. “We’ve had to create new product sets, such as checking accounts that apply to all kinds of folks at various places within the life cycle,” he said. For example, the bank offers free checking accounts for college students, accounts with higher balance requirements and interest rates for the more affluent, and accounts for everybody in between. Recently, it initiated a restricted checking account for people with bad credit, to help them better manage their funds. “I think a big issue for us is educating customers about all the services we provide,” Clausen said.
Wells Fargo serves about 404,000 households and 146,000 businesses throughout Nevada. The bank captures about 30 percent of the market-share in Northern Nevada and about 25 percent in Southern Nevada. “I always feel like we’re behind the growth curve in Southern Nevada,” Clausen said. “I’d love to have 10 to 15 more stores already open there.”
Plans call for nine or 10 new branches to be added in the southern part of the state by the close of 2006 and at least that many in 2007. Two branches are scheduled to come online in the north this year, with another two to five slated over the next 18 months.
Due to the growth, the bank struggles to keep up with expanding its workforce, which currently numbers about 3,400 employees. In mid-October, Clausen estimated 80 positions were open.
While tackling these challenges, however, Wells Fargo maintains its commitment to improving Nevada, as required by the Community Reinvestment Act of 1977. “We can only be as strong as the community we operate within,” Clausen said.
For instance, the bank created a scholarship program for first-generation college students from minority families. It operates two Banking Education Centers that help people increase their financial literacy. Its employees have helped build houses with Habitat for Humanity. Last year the bank contributed $1.3 million in economic and community development investments.
Wells Fargo’s employees are involved, too, and the bank recognizes them for their contributions. In 2005 they volunteered more than 11,500 hours to Nevada non-profit organizations, spending time reading with students, teaching Junior Achievement classes and more. “I encourage my team members to be out there and involved in the community,” Clausen said. He himself sets the example, serving on numerous non-profit boards and participating in charity events.
