In 1872, Lloyd Tevis, a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad, became president of the company after acquiring a large stake, a position he held until 1892. Wells Fargo then operated the western portion of the Pony Express. This caused Overland to default on its debts to Wells Fargo, allowing Wells Fargo to take control of the mail route. In 1860, Congress failed to pass the annual Post Office appropriation bill leaving the Post Office unable to pay Overland Mail Company. It was also the primary lender of Butterfield Overland Mail Company, which ran a 2,757 mile route through the Southwest to San Francisco and was nicknamed the "Butterfield Line" after the name of company's president John Butterfield. American Express was not interested in serving California.īy the end of the California Gold Rush, Wells Fargo was a dominant express and banking organization in the West, making large shipments of gold and delivering mail and supplies. Its earliest and most significant tasks included transporting gold from the Philadelphia Mint and "express" mail delivery that was faster and less expensive than U.S. Fargo, who founded American Express along with John Butterfield, formed Wells Fargo & Company in 1852 to provide "express" and banking services to California, which was growing rapidly due to the California Gold Rush.
Wells Fargo, in its present form, is a result of a merger between the original Wells Fargo & Company and Minneapolis-based Norwest Corporation in 1998. It is one of the most valuable bank brands.
Wells Fargo is one of the " Big Four Banks" of the United States. Along with JPMorgan Chase, Bank of America and Citigroup. It is the fourth largest bank in the United States by total assets and is also one of the largest as ranked by bank deposits and market capitalization. The firm's primary subsidiary is Wells Fargo Bank, N.A., a national bank chartered in Wilmington, Delaware, which designates its main office in Sioux Falls, South Dakota. It is considered a systemically important financial institution by the Financial Stability Board. The company has operations in 35 countries with over 70 million customers globally. Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California operational headquarters in Manhattan and managerial offices throughout the United States and internationally.
$2 stamp and 10 cents stamped envelope with Pony Express cancellation, carried from San Francisco to New York City in 12 days, during June 1861.
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