Jennifer Benett

HistoryFoundation of Wells Fargo On March 18, 1852, they organized Wells, Fargo & Company, a joint-stock association with an initial capitalization of $300,000, to provide express and banking services to California. The original board of directors comprised Wells, Fargo, Johnston Livingston, Elijah P. Williams, Edwin B. Morgan, James McKay, Alpheus Reynolds, Alexander M.C. Smith and Henry D. Rice. Of these, Wells, Fargo, Livingston and McKay were also on the board of American Express. Financier Edwin B. Morgan of Aurora, New York, was appointed Wells Fargo's first president. They commenced business May 20, 1852, the day their announcement appeared in The New York Times. The company's arrival in San Francisco was announced in the Alta California of July 3, 1852. The immediate challenge facing Morgan and Danford N. Barney, who became president in November 1853, was to establish the company in two highly competitive fields under conditions of rapid growth and unpredictable change.SpecialtiesSpecializing in home financing for self employed, retired and high net worth individuals. Asset based loans available. Free Consultation, contact me directly to review your individual scenario.