1967 ANNUAL REPORT WELLS FARGO BANK

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"WELLS FARGO BANK52

1967 ANNUAL REPORT

Wells Fargo Bank entered the Southern Califurniamarket (cover) in December. The Pershing SquareOffice opening (above) is the first uf fifty plannedfor metropolitan Los Angeles by 1')72.

Brief Comparisons

Letter to Stockholders

Financial Review

Summary of Operations

Financial Statements:

Consolidated Statements of Condition

Consolidated Statements of Earnings

Explanatory Notes to Financial Statements

Changes in Capital Accounts

Changes in Reserve for Bad Debts

Daily Average Balances

Average Annual Yields on Earning Assets

Comparison of Loans

Comparison of Investments

Maturity Schedule of Investment Securities

Ten-Year Comparisons

Directors

Bank Organization

Branch Offices

Map of Operating Area

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Inside Back Cover

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 successfulnew 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 wereaggressive in developing new banking services such as providing pre­approved credit for checking account customers and an automatedrecord keeping service for small and medium size businesses.

Due in considerable part to a severe credit squeeze that reached itspeak the previous fall, California business activity slowed somewhatin early 1967. By February. a lessening of credit demand and anincrease in the money supply helped to ease loan rates. Short termmoney rates, the price of Federal funds and interest rates generallybegan to soften.

But by early summer, even though the Federal Reserve Board con­tinued a policy of ease and supplied reserves to the nation's banks atrecord levels, interest rates-especially in the long term area-movedhigher because of the credit demands of corporations, and of Federaland local governments.

The devaluation of the British pound in late November triggered 3a quick reaction by the Federal Reserve. The discount rate-thelending rate charged to member banks-was raised one-half a percent. Within a few days, major banks had increased their prime lendingrates to six per cent.

The action of the Federal Reserve was stated to be a defensive moveto slow the flight of short-term investment money abroad, attractedby the higher interest rates announced in London. The rate increasewas also a needed restraint on an economy showing expansionary andinflationary tendencies. In recent weeks, the Federal government hastaken steps to maintain confidence in the dollar and improve our bal­ance-of-payments. The moves made at this writing are temporary andwill not benefit us if allowed to remain in effect for a long period. Thegovernment must take additional and broadened fiscal actions to curbthe present inflationary pressures within the United States. So far, wehave heard of no better alternatives than to reduce government spend­ing and increase taxes.

These economic and monetary developments were reflected in WellsFargo's operations in 1967. The slowing of loan growth and the increasein deposits added to the Bank's liquidity position, as our loan todeposit ratio dropped from a peak of 73 per cent in August, 1966 to65 per cent at the end of 1967.

But the lessening in loan demand, new programs undertaken by theBank during the year (i.e. introduction of the credit card, entry intoSouthern California) and an increase in the State franchise tax resultedin only a modest rise in our earnings over 1966's record gains.

Although the move into Southern California was probably the mostimportant step taken by the Bank last year, our projections indicate

TO OUR STOCKHOLDERS:

$ 1.21

$

10,785,773

$ 10,785,773

$ 488.728,573

$ 382.655,878

$ 151,360,246

$ 295,075,405

*Rcvised. See "Adjustment of 1966 Figures" section of explanatory notes on page 14.

AT THE YEAR END

Assets. $4,693,300,983 $4,204,572,410

Deposits $4,064,756,926 $3,682,101,048

Loans. $2,715,290,209 $2,563,929,963

Investments $1,165,600,400 $ 870,524,995

Capital Notes $ 75,347,300 $ 75,347,300

Capital Stock 89,215,670 89,215,670

Surplus 110,784,330 110,784,330

Undivided Profits 80,638,552 69,852,779·

Total Capital Funds $ 355.985,852 $ 345,200,079·

Book Value Per Share(Excluding Capital Notes) $31.46 $30.25*

FOR THE YEAR 1967 1966 Change

Operating Income . $ 238,203,287 $ 220,461,296* $ 17,741,991

Operating Expenses 201,697,290 178,636,674 23,060.616

BRIEF Net Operating Earnings

COMPARISONSBefore Taxes . $ 36.505.997 $ 41,824,622* $ (5,318,625)

Taxes on Operating Earnings 8,223,300 14,713,000* (6,489,700)

2Net Operating EarningsAfter Taxes $ 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 $ 0.20H. Stephen Chase, chairman, and Richard P. Cooley,president and chief executive officer.

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DEPOSITS INCREASE 10%: Deposits showed a healthy gain, up 10per cent to $4,065,000,000, topping the $4 billion mark for the firsttime. Total assets increased 12% to $4.7 billion.

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-negotiablecertificates 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 periodor longer.

RECORD EARNINGS: Net operating earnings were up four per centto $28.3 million or $3.17 per share, compared to $27.1 million or$3.04 per share in 1966.

The figures for 1967 were increased three cents per share because ofan accounting change in our method of recording losses when realestate 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 theresult that net operating earnings for that year increased three centsper share to $3.04. In the adjustment, undivided profits as of Decem­ber 31, 1966 were decreased $472,000.

The 1967 earnings performance was somewhat less than anticipateddue to a lessening in loan demand in the first three quarters. The unex­pected increase in the State franchise tax amounted to $550,000.

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 pershare. Total cash payments to stockholders in 1967 amounted to$12,044,115.

LOAN GROWTH SLOWS: Credit demands in 1967 were strong butwere primarily in the bond area rather than in the loan field. Thisresulted in a considerable change in the loan trend from prior years.Since 1961, average loans outstanding had increased substantiallyeach year through 1965.

While the Bank's rate of loan growth slowed in 1966 during thecredit squeeze, this was principally due to sales of loans to investors outof the real estate portfolio. However, the slowdown in business activityin 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 bedelivered to mortgage investors the first part of the year. These sales,together with reduced real estate activity, resulted in a decrease in theaverage annual real estate loans outstanding. The loans declined untilAugust, but are now increasing again. By year end, total real estateloans were only $28 million less than the end of 1966.

Consumer credit, as was the case generally, did not grow at its pre­vious pace. With the Bank's emphasis on quality, and with the overallreduction in the rate of growth of consumer credit, consumer loansdecreased $18 million from a year ago.

Commercial loan demand, after a slow first quarter, strengthenedas the year progressed, resulting in an increase of $200 million. Thecommercial loan growth more than offset the decline in consumer andreal estate loans and resulted in an overall gain of $154 million in totalloans.

Time Deposits

Total Deposits

Dividends

Net OperatingIncomeafter Taxes

1967

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1966

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1964

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1963

AVERAGE DEPOSITS

OPERATING EARNINGS AND DIVIDENDS

FINANCIAL REVIEW:

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4000 Millions of Dollars

that this expansion cost will be approximately seven cents a share in 1968. We stillexpect to show a better improvement in earnings than the gain made in 1967.

In November, stockholders of both the Bank of Pasadena and Wells Fargo Bankvoted in favor of a merger. The merger has also been approved by the State BankingDepartment and now awaits final approval by the Federal regulatory authorities.

Opening of new branches in Northern California for the foreseeable future will moveat a much slower pace as our branch expansion program of recent years now gives usadequate coverage of major metropolitan markets. In the last five years, Wells Fargoopened eighty new banking offices in Northern California, and we plan to continueopening branches at this same pace in the next five years. In that period of time, weexpect 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 SonomaMortgage 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 asa separate division of the Bank and will immediately make a contribution to profit. Weexpect that within a reasonable period of time we will be servicing more than one billiondollars in mortgage loans through this combined operation.

Two new directors were elected in 1967. Leonard K. Firestone, president of FirestoneTire and Rubber Company of California, was elected to our Board in September. Asa 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 SouthernCalifornia progresses.

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, waselected to the Board in October. Mr. Arbuckle is also chairman and chief executiveofficer of the Stanford Research Institute. With over 20 years experience in diversefields of business, he holds directorships in a number of major U. S. corporations.

Ransom M. Cook announced his retirement as chairman of the executive committeeDecember 14. Mr. Cook will continue as a director of the Bank and assumes the newpositions of chairman of the board of both Wells Fargo Bank International Corpora­tion and Western American Bank, Ltd., the new international entity founded by WellsFargo and three other banks.

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.

We believe that with our capable and aggressive management team, our talentedspecialists, our extensive resources, and our 115 years of banking experience, we willbe able to meet these challenges.

When our immediate expansion plans for Southern California are realized, we willbe in an even stronger position to serve this market and play a more important rolein the growth of our state.

We wish to express warm appreciation to our directors for their support and to ourstaff 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 themomentum to achieve even greater results in 1968. January 15, 1968

~.,...~£ ~~~H. Stephen Chase, Chairman Richard P. Cooley, President

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7 Percent

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CREDIT CARD: "Master Charge," the new consumer charge cardinitiated by Wells Fargo and three other banks, has surpassed all expec­tations in its first six months of operation.

A number of steps have been taken since the decision was made inmid-June to establish branches in Southern California. The Bank pur­chased a four-story building at 415 West Fifth Street in downtown LosAngeles. The remodeled building houses the temporary Southern Cali­fornia headquarters as well as the permanent quarters for the PershingSquare office.

Wells Fargo is also purchasing property at the southeast corner ofWilshire Boulevard and Flower Street. The Bank plans to constructa 14-16 story building on the site within three years for the permanentSouthern California headquarters.

Applications are pending for additional branches in the five-countyLos Angeles metropolitan area. The announced goal is fifty branchesin a five-year period by de novo.

The merger with the Bank of Pasadena awaits final approval of theregulatory authorities. The merger has already been approved by stock­holders and by the State Banking Department.

John R. Breeden, executive vice president, directs the SouthernCalifornia operations. Mr. Breeden was previously in charge of theBank's commercial banking activities. Assisting Mr. Breeden is SeniorVice President Richard D. Jackson, formerly vice president and cashier.The Southern California headquarters officially opened December 4with completely staffed departments covering all banking services suchas international, trust, investment, loans, leasing, safe deposit, andchecking and savings accounts.

Eighty banks in California are participating in the program throughthe California Bankcard Association, which acts as a clearing housefor the member banks.

The Bank of Pasadena, as of December 31, 1967, had total resourcesof $11,690,596 and deposits of $9,934,284. The bank was foundedin 1963 and has two offices in Pasadena and approval for a third inTujunga.

SOUTHERN CALIFORNIA MOVE: The entry into Southern Cali­fornia was a major step for WeIls Fargo and the move at this time wasbased on many factors: (1) In recent years, a heavy branch expansionprogram was undertaken in Northern California. This program is nowslowing since adequate coverage has been achieved in most of NorthernCalifornia's population centers. (2) California is fast becoming a state­wide market and corporations are needing and demanding the servicesof one bank on a state-wide basis. (3) In Northern California, thereis presently one banking unit to every 6,200 people, while SouthernCalifornia has one bank to every 8,000 people. (4) Wells Fargobranches opened in Northern California today are averaging a break­even point after three or four years of operation. The Bank's studiesindicate that most of the new branches established in Southern Cali­fornia will be operating in the black within two years. (5) Long-rangeprojections show that Southern California will continue to have betterthan sixty per cent of the state's population for many years to come.

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Los Angeles today. The new Music Center with theCity Hall in the background. Wells Fargo openedits first banking and express office in Los Angelesin 1854011 Main Street near the Bella Union Hotel.

SUMMARY OF OPERATIONS:

The lending rate to commercial borrowers reacts fairly rapidly toincreases and decreases in the prime rate. However, consumer loanyields are subject to a more delayed effect because of their term nature.Long term real estate loan yields show the greatest delay in reactingto rate changes. With the prime rate now at six per cent, real estaterates moving up and consumer rates staying fairly steady, prospectsare good for continued higher loan yields in the first half of 1968.

With the slowing in loan growth and the substantial increase indeposits, the loan-to-deposit ratio dropped from its high of 73 % inAugust 1966 to 65 % at the end of 1967. This substantial amount ofliquidity places the Bank in a good position to meet the anticipatedloan demands in early 1968.

CAPITAL ACCOUNTS AND RESERVES: Capital funds increased$11 million to $356 million. The Reserve for Bad Debts rose to $39.3million, 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 in1967, three loans totaling $3.7 million were charged off. Prospects aregood for substantial early recovery on these loans.

BOND YIELDS UP: Contrary to the usual seasonal pattern, there wasno need to sell securities for liquidity purposes in 1967. The sizeabledeposit growth was not only sufficient enough to meet loan demands,but it also provided additional funds for the bond portfolio.

To maintain a fully invested position, some $295 million in securi­ties were added to the Bank's portfolio, bringing the total at year-endto $1,166 million. All categories of the portfolio increased, with thelargest amount in the Bank's holdings of tax-exempt municipal bonds.

U. S. Government securities at year-end represented 10.0% of ourtotal assets, unchanged from a year ago. Municipal bonds, however,now represent 13.7% of our total assets, compared to 9.7% a year ago.

Some funds were placed in short term maturities to ensure an amplesecondary reserve against our increased deposit totals and to providefor potential loan demand. Additional funds were employed in longerterm bonds to increase earnings. As a result, income from the bondportfolio was 33 % higher than the previous year, and investment yieldswere up 0.50% on a taxable equivalent basis.

There were other changes in the bond mix to take advantage ofattractive yields prevailing and to place us in a more flexible positionfor bond account operation. The average maturity of U. S. Governmentsecurities is presently one year and nine months, compared to twoyears and two months a year ago.

Reflecting the higher interest rates charged on all loans in 1966 and1967, the average interest rate (loan yield) on all loans and discountsreached a new high of 6.34%, a gain of 0.19% over 1966.

Money market activities, especially with major corporate accountscontinued to increase with 1967 volume topping $85 billion, a 70%increase from a year ago. With the Los Angeles opening, which includesa fully-staffed Investment Department, further substantial gains areexpected in Wells Fargo's money market operations in 1968.

Real EstateL021lls

MonthlyPaymentLoans

Commercialloans

Q"TaxableEquivalentYields

Interest Earnedon loansand Investmcnls~

Interest Paidon Time Deposits

19671966196519641963

AVERAGE LOANS

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INTEREST RATES

o1962

3000 Millions 01 Dollars

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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, therapid transmission of this data is receiving increased attention through­out the nation as a modern aid in cash and credit management.

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The new international bank has the facilities and resources to assistmulti-national companies with their international financing arrange­ments. In addition to conducting a general banking business, the newbank will be active in the market for Eurodollars and other currencies.

INTERNATIONAL ACTIVITIES: Both the International Divisionand the Bank's wholly-owned subsidiary, Wells Fargo Bank Interna­tional Corporation contributed to the expansion of the internationaloperations in 1967.

In March, the International Corporation officially opened its head­quarters at 40 Wall Street in New York City, offering a full range ofinternational banking services. During the balance of the year, theBank's subsidiary met its objectives in establishing customer depositsand loans.

A resident representative was established in Managua, Nicaraguaenabling Wells Fargo to serve its customers more effectively in therapidly developing Central American common market.

With the Southern California headquarters opening in December,complete international banking services are now being offered for thefirst time to our Southern California customers by a local internationalstaff.

Wells Fargo Bank joined with two other U.S. banks-the NationalBank 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.

AUTOMATIC CREDIT ACCOUNT: A new Automatic Credit Ac­count service involving"a personal line of credit for checking accountcustomers was also introduced in 1967. More than 20,000 customerswith pre-approved credit now have this extra feature associated withtheir regular or special checking account.

ff emergency cash is needed, a customer can write a check for anamount greater than the actual balance in his checking account. Whenthe account is activated the Bank makes automatic deposits in multiplesof $100 to the customer's checking account. Repayments are mademonthly with an interest charge on the average daily balance out­standing.

More than 60 per cent of these customers have elected to have theirpayments made by automatic transfer from their checking accounts.Loans outstanding in this new service are averaging $4 million monthly.

Customers will be provided with a variety of financial services, suchas management of short term funds and financial packaging. WAB willwork closely with commercial and investment bankers, as well as otherspecialized institutions in international financial circles.

While the Bank's international banking capabilities continue to growto meet customer requirements the efforts to significantly increaseinternational loans and related deposits are severely limited by the

Headquarters of Western American Bank, Ltd., newLondon-based international entity formed in 1967by Wells Fargo, two other large U.S. banks and oneof Britain's leading merchant banks.

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SPECIMEN

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Forty per cent of checking account customers arenow purchasing variations of stagecoach checkssuch as the full color version and the antique style(above), both introduced in 1967.

"Master Charge" cardholders near three million,doubling anticipated figures. About one-third ofCalifornia's retail firms, representing two hundredtypes of businesses, are participating.

Card usage in the first six months of operation is also far greaterthan anticipated. Over 30 per cent of Wells Fargo's Master Chargecardholders are actively using their credit card.

MARKETING: To market effectively the Bank's services, the market­ing structure was reorganized to provide more comprehensive supportfor all divisions. In accomplishing this goal, closer coordination hasbeen effected among marketing planning, advertising, sales training,research and new services development.

The introduction of Master Charge required the most intensivemarketing effort in the history of the Bank. Nearly every departmentprovided personnel to explain the advantages of the plan to merchantsand service establishments and to supply them with the materials nec­essary for participation.

MONEY MANAGEMENT SERVICE: Originally introduced in 1965as a computer record keeping service for farmers and ranchers, theMoney Management Service has been further developed to providesimilar reports for businesses. This computer service holds great prom­ise and during the year, an extremely diversified business customergroup began using the program.

STAGECOACH CHECKS: Capitalizing on Wells Fargo's unique serv­ice mark and its Western heritage two new styles of stagecoach checkswcre introduced in 1967. Both styles were extremely well received andmore than 40 per cent of the checking account customers are now usingpurchased checks. The use of interesting graphic designs and colors onthe Bank's checks is helping to attract new customers and indicationsare that the new checks are also reducing attrition among establishedaccounts.

The Bank's program for affiliating merchants was effective and itsshare of the Association's total sales volume is about 18 per cent.More than four out of every ten sales in Northern California weremade through participants signed by Wells Fargo.

Developmental costs and operating losses after taxes were in linewith the original estimate of seven cents per share for 1967. Basedon current operating results, Master Charge should make a contribu­tion to profit by the end of 1968-substantially ahead of the originalprojections.

Plans are now underway to extend the service of Master Chargeon 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 implementedMaster Charge cardholders will be able to use their card in many areasof the United States.

NATIONAL CORPORATE SERVICE: The Bank also expanded itscapabilities for transmission of receivables payment data by high-speedcommunications equipment in a computer acceptable format.

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Vast quantities of financial data are sifted and storedon tape for computer use as an aid to managementin security analysis.

"Voluntary Credit Restraint Program" which in 1968 restricts theBank's foreign lending operations to 103 % of the 1964 base.

TRUST DIVISION: Research and development was completed on anew trust program to take advantage of changes in the Self-EmployedIndividuals Tax Retirement Act.

The Bank is now marketing this program which enables the self­employed easily to adopt the Bank's Master Retirement Plan, therebytaking advantage of our investment facilities.

The pension and profit-sharing segment of the trust business alsocontinued to grow rapidly during the past year and assets under ourmanagement reached a new record level.

Additional branch trust offices were established in 1967 in LosAngeles, San Mateo and Carmel. The new Los Angeles office offersa full complement of trust and investment services to individuals andcorporations. The number of accounts serviced continued to increase,due in part to a more intensive business development effort. The TrustDivision now services accounts with assets exceeding $5 billion.

INVESTMENT MANAGEMENT SERVICE: Initiated in late 1962to broaden the range of financial services available to Wells Fargocustomers, this investment counsel facility completed its fifth year ofoperation with a new high in assets under active supervision.

Originally conceived for people of means who lacked either the timeor the increasingly specialized knowledge required for effective plan­ning and management of their investment programs, IMS has sincefound increasing acceptance among all types of investors-corpora­tions, fiduciaries, schools and other institutions.

Each account combines flexible portfolio management with anunusual degree of attention, frequent reports and complete custodialand bookkeeping services in a single responsive relationship. IMS is adirect activity of the Financial Analysis Department, one of the West'slargest security research and asset management organizations.

INVESTMENT ANALYSIS AND COMPUTERS: Wells Fargo isamong 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, calculatingfinancial ratios and economic growth rates, making sophisticated indus­try comparisons and preparing evaluation reports - has increased ahundred fold. The computers are providing the analysts with a newstatistical tool with which to judge investments more quickly and ingreater depth.

Under development are a number of projects designed to furtherexpand the use of computers in such areas as price monitoring, meas­urement of investment performance, company analysis and "marketaction" analysis.

VISUAL COMMUNICATIONS: To improve and broaden the scopeof the training programs within the Bank, a new communicationsvehicle was placed in operation by the Training Department. Presen­tations can now be captured by video-tape and used to document

Initial pilot productions of new audio-visual equip­ment demonstrate advantages of television as anin-bank communications vehicle.

Foundation pile-driving is under way for 20-storybuilding in San Francisco which will bouse expand­ing departments of the Head Office.

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 dramaticimpact, accuracy and uniformity.

NEW EMPLOYEES: The staff increased to 7,611 equivalent full timeemployees, a 5.8% increase over 1966. Overcoming the problems ofcompetition and a tight labor market, the college recruitment programwas successful in attracting 122 graduates for the management trainingprogram. Greater emphasis was placed on recruitment in West Coastcolleges and universities.

BRANCH EXPANSION: Matching the branch expansion program ofthe past five years, thirteen new offices were opened in 1967. Eightof the new offices were in communities not previously served by WellsFargo.

Nine additional offices were relocated in new and larger quartersand remodeling projects were completed in six offices. In addition tothe Southern California headquarters office opened in Los Angelesas previously mentioned, these communities are now being served:Seaside, Pleasanton, Lodi, Castro Valley, Greenbrae, Madera andDanville.

Seaside is within the growing Monterey-Santa Cruz Area. Pleasan­ton, Danville, Castro Valley and Greenbrae are suburban communitiesin the San Francisco Bay Area. Lodi and Madera are farm communi­ties in the San Joaquin Valley. The Madera office is Wells Fargo's firstin Madera County.

Branches were also opened near the University of California's newSanta Cruz campus; Crystal Springs in San Mateo County; the newDel Monte Shopping Center, Monterey; Florin Center near Sacra­mento and in Enterprise, a suburb of Redding. At year end, therewere 233 branches. The total includes three branches at military facili­ties that became complete banking offices in June. Highlighting the1967 openings were the Market-Montgomery office in the Wells FargoBuilding and the Los Angeles Pershing Square office. Both openingsfeatured stagecoach parades in the financial districts, bands, historicalexhibits and week-long open houses.

In 1968 fifteen new offices are scheduled to be opened. Elevenbranches will be enlarged and remodeled, eight others will be locatedin new quarters. The largest construction project to be completed willbe the Stockton Main office district headquarters which is scheduledto move into a milJion dollar three-story building in mid-year.

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 ofthe 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. Completionis scheduled for July 1969.

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CONSOLIDATED STATEMENTS OF CONDITION

Assets December 3 I, December 31, Change Liabilities December 3 J. December 31, Change1967 1966 1967 1966

Cash and Due from Banks. $ 630,497,501 $ 590,246,139 $ 40,251,362 Demand Deposits $1,556,402,922 $1,443,446,679 $1 12,956,243

Investment Securities:Savings Deposits 1,538,206,086 1,460,263,758 77 942,328

32,332,868Time Deposits 970,147,918 778390,611 191,757,307

U. S. Government Obligations 452,459,785 420,126,917Total Deposits 4,064,756,926 3,682, 101,048 382,655,878

Obligations of States and Political Subdivisions 644,463,842 406,066,643 238,397,199 Mortgages Payable . 23,000,000 23,500,000 (500,000)

Other Securities 68,676,773 44,33 I ,435 24,345,338 Liability for Other Borrowed Money 151,740,733 39,850,268 111,890,465

Total Investment Securities 1,165,600,400 870,524,995 295,075,405 Bank's Acceptances Outstanding 8,957,420 45,646754 (36,689,334 )

Trading Account Securities 29,072,231 8,370,893 20,701,338Accrued Taxes and Other Expenses 23,067,428 19,722,728* 3,344,700

12 Dividends Payable 3,122,548 2,676,470 446,078 13Loans:

Reserve for Unearned Discount 29,565,8 I 6 28,881,897* 683,919Commercial, Consumer and Real Estate Loans 2,680,207,991 2,538,847,933 141,360,058 Other Liabilities 33,104,260 16,993, 166 16,111,094

Less Reserve for Bad Debts 39,317,782 36,841,970 2,475,812 Total Liabilities 4,337,315,131 3,859372,331 ':' 477,942,800

Net Commercial, Consumer and Real Estate Loans 2,640,890,209 2,502,005,963 138,884,246 Capital Accounts

Money Market Loans 74,400,000 61,924,000 12,476,000 Borrowed Capital:

2,563,929,963 151,360,246Capital Notes, 4 J/2 % due 1989 50,000,000 50,000,000

Total Loans 2,715,290,209Convertible Notes, 31,4 % due 1989 25,347,300 25,347,300

Bank Premises and Equipment 76,566,418 77,726,598 (1,160,180) Total Borrowed Capital 75,347,300 75,347,300

Other Real Estate Owned . 3,093,974 1,069,254 2,024,720 Equity Capital:

Investment in Subsidiaries Not Consolidated 44,100 44,100 Capital Stock ($10.00 Par) 89,215,670 89,215.670

Customers' Acceptance Liability 8,957,420 45,559,242 (36,601 822)Surplus 110,784,330 110,784,330

Undivided Profits 80,638,552 69,852779* 10,785,773Accrued Interest Receivable 29,566,004 22,548,297 7,017,707

Total Equity Capital 280,638,552 269,852,779* 10,785,773

Other Assets . 34,612,726 24,552,929 10,059,797 Total Capital Funds 355,985,852 345,200079* 10,785,773

Total Assets $4,693,300,983 $4,204,572,410 $ 488,728,573 Total Liabilities and Capital $4,693,300,983 $4,204,572,410 $488,728,573

Explanatory notes are on pages 14 and 15. *Revised. See "Adjustment of 1966 Figures" section of explanatory notes on page 14.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATIONMEMBER FEDERAL RESERVE SYSTEM

CONSOLIDATED STATEMENTS OF EARNINGS

Operating Earnings 1967 1966 Change Nonoperating Earnings 1967 1966 Change

Operating Income Nonoperating AdditionsInterest and Other Fees on Loans $167,953,274 $163,226,111 '" $ 4,727,163 Loan Recoveries (not Credited to Reserve for Bad Debts) $ 2,50b $ 26,051 $ (23,551)Interest and Dividends on Securities: All Other Additions 605,808 12,299 593,509

U. S. Government Obligations 17,803,374 16,816,256 987,118 Total Nonoperating Additions 608,308 38,350 569,958Obligations of States and Political Subdivisions 21,163,355 12,741,420 8,421,935

Other Securities . 2,138,229 1,319,991 818,238 Nonoperating Deductions

Trading Account Income 194,522 156,891 37,631Transfer to Reserve for Bad Debts 8,518,089 10,620,700 (2,102,611 )

Trust Income 7,701,192 7,694,020 7,172Deduction from Taxes (4,438,489) (5,512,000) 1,073,511

Service Charges on Deposit Accounts 14,459,318 12,963,197 1,496,121 4,079,600 5,108,700 (1,029,100)

Other Operating Income . 6,790,023 5,543,410 1,246,613Net Security Losses 1,617,452 6,520,582 (4,903,130)

Total Operating Income 238,203,287 220,461,296* 17,741,991Deduction from Taxes (497,000) (3,452,000) 2,955,000

1,120,452 3,068,582 (1,948,130)

Operating Expenses Loss on Sale of Real Estate Loans 1,213,854 6,577,784* ( 5,363,930)Salaries 48,328,410 44,109,007 4,219,403 Deduction from Taxes (652,100) (3,482,300) 2,830,200Profit Sharing Contribution 2,371,015 2,047,314 323,701 561,754 3,095,484 (2,533,730)Pension, Social Security and Other Employee Benefits 6,509,4J 5 6,348,60J 160,814 Loan Charge-offs (not Charged to Reserve for Bad Debts) 82,035 103,361 (21,326)Interest on Deposits 100,445,638 89,356,365 J 1,089,273 All Other Deductions. 217,276 515,327 (298,051 )

Interest on Borrowed Money 5,296,969 2,949,573 2,347,396 Total Nonoperating Deductions. 6,061,117 11,891,454* (5,830,337)

Interest on Capital Notes 3,073,801 3,073,801 Net Nonoperating Deductions $ 5,452,809 $ 11,853,104* $ (6,400,295)

Net Occupancy Expense of Bank Premises 10,186,225 9,519,897 666,328 1Equipment Expenses 5,183,926 4,083,352 1,100,574 SUMMARY]4 Other Operating Expenses 20,301,891 17,148,764 3,153,127 I Operating Earnings $ 28,282,697 $ 27,111,622':' $ J,171,075 15

Total Operating Expenses. 201,697,290 178,636,674 23,060,616 Net Nonoperating Deductions 5,452,809 11,853,104* (6,400,295)Operating Earnings Before Income Taxes 36,505,997 41,824,622 '" (5,318,625 ) Transfer to Undivided Profits $ 22,829,888 $ 15,258,518 * $ 7,571,370Income Taxes Applicable to Operating Earnings 8,223,300 14,713,000'" (6,489,700)

*Revised. See "Adjustment of 1966 Figures" section of explanatory notes on page 14.Net Operating Earnings After Taxes $ 28,282,697 $ 27,111,622':' $ 1,17] ,075

Per Share $ 3.17 $ 3.04* $ 0.13

"'Revised. See "Adjustment of 1966 Figures" section of explanatory notes below.

EXPLANATORY NOTES TO FINANCIAL STATEMENTSADJUSTMENT OF 1966 FIGURES: During 1967 the regulatoryauthorities issued a ruling that caused the Bank to change itsformer practice of charging losses incurred when selling real estateloans to a reserve and amortizing them over a twelve-year period.Under our new procedure such losses will be entirely charged offas a nonoperating deduction in the year incurred. Figures for 1966were revised to conform to this change in accounting. The prin­cipal changes in figures reported in the 1966 Annual Report aredescribed below.

On the Statement of Condition for December 31, 1966, AccruedTaxes and Other Expenses decreased $3,20 I ,200 and Reserve forUnearned Discount increased $3,673,572.

On the Operating Earnings statement, Net Operating EarningsAfter Taxes increased $249,950 or three cents per share. On tbeNonoperating 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 statementsinclude those of the Bank and two wholly-owned subsidiary com­panies-Wells Fargo Bank International Corporation, an "EdgeAct" subsidiary, and ATC Building Company, a bank premisessubsidiary. At the end of 1967 total assets of the Wells Fargo BankInternational Corporation were $22,863,809 and those of the ATCBuilding Company were $44,175,797.SECURITIES: Investment securities are carried at cost, adjustedfor amortization of premiums and accumulation of discount. OnDecember 31, 1967, the market value of investment securities wasapproximately $1,076,673,500. Trading account securities arestated 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 areserving as security for the Collateral Trust and Mortgage Bonds

of $23,000,000 issued by ATC Building Company. These bondswere 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 $12,500,000are outstanding and will be retired in annual installments of$500,000 from 1969 to 1993.BANK PREMISES AND EQUIPMENT: Bank premises andequipment are generally carried at cost less accumulated depreci­ation of $15,814,040 at December 31,1967 and $13,066,551 atthe end of the preceding year. The provision for depreciation andamortization 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 theoption 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 incertain circumstances as set forth in the indenture. There is no

sinking fund or other provISIon for retirement before maturityother than by conversion. However, the notes are callable at apremium at the option of the Bank.

The indentures covering the capital notes and the convertiblecapital notes contain certain restrictions relating to maintenanceof minimum amounts of capital funds, payments of dividends, etc.As of December 3I, 1967, $55,638,552 of undivided profits werefree of restrictions.

The notes are subordinate in right of payment to the claim ofdepositors 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 outof an authorized 12,000,000 sbares. Of the authorized but unissuedshares, 422,455 shares are currently reserved for the conversion ofthe convertible capital notes, and 61,812 shares are reserved forissuance to shareholders of Bank of Pasadena pending approvalof this merger by the regulatory authorities. At the year end anadditional J33,451 shares were reserved for issuance in connectionwith the purchase of the Sonoma Mortgage Corporation.

16

CHANGES IN CAPITAL ACCOUNTS (In Thousands of Dollars)

Capital Capital Stock UndividedNotes $10.00 Par Surplus Profits

Balance, December 31, 1966 $75,347 $89,216 $110,784 $69,853"Transferred to Undivided Profits

from Statement of Earnings(Net Operating Earnings andNet Nonoperating Deductions) 22,830

Cash Dividends Declared (12,044 )Net Increase 10,786Balance, December 3], 1967 $75,347 $89,216 $110,784 $80,639

*Revised. See"Adjustment of 1966 Figures" section of explanatory notes on page 14.

CHANGES IN RESERVE FOR BAD DEBTS1967 1966 Change

Balance, Beginning of Year. $36,841,970 $31,104,313 $ 5,737,657Additions:

Transfer from Nonoperating Earnings 8,518,089 10,620,700 (2,102,611)

Recoveries on Previously Charged-off Loans 2,574,336 1,584,845 989,491

Total Additions 11,092,425 12,205,545 ( 1, I 13,120)Deductions:

Loan Losses and Write-downs 8,616,613 6,467,888 2,148,725

Balance, End of Year $39,317,782 $36,841,970 $ 2,475,812

The Reserve for Bad Debts to provide for possible future losses on loans is maintained in accordance with a Treasury Department formulawhich determines the amount that may be added to the reserve and taken as a tax deduction. A change in this formula in 1965 permittedthe 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 beclaimed as a tax deduction.

DAILY AVERAGE BALANCES1967 1966 Change

U.S. Government Obligations. $ 414,833,000 $ 416,391,000 $ (1,558,000)

Obligations of States and Political Subdivisions 623,813,000 397,600,000 226,213,000Other Securities 41,475,000 25,772,000 15,703,000

TOTAL INVESTMENT SECURITIES $1,080,121,000 $ 839,763,000 $ 240,358,000

Trading Account Securities $ 14,043,000 $ 11,214,000 $ 2,829,000

Commercial Loans $1,202,464,000 $1,130,069,000 $ 72,395,000

Real Estate Loans 951,552,000 1,020,669,000 (69,117,000)

Consumer Loans 357,602,000 384,027,000 (26,425,000)

Money Market Loans 117,522,000 64,967,000 52,555,000

TOTAL LOANS (I) $2,629,140,000 $2,599,732,000 $ 29,408,000

Demand Deposits . $1,420,868,000 $1,383,979,000 $ 36,889,000

Savings Deposits 1,491,290,000 1,472,651,000 18,639,000

Consumer Certificates of Deposit 344,342,000 199,824,000 144,5J8,000

Corporate Certificates of Deposit 167,530,000 139,949,000 27,581,000

Public Time Deposits 266,127,000 240,246,000 25,881,000

Other Time Deposits 63,790,000 78,419,000 ( 14,629,000)

TOTAL DEPOSITS $3,753,947,000 $3,515,068,000 $ 238,879,000

Other Liabilities for Borrowed Money $ 124,25] ,000 $ 54,036,000 $ 70,215,000

Total Capital Accounts $ 348,494,000 $ 343,446,000 $ 5,048,000

(I) Before deducting Reserve for Bad Debts.

AVERAGE ANNUAL YIELDS ON EARNING ASSETS(I)1967 1966 Change

SECURITIES

U.S. Governments 4.66%(2) 4.44%(2) 0.22%(2)

State, Municipal and Other 6.60 (2) 6.23 (2) 0.37 (2)

Total Securities 5.85%(2) 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

Total Loans and Discounts 6.34% 6.15% 0.19%

ALL EARNING ASSETS 6.19%(2) 5.94%(2) 0.25%(2)

(1) Bank only.(2) Taxable equivalent yield.

COMPARISON OF LOANS (At End of Year)

1967 1966 ChangeCOMMERCIAL LOANS

Loans Unsecured . $1,014,814,000 $ 91 1,184,000 $ 103,630,00017

Loans on Collateral 267,902,000 235,864,000 32,038,000

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

REAL ESTATE LOANS

FHA and VA Loans $ 300,480,000 $ 281,032,000 $ 19,448,000

Conventional Loans 610,069,000 627,501,000 (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 $ 997,443,000 $ (28,457,000)

Dollar volume of new loans made during year $ 232,224,000 $ 252,672,000 $ (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

Dollar volume of sold loans serviced for others at end of year $ 282,964,000 $ 259,126,000 $ 23,838,000

CONSUMER LOANS

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)

Number of new loans made during year(l) . J79,000 186,000 (7,000)

Loan losses as a per cent of loans outstanding at end of year(l) .55 of 1% .82 of 1%(3) (.270fl%)

TOTAL LOANS (2) $2,754,608,000 $2,600,772,000 $ 153,836,000

(1) Does not include Master Charge loans.(2) Before deducting Reserve for Bad Debts.(3) Revised.

COMPARISON OF INVESTMENTS

MATURITY SCHEDULE OF INVESTMENT SECURITIES

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 Bankfnternational Corporation

Per cent of total

Other Securities

Per cent of total

TOTAL.Per cent of total

1967Book Value

$ 452,460000

38.82

41,593,000

3.57

644,464,000

55.29

6,000,000

.51

5,745,000

.49

15,338 000

1.32

$1,165,600,000100.00

1966Book Value

$420 127,000

48.26

34,854,000

4.00

406,067,000

46.65

6,000,000

.69

3,477,000

040

$870,525,000100.00

ChangeBook Value

$ 32,333,000

(9.44 )

6,739,000

(.43 )

238,397,000

8.64

(.18 )

2,268,000

.09

15,338,000

1.32

$ 295,075,000

ERNEST C. ARBUCKLE Dean, Graduate School of Busines~', Stanford University

KENNETH K. BECHTEL Chairman of the Board, Industrial Indemnity Company

PAUL A. BISSINGER President, Bissinger & Co.

WILLIAM R. BREUNER President, John Breuner Company

ROBERT L. BRIDGES Thelen, Marrin, Johnson & Bridges, Attorneys at Law

DIRECTORS H. STEPHEN CHASE Chairman of the Board

PETER COOK, JR. 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 Chairll/an of the Board and Chief Executive Officer, Del Monte Corporation

LEONARD K. FIRESTONE President, Firestone Tire and Rubber Company of Califomia1967 1966 Change

Trustee. Flood EstatePar Value Par Value Par Value JAMES A. FLOOD

Maturing within two years $ 493,260,000 $341,164,000 $ 152,096,000 J. A. FOLGER Fonner Chairman of the Board, The Folger Coffee CompanyPer cent of total 42.26 38.87 3.39

W. P. FULLER III Vice President, Western Regioll for Pittsburgh Plate Glass Company18

Maturing within five years 713,791,000 604,681,000 109,110,000 19Per cent of total 61.16 68.90 (7.74) ':'R. R. FUNSTEN Chairman of the Board, B. R. Funsten & Co.

Maturing within ten years 804,600,000 688,887,000 I 15,713,000 JAMES M. HAlT Chairman of the Board, FMC CorporationPer cent of total 68.94 78.49 (9.55)

President, Wel/.I· Fargo Bank, 1943-60; Chairman, 1960-64Maturing after ten years. 362,511,000 188,769,000 173,742,000 1. W. HELLMAN

Per cent of total 31.06 21.51 9.55 *DANIEL E. KOSHLAND Chairmau of the Executive Committee, Levi Strauss & Co.

TEN-YEAR COMPARISONS (In Millions of Dollars)

AT Net CurrentYEAR Total Loans and Total Capital OperatingEND Assets Discounts Deposits Accounts(l) Earnings Dividends

1958 2,528 1,193 2,309 171.9 14.9 6.11959 2,552 1,356 2,411 177.8 17.5 6.31960 2,703 1,421 2,441 198.1 19.6 8.21961 2,954 1,476 2,664 217.0 18.8 7.91962 3207 1,701 2,903 229.5 18.2 8.01963 3,401 2,000 3,117 24404 21.6 8.01964 3733 2,261 3,290 334.1 (2) 23.9 8.91965 4,060 2,512 3,554 340.2 23.3 8.91966 4205 2,564 3,682 345.2(3) 27.1(3) 10.31967 4,693 2,715 4,065 356.0 28.3 12.0

All figures for years prior to 1965 have been revised to conform with the requirements of Regulation F. No adjustment was made foraccrual of bond discount for years before 1962 since figures were not available. Items prior to March 25, 1960 represent the combinedfigures 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.

EDMUND W. LlTTLEFIELD 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 Chairman of the Board, Homestake Mining Company

WILSON MEYER Chairman of the Board, Wilson & Geo. Meyer & Co.

ROBERT W. MILLER Chairman of the Executive Committee, Pacific Lighting Corporation

':'GEORGE G. MONTGOMERY Chairman of the Board, Kern County Land Company

ROBERT S. ODELL President, AI/ied Properties

HERMAN PHLEGER Brobeck, Phleger & Harrison, Attorneys at Law

WILLIAM E. ROBERTS President, A mpex Corporation

PETER T. SINCLAIR President, Crown Zellerbach Corporation.

ALLAN SPROUL Economist; President, Federal Reserve Bank of New York, 1941-56

*Advisory Directors

BANK ORGANIZATION Head D.ffice: 464 California Street, San Francisco 94120

20

Chairman of the BoardH. Stephen Chase

President and Chief Executive OfficerRichard P. Cooley

Execl/tive Vice PresidentsJohn R. BreedenJames K. Dobey

Senior Vice PresidenlsA. William BarkanGlenn C. Bassett, J1'.Ralph J. Crawford Jr.J. O. ElmerLester H. EmpeyF. L. GreinerGilman B. Haynes. Jr.Bernard C. HoganJohn F. HolmanRichard D. JacksonO. T. JonesHarold G. KingWard C. KrebsRobert F. SmithK. Stanley Thompson

Vice President, Controller and CashierRobert L. Kemper

Vice President and Secretary-Treasl/rerHarold D. Bostock

General AuditorAlfred W. Richardson

GENERAL OPERATIONSJames K. DobeyExecl/tive Vice President

MARKETING, ADVERTISINGAND COMPUTER SYSTEMSBernard C. HoganSenior Vice President

Advertising DepartmentFrancis E. LougeeVice President

Computer SystemsRonald E. EadieVice PresidentWatson M. McKee, Jf.Vice PresidentPeter L. OvermireVice PresidentJanet WrightVice President

Marketing DepartmentHerbert W. FaulknerVice PresidentEdward E. MungerVice President

METROPOLITAN DIVISIONRalph J. Crawford, Jr.Senior Vice President

Business Development andCustomer RelationsRichard J. BordaVice President

Loan SupervisionRobcrt G. WindenVice PresidentCampbell S. O'NeillVice PresidentE. Julian UnruhVice President

Monthly Payment Loan CenterRoderick H. SpeetzenVice President and Manager

OperationsWalter R. JohnsonVice President

PersonnelRaymond A. McKellarVice President

NATIONAL DIVISIONRobert F. SmithSenior Vice PresidentW. Kent DysonVice Pre.~ident

Robert L. Altick, J r.Vice PresidentHenry F. Grady, J1'.Vice PresidentJohn H. GriffithVice PresidentJames A. HorsburghVice PresidentChester G. JordanVice PresidentHans J. LundVice PresidentW. Peter McAndrewVice PresidentAdolph Mueller IIVice PresidentHenry Parish IIIVice PresidentRobert M. Ridley, Jr.Vice PresidentJ. Warren SambornVice PresidentSamuel P. StevensVice PresidentWood W. WilkinsonVice President

PENINSULA DIVISIONK. Stanley ThompsonSenior Vice President

Business Development andCustomer RelationsSigmund E. BeritzhoffVice President

Loan SupervisionJohn J. HennessyVice PresidentRalph B. HoferVice PresidentByron L. MortensonVice President

OperationsBertram HolmesVice President

PersonnelFred W. EngelbrechtVice President

TRUST DIVISIONHarold G. KingSenior Vice President and SeniorTrust OfficerGeorge A. HopiakVice President and ManagerFred B. HackVice President and Trust Officer

Agency DepartmentJohn B. AndersonVice President and Trust Officer

Business Development DepartmentBasil C. PearceVice President and Trust Officer

John V. W. ZauggVice President and Trust Officer

Corporate Trust DepartmentWarren E. DanforthVice President and Trust Officer

Pension and Profit SharingTrust DepartmentHasell L. HendersonVice President and Trust Officer

Private Trust DepartmentChristopher T. FordVice President and Tmst Officer

Probate DepartmentFrancis E. CanatsyVice President and Trust Officer

Testamentary Trust DepartmentStanley S. HasbrookVice President and Tmst Officer

Trust Operations DepartmentRobert M. HarperVice President

VALLEY DIVISIONGilman B. Haynes, J1'.Senior Vice President

Business Development andCustomer RelationsJohn M. DiggsVice PresidentStephen G. GribiVice President

Loan SupervisionHoward J. BoscusVice PresidentEllis M. CripeVice PresidentJohn G. GoodrichVice President

OperationsGeorge E. BriareVice President

ADMINISTRATIONO. T. JonesSenior Vice President

Cashier's DepartmentRobert L. KemperVice President, Controller and CashierCarroll H. GeorgeVice President

Controller's DepartmentRobert L. KemperVice President, Controller and Cashier

Real Property ManagementGerard E. DowneyVice PresidentEldon T. PetersonVice President

CREDIT CARDADMINISTRATIONJ. O. ElmerSenior Vice President

Credit Card DeparhnentGlenhall E. Taylor, Jf.Vice President

CREDIT POLICY COMMITTEEWard C. KrebsSenior Vice President and ChairmanRansom M. CookMember, Board of DirectorsDwight W. ChapmanConsultant

INTERNATIONAL DIVISIONGlenn C. Bassett, Jf.Senior Vice PresidentWilliam E. BiggerstaffVice PresidentBrian K. EvansVice PresidentWilliam E. HenleyVice PresidentDonald W. JardineVice PresidentDimitry V. TomashevskyVice President (New York)Gerrit E. VenemaVice PresidentMattheus VisserVice President

Far East Representative OfficeNeil P. BruceRepresentative. Tokyo

Mexico City Representative OfficeCharles H. GreenRepre.\·entari,·e. Mexico City

INVESTMENT DIVISIONLester H. EmpeySenior Vice President

Financial Analysis DepartmentJames R. VertinVice PresidentWilliam F. AdamVice PresidentW. Rodney HughesVice PresidentRichard K. KingsleyVice PresidentEmmet W. LuttrellVice President

Investment DepartmentAndrew E. SteenVice PresidentGeorge F. Casey, Jf.Vice PresidentDavid G. SteadVice President

Securities Clearance DepartmentJohn P. GriffithsVice President

LOAN DIVISIONJohn F. HolmanSenior Vice President

Commercial Loan DeparhnentF. L. GreinerSenior Vice PresidentW. Stanford DurrantVice PresidentRussell F. DwyerVice PresidentRobert L. EssickVice PresidentJames A. HerbertVice PresidentEarnest C. LucotVice PresidentEdward B. WilkinsonChief Loan Examiner

Loan Adjustment DepartmentArthur L. FoskettVice President and Manager

Monthly Payment Loan DeparhnentLeslie C. SmithVice PresidentWalter H. EhlersVice PresidentKenneth L. JonesVice President

Real Estate Loan DeparhnentFielding McDearmonVice PresidentDickson BeckettVice PresidentWilliam L. MartinVice PresidentWilliam M. McVickerChief Appraiser

PERSONNEL DIVISIONA. William BarkanSenior Vice President

Personnel DepartmentPhilip G. BowserVice President

Training DepartmentMax H. ForsterDirector of Training

PUBLIC AND GOVERNMENTALAFFAIRSRoss BuellVice President

SOUTHERN CALIFORNIAHEADQUARTERSJohn R. BreedenExecl/tive Vice PresidentRichard D. JacksonSenior Vice PresidentWilliam G. BrockVice PresidentAlbert W. LarsenVice PresidentPaul A. Pflueger, Jf.Vice PresidentW. James RobertsonVice PresidelltGeorge W. SchmitzVice PresidentAndrew H. StoneVice PresidentDonald G. Wbarton, Jr.Vice President

WELLS FARGO BANKINTERNATIONALCORPORATIONRansom M. CookChairman of the BoardRichard P. CooleyPresidentGlenn C. Bassett, Jr.Vice PresidentBrian K. EvansVice PresidentWilliam E. HenleyVice PresidentJohn F. HolmanVice PresidentRobert F. SmithVice PresidentDimitry V. TomashevskyVice President and ManagerHarold D. BostockSecretary and Treasurer

21

22

BRANCH OFFICES

METROPOLITAN DIVISION464 CALIFORNIA STREET OFFICESan FranciscoHarry East Miller, Jr.Vice PresidentGeorge G. Skot!Vice President and Manager

MARKET-MONTGOMERY OFFICE4 Montgomery Street, San FranciscoFrederick B. Henderson, Jr.Vice President and ManagerRobert A. SaxeVice President and Assistant ManagerLloyd H. BrinckVice President, Real EstateErnest A. ClarkVice President, Mortgage WarehousingRoland J. WynneVice President, Commercial Loans

UNION TRUST OFFICE2 Grant Avenue, San FranciscoRobert J. ZaroVice President and Manager

BERKELEY DISTRICTByron E. LewisVice President and District Manager

BerkeleyBERKELEY MAIN OFFICE2144 Shattuck AvenueByron E. LewisVice President and Manager

ELMWOOD OFFICE2959 College AvenueJohn PillsburyAssistant Vice President and Manager

NORTH BERKELEY OFFICE1800 Solano AvenueFrank FavaManager

SOUTH BERKELEY OFFICE3290 Adeline StreetPaul B. PhillipsM(II/ager

UNIVERSITY OFFICE2460 Bancroft WayWalter C. RyanAssistant Vice President and Manager

WEST BERKELEY OFFICE1095 University AvenueJohn J. HallManager

EI CerritoEL CERRITO PLAZA OFFICE9800 San Pablo AvenueNeil S. FitchManager

RichmondRICHMOND OFFICE1001 Macdonald AvenueIra E. PoolerAssistant Vice President and Manager

RICHMOND CIVIC CENTER OFFICE2400 Macdonald AvenueLewis M. AllenManager

CONTRA COSTA DISTRICTPhilip L. McClureVice President and District Manager

AntiochANTIOCH OFFICE301 G StreetGino CecchiniAssistant Vice President and Manager

EIGHTEENTH AND A STREET OFFICE1715 A StreetRichard W. LantzManager

ConcordCONCORD OFFICE2190 Willow Pass RoadJames R. GibsonAssistanl Vice Presidenl and Manager

YGNACIO VALLEY OFFICE1705 Oak Grove RoadJohn L. BalzariniManager

DanvilleDANVILLE OFFICE585 San Ramon Valley BoulevardDwight W. StrattonManager

LafayetteLAFAYETTE OFFICE3630 Mt. Diablo BoulevardKenneth P. FowlerManager

MartinezMARTINEZ OFFICE902 Main StreetR. Neil WoodAssislant Vice President and Manager

MoragaMORAGA OFFICE1460 Moraga RoadSamuel von RajcsManager

OrindaORINDA OFFICE20 Moraga WayMerle D. BrownVice President and Manager

PittsburgPITTSBURG OFFICE415 Railroad AvenueJohn B. TowneAssistant Vice President and Manager

Pleasant HillPLEASANT HILL OFFICE699 Contra Costa BoulevardRoger E. StangeManager

Walnut CreekWALNUT CREEK OFFICE1499 North Main StreetPhilip L. McClureVice Presidenl and Manager

NORTH BAY DISTRICTEdwin JohnsonVice President and Dislricl Manager

LarkspurGREENBRAE OFFICE100 Bon Air Shopping CenterClinton L. JonesManager

Mill ValleyMILL VALLEY OFFICE18 Miller AvenueThomas B. LathropAS.I·islant Vice Presidenl and Manager

NapaNAPA OFFICE955 Franklin StreetC. Carroll CadyVice Presidenl and Manager

NovatoNOVATO OFFICE946 Diablo AvenueRichard H. MallochManager

St. HelenaST. HELENA OFFICE1107 Main StreetGeorge C. SeiderManager

San AnselmoSAN ANSELMO OFFICE3 Tunstead AvenueElmer E. AndersonAssistanl Vice President and Manager

San RafaelSAN RAFAEL OFFICEThird and A StreetsEdwin JohnsonVice President and Manager

NORTHGATE OFFICE600 Las Gallinas AvenueJames C. GainManager

SausalitoSAUSALITO OFFICE715 BridgewayClifford E. ChristisonManager

VallejoVALLEJO OFFICE1702 Tennessee StreetGordon V. ScottManager

OAKLAND DISTRICTCarl K. BombergerVice President and District Manager

AlamedaALAMEDA OFFICE1400 Park StreetRichard D. ThomasAssistant Vice President and Manager

NAVAL AIR STATION OFFICEBuilding No. 62, U.S. Naval Air StationMarvin W. RecknorManager

SOUTH SHORE ALAMEDA OFFICE2289 South Shore CenterCharles C. BordenManager

WEST ALAMEDA OFFICE1442 Webster StreetFred W. ZecherManager

EmeryvilleEMERYVILLE OFFICE3850 San Pablo AvenueWilliam R. McGuireAssistant Vice Presidenl and Manager

OaklandOAKLAND MAIN OFFICE415 Twentieth StreetCarl K. BombergerVice President and ManagerDuane G. AndersonVice President and Assistant ManagerStanley B. GerdesVice President

DIMOND OFFICE3442 Fruitvale AvenueEdward L. SheehanMWIGger

ELMHURST OFFICE9537 East Fourteenth StreetGlenn V. HammondAssistanl Vice President and Manager

FORTIETH-PIEDMONT OFFICE151 Fortieth StreetFrancis E. WarnerManager

FOURTEENTH-BROADWAY OFFICE1421 BroadwayWilliam G. DayVice President and Manager

FRUITVALE OFFICE3444 East Fourteenth StreetC. Lyle PlanjeManager

GRAND AVENUE OFFICE3242 Grand AvenueDonald F. MaiManager

NAVAL SUPPLY CENTER OFFICEBuilding 221, Naval Supply CenterJohn E. DanskaManager

PARK BOULEVARD OFFICE300 East Eighteenth StreetHenry J. AlbrechtManager

PiedmontPIEDMONT-HIGHLAND OFFICE344 High.land AvenueWilliam E. BattershillManager

San LeandroSAN LEANDRO OFFICE1298 East Fourteenth StreetA. Donald LucotAssistant Vice President and Manager

REDWOOD EMPIRE DISTRICTJames B. KeeganVice President and Districl Manager

ArcataARCATA OFFICE1315 G StreetJackL. TaylorManager

CoveloCOVELO OFFICEHoward and Main StreetsCharles C. McCullochManager

Crescent CityCRESCENT CITY OFFICE1020 Third StreetJames E. KinneyManager

EurekaEUREKA OFFICEFifth and I StreetsH. E. WaiteAssistant Vice President and Manager

MiddletownMIDDLETOWN OFFICECalistoga StreetArthur R. MayoManager

PetalumaPETALUMA OFFICE101 Petaluma Boulevard NorthJohn E. GallagherAssistant Vice President and Manager

Santa RosaSANTA ROSA OFFICE49 Old Courthouse SquareJames B. KeeganVice President and Manager

CODDINGTOWN OFFICE2960 Cleveland AvenueRex W. HimeManager

SANTA ROSA PLAZA OFFICE2765 Fourth StreetKenneth W. PriorManager

SonomaSONOMA OFFICE480 West Napa StreetRobert DeBruyckerAssistant Vice President alld Manager

UkiahUKIAH OFFICE717 South State StreetJack H. KummertManager

SAN FRANCISCOCIVIC CENTER DISTRICTLeo M. BiancoVice President and District Manager

PacificaPACIFICA OFFICE1450 Linda Mar Shopping CenterMrs. Shirley E. NelsonManager

San FranciscoCIVIC CENTER OFFICE1266 Market StreetLeo M. BiancoVice Presidellt and Manager

BROADWAY-GRANT AVENUE OFFICE57 I BroadwayHarry L. MathisManager

COLUMBUS AVENUE OFFICE468 Columbus AvenueEdmund LeveroniAssistant Vice President and Manager

FILLMORE-CALIFORNIA OFFICE2100 Fillmore StreetJeremiah M. CorbettManager

FILLMORE-O'FARRELL OFFICEJ499 Fillmore StreetJoseph H. GuayManager

447 SUTTER STREET OFFICEWalton M. LawrenceAssistant Vice President and Manager

GEARY-NINETEENTH AVENUE OFFICE5455 Geary BoulevardEldridge H. HuberManager

GEARY-SPRUCE OFFICE3200 Geary BoulevardWilliam 1. RyanM(//lCIger

MARINA OFFICE2166 Chestnut StreetColin J. MasonAssistant Vice President and Manager

POLK-CALIFORNIA OFFICE1498 Polk StreetConstant F. Rilliet, Jr.Assistant Vice President and Mallager

PRESIDIO OFFICEBuilding No. 210, Presidio of San FranciscoFrank MalinaskyManager

725 IRVING STREET OFFICERobert L. De MatteiMallager

SEVENTH AVENUE-CLEMENT OFFICE599 Clement StreetManuel J. Mendes, Jr.Manager

STONESTOWN OFFICE599 Buckingham WayGlenn E. AdamsManager

TWENTY-FOURTH AVENUE­IRVING OFFICE2300 Irving StreetLeonard E. BlakelyMallager

WEST PORTAL OFFICE145 West Portal AvenueGeorge S. McGaheyAssistanl Vice President and Manager

SAN FRANCISCORINCON DISTRICTL. Eston DavisVice President and District Manager

San FranciscoMATSON BUILDING OFFICE225 Market StreetL. Eston DavisVice President and Manager

CROWN ZELLERBACH OFFICEMarket at Sansome StreetAlan E. BeckAssistant Vice President and Manager

23

GOLDEN GATEWAY OFFICE FOOTHILL BOULEVARD OFFICE STANFORD INDUSTRIAL PARK OFFICE King City ALMADEN VALLEY OFFICE San Mateo401 Battery Street 22628 Foothill Boulevard 505 California Avenue KING CITY OFFICE 6465 Almaden Road SAN MATEO OFFICER. Tormey Herold Harlan C. Nobis Carl J. Schmitt 232 Broadway Hiram P. Gates 100 Fourth AvenueMal/agel' Assistal/t Vice Presidel/t al/d Mal/agel' Assistal/t Vice President and Manager William H. Dye Manager Carl E. Ward

MISSION-OCEAN AVENUE OFFICE SOUTHLAND OFFICE UNIVERSITY AVENUE-BAYSHORE Assistant Vice President and Manager ALUM ROCK AVENUE OFFICE Vice President al/d Manager

4648 Mission Street 24345 Southland Drive OFFICEMonterey 2880 Alum Rock Avenue Maurice D. Berchdorf

James L. Tacchini Robert T. Graham 1935 University Avenue William A. Jenkins Vice Presidel/t and Assistal/t Mal/agel'

Mal/agel' Manager Ronald J. Marcus MONTEREY OFFICE Assistant Vice President and Manager CRYSTAL SPRINGS OFFICEManager 399 Alvarado Street

MISSION SAVINGS OFFICE Livermore John A. Kern CAMDEN-HILLSDALE OFFICE 2020 Monterey Boulevard

498 Valencia Street LIVERMORE OFFICE Redwood City Assistant Vice President and Manager 1820 Hillsdale Avenue Monte J. Robinson

Eugene A. Franco 235 South K Street BROADWAY-MAIN OFFICE DEL MONTE OFFICE Theodore F. VonBerckefeldtMal/agel'

Manager Earl B. Duarte Broadway and Main 760 Del Monte Center Manager HILLSDALE OFFICE

NEW MONTGOMERY OFFICEAssistant Vice Presidel/t and Mal/agel' Theodore N. Thompson Paul A. Renstrom HEDDING AND THE ALAMEDA OFFICE

80 West Hillsdale Boulevard

100 New Montgomery Street NewarkVice Presidel/t al/d Manager Manager 1900 The Alameda Robert H. RehfeldFred B. Walker Assistant Vice President and Manager

Philip T. Smith NEWARK OFFICE Vice President and Assistal/t Mal/agel' Pacific Grove George J. GreenwoodAssistant Vice President and Mal/agel' 6536 Thornton Avenue COUNTY CENTER OFFICE FOREST HILL OFFICE

Manager South San Francisco

THIRD-BRANNAN OFFICE Donald M. Stephenson 710 Hamilton Street 1160 Forest Avenue LONE HILL OFFICE BRENTWOOD OFFICE

601 Third Street ManagerAndrew McConnell John W. Mathys 5411 Camden Avenue 205 Kenwood Way

Walter J. Spaelti Pleasanton Assistant Vice President and Manager Manager Paul D. Brown Warren M. Crawford, J r.

Assistal/t Vice President and Manager PLEASANTON OFFICE WOODSIDE ROAD OFFICE SalinasManager Assistant Vice President al/d Manager

THIRD-REVERE OFFICE 1795 Santa Rita Road 1390 Woodside Road SALINAS MAIN OFFICENORTH FIRST STREET OFFICE SOUTH SAN FRANCISCO

5048 Third Street Douglas W. Hall John R. Barry 201 Main Street798 North First Street INDUSTRIAL OFFICE

Robert J. Gicker Manager ManagerRoland Tavernetti

E. Harold Gustafson 400 South Airport Boulevard

Manager Vice President and Manager Paul F. LerchSan Lorenzo San Carlos Vice President and Manager Manager

TWENTY-NINTH MISSION OFFICE SAN LORENZO OFFICE SAN CARLOS OFFICE ALISAL OFFICE WILLOW GLEN OFFICE

3299 Mission Street 16000 Hesperian Boulevard 632 Laurel Street 730 East Alisal Street 1250 Lincoln Avenue SANTA CLARA DISTRICTJohn P. McNamara Thomas T. Townsend Henry M. Nissen John J. Jorgensen Melvin J. Stuparich

Ellis A. HowardManager Manager Vice President and Manager Manager Assistant Vice President and Manager

Vice President and District Manager

TWENTY-SECOND MISSION OFFICE Sunnyvale NORTH SALINAS OFFICE2595 Mission Street PENINSULA DIVISION SUNNYVALE OFFICE

1244 North Main Street SAN MATEO DISTRICT CampbellAndrew J. Siordia 361 South Murphy Avenue George Davis CAMPBELL OFFICEMal/agel' PALO ALTO DISTRICT Robert W. Forsberg

Manager Carl E. Ward East Campbell Avenue and Second StreetVice President and District Manager

Graham G. Adams Assistant Vice President and Manager VALLEY CENTER OFFICE Joaquin J. Payne

24 Vice President and District Manager Woodside1037 South Main Street Belmont

Assistant Vice President and Manager 25SOUTHERN ALAMEDA COUNTY Clark AlsopDISTRICT Los Altos WHISKEY HILL ROAD OFFICE Assistant Vice President and Manager BELMONT OFFICE Cupertino

David W. Crane LOS ALTOS OFFICE 2925 Woodside Road 1045 Ralston Avenue CUPERTINO OFFICE

Vice President and District Mal/agel' 100 Main Street Robert A. Armstrong Seaside Milton W. Adamson 10260 South Saratoga-Sunnyvale Road

William 1. Maxwell Manager SEASIDE OFFICE Assistant Vice President and Manager David C. McMullen

Castro Valley Assistant Vice President and Manager 1766 Fremont Boulevard ManagerGeorge A. Dujmovich Burlingame

CASTRO VALLEY OFFICE Menlo Park SALINAS DISTRICT Manager BURLINGAME OFFICE Los Gatos20566 Redwood Road MENLO PARK OFFICE Roland Tavernetti 249 Primrose Road LOS GATOS OFFICERobert Nathanson 735 Santa Cruz Avenue Vice President and District Manager Charles E. Nussbaum 150 North Santa Cruz AvenueManager William H. Mauel Carmel SAN JOSE DISTRICT Vice President and Manager Jack C. McCarthy

DublinVice President and Mal/agel'

CARMEL OFFICE Walter J. Grierson BROADWAY·BURLINGAME OFFICEAssistant Vice President and Manager

SHARON HEIGHTS OFFICE San Carlos StreetVice President and District Manager 1399 Broadway

SAN RAMON VILLAGE OFFICE 325 Sharon Park Drive San Jose7745 Amador Valley Boulevard Thomas L. Craig Gilroy Robert G. Cowan

Harold W. Hill, Jr. Vice President and Manager Manager SARATOGA-CAMPBELL AVENUELawrence E. Cauble Manager GILROY OFFICE OFFICEManager Castroville 100 North Monterey Street BURLINGAME INDUSTRIAL OFFICE 1730 Saratoga Avenue

Mountain View CASTROVILLE OFFICE Vernon C. Gillott 851 Burlway Road Harry J. ZahnerFremont MOUNTAIN VIEW OFFICE 10601 Merritt Street Assistant Vice President and Manager James H. Bryce Manager

FREMONT OFFICE 590 Castro Street Ignatius M. Bua MilpitasManager

4501 Eggers Drive Robert S. Leeper Manager Santa ClaraDavid W. Crane Assistant Vice President and Manager MILPITAS OFFICE Foster City SANTA CLARA OFFICEVice President and Manager MAYFIELD MALL OFFICE

Gonzales 10 Milpitas Center FOSTER CITY OFFICE 1111 Washington Street

250 Mayfield Avenue GONZALES OFFICE Huntley E. Miller 1001 East Hillsdale Boulevard Ellis A. HowardWARM SPRINGS OFFICE 346 Alta Street Manager46973 Warm Springs Boulevard John J. Cantlen Robert F. Meurer Vice President and Manager

Manager Adolph Decoto Morgan Hill ManagerJames R. Webb Mal/agel'

EL CAMINO REAL OFFICE

Manager Palo Alto MORGAN HILL OFFICE Millbrae2120 EI Camino Real

Greenfield 2 South Monterey Street Lee R. Mathews

HaywardPALO ALTO OFFICE

GREENFIELD OFFICE Richard C. Traulsen MILLBRAE OFFICE Manager400 Hamilton Avenue

219 El Cantino Real Manager 300 BroadwayHAYWARD OFFICE Graham G. Adams Wayne L. Richter HOMESTEAD-KIELY OFFICE1172 A Street Vice President and Mal/agel' G. Earl Cassatt San Jose 2792 Homestead Road

MWlGgerManager

Lester E. Cragholm George Lang, J r. SAN JOSE MAIN OFFICE Thaddeus ApanasewiczMal/agel' Vice President and Assistant Manager Hollister 101 South First Street San Bruno Mal/agel'

FAIRWAY PARK OFFICE OLD STANFORD FARM OFFICE HOLLISTER OFFICE Walter J. Grierson SAN BRUNO OFFICE STEVENS CREEK OFFICE

31045 Mission Boulevard 600 Quarry Road 375 Sixth Street Vice President and Manager 470 San Mateo Avenue 65 North Winchester Boulevard I;John Mack Lawrence W. Liston Lauren R. Stewart William Koves Jeremiah P. Cadigan Edward A. Hussong, Jr.Manager Manager Mal/agel' Vice President and Assistant Manager Manager Manager

Sunnyvale Redding Marysville SACRAMENTO DISTRICT Grass Valley StocktonWESTMOOR VILLAGE OFFICE REDDING OFFICE MARYSVILLE OFFICE Robert D. Livingston GRASS VALLEY OFFICE STOCKTON MAIN OFFICE1241 Mary Avenue 1770 Pine Street 300 Fourth Street Vice President and District Manager 214 Mill Street 26 North San Joaquin StreetEugene O. Bastianon George A. Greenleaf Forest Hetland Alfred B. Dayton Alfred S. AndersonManager Assistant Vice President and Manager Vice President and Manager Sacramento Manager Vice President and Manager

ENTERPRISE OFFICE BEALE AIR FORCE BASE OFFICE SACRAMENTO MAIN OFFICE Placerville NORTH STOCKTON OFFICE

SANTA CRUZ COUNTY 830 Cypress Avenue Beale Air Force Base 500 Capitol MallPLACERVILLE OFFICE 7650 Pacific Avenue

Robert L. Stone Edward F. Sustrick Robert D. Livingston186 Placerville Drive Robert L. GrayDISTRICT Manager Manager Vice President and Manager Manager

Walter J. Dutro Gordon G. Nevis Warren E. Farnam, Jr.Vice President and District Manager Quincy Vice President and Assistant Manager Manager PACIFIC AVENUE OFFICE

1906 Pacific Avenue

Santa Cruz FRESNO DISTRICT QUINCY OFFICE ALHAMBRA-BROADWAY OFFICE Rancho Cordova Cletus J. DoneuxEugene E. Cochrane

201 Main Street 3031 Broadway CORDOVA-MILLS OFFICE Vice President and ManagerSANTA CRUZ OFFICE James E. Kade Charles P. Morgan 10124 Coloma Road1515 Pacific Avenue Vice President and District Manager Manager WILSON WAY-MARKET OFFICE

Assistant Vice President and Manager Edward G. Stillwell 49 South Wilson WayWarren B. Cottrell ManagerVice President and Manager Clovis Yuba City ARDEN FAIR OFFICE Melvin R. Slocum

CLOVIS OFFICE YUBA CITY OFFICE 1795 Arden Way Roseville ManagerOPAL CLIFFS OFFICE 430 Pol1asky Avenue 700 Plumas Street Herb L. Hebert ROSEVILLE OFFICE3701 Portola Drive Sutter CreekWilliam T. Allen

Henry 1. Flory Howard W. Fleming Manager 380 Roseville SquareManager Manager Peter C. Wright SUTTER CREEK OFFICE

MClJlager CAMELLIA CITY CENTER OFFICE 58 Main StreetYUBA PLAZA OFFICE 5700 Folsom Boulevard Manager

K. William Oehler, Jr.SANTA CRUZ CAMPUS OFFICE Fresno 900 Colusa Avenue Stanley C. Nicolaus2228 Bay Street Sacramento ManagerFRESNO MAIN OFFICEArthur W. Johansen Manager

Frederick K. Duhring L206 Van Ness Avenue Manager ARDEN TOWN OFFICE TracyManager Eugene E. Cochrane CAMPUS COMMONS OFFICE Watt Avenue and Fair Oaks Boulevard350 University Avenue TRACY OFFICEVice President and Manager George P. Agajan

1025 Central AvenueWatsonville K. T. Crawford MODESTO DISTRICT Wayne E. Smith ManagerPAJARO VALLEY OFFICE Vice President Joseph L. Nessier Manager Leo W. Bardin

COUNTRY CLUB CENTRE OFFICE Assistant Vice President and Manager326 Main Street Theo. Kinnune Vice President and District Manager CROSSROADS-FREEPORT BOULEVARD 3380 El Camino AvenueAlwyne E. MigueL Vice President OFFICE William G. Isherwood WOODLAND DISTRICTVice President and Manager Los Banos 5660 Freeport Boulevard Assistant Vice President and ManagerBLACKSTONE-ASHLAN OFFICE LOS BANOS OFFICE Edward V. King, Jr. John E. WeaverFREEDOM OFFICE 4270 North Blackstone Avenue 461 J Street Manager ROSEMONT PLAZA OFFICE Vice President and District Manager1501 Freedom Boulevard Neil G. Ring Ned B. Dickson 9111 Kiefer BoulevardThomas J. Lister Manager Vice President and Manager FLORIN CENTER OFFICE Curtis W. Haug DavisAssistant Vice President al/d Manager WEST FRESNO OFFICE 6945 Stockton Boulevard Manager DAVIS OFFICE

26 1048 E Street Merced Richard E. LofstrandSouth Lake Tahoe 340 F Street 27

George S. Weaver MERCED OFFiCE Manager Richard P. FeLdrniller

VALLEY DIVISION Manager 1911 M Street NORTH SACRAMENTO OFFICE SOUTH TAHOE OFFICE Assistant Vice President and Manager3443 Highway 50 at Bal Bijou RoadMudD. Long 1501 Del Paso BoulevardSherman W. McKissock Fairfield

CHICO DISTRICT Huron Mal/ager W. Gary Alford, Jr. Manager FAIRFIELD OFFICEHURON OFFICE Assistant Vice President and ManagerRichard L. Nelepovitz

36582 Dinero Way Modesto Tahoe City 601 Jackson StreetAssistant Vice President and SACRAMENTO SOUTHGATE OFFICE George L. OlsonDistrict Manager John Vai MODESTO MAIN OFFICE 4401 Florin Road NORTH TAHOE OFFICE Assistant Vice President and ManagerManager 1120 K Street

Paul J. Fritschie 150 Westlake BoulevardAlturas Joseph L. Nessier Manager D. Jack Sheehan VacavilleALTURAS OFFICE Kingsburg Vice President and Manager Assistant Vice President and Manager VACAVILLE OFFICETENTH AND J STREET OFFICE114 North Main Street KINGSBURG OFFICE McHENRY AVENUE OFFICE

1011 Tenth Street 201 East Monte Vista AvenueKenneth E. Smith, Jr. 1400 Draper Street 1601 McHenry Avenue

Thomas A. Bigelow STOCKTON DISTRICT William J. SteinerManager L. H. Kehn Merle L. Lancey Vice President and Manager Manager

Manager Manager Alfred S. AndersonAnderson West Sacramento

Vice President and District Manager WilliamsMadera Oakdale WILLIAMS OFFICEANDERSON OFFICE

OAKDALE OFFICE WEST SACRAMENTO OFFICE Jackson780 E Street3005 East Center Street MADERA OFFICE

845 Jefferson Boulevard JACKSON OFFICE324 West Yosemite Avenue 105 West F Street Bill E. TurnerWilliam F. Candrian Charles L. Sharpless 11 Main StreetMal/ager Loren C. Rigby Robert D. Lingley Manager

Manager Manager Manager Foster BriggsAssistant Vice President and Manager WoodlandChico

San Joaquin Patterson Lotti WOODLAND OFFICECHICO OFFICE PATTERSON OFFICE SIERRA DISTRICT 444 Court Street355 Memorial Way SAN JOAQUIN OFFICE

17 Plaza William G. Isherwood LOm OFFICEJohn E. Weaver

Richard L. Nelepovitz 8777 Main Street Assistant Vice President and 14-A South School StreetVice President and ManagerArturo 1. Garcia Edward G. Hammon District Manager Jobo W. LarsenAssistant Vice President and Manager

Manager Assistant Vice President al/d Manager ManagerComing Sonora Auburn Manteca SOUTHERN CALIFORNIACORNING OFFICE SONORA OFFICE AUBURN OFFICE MANTECA OFFICEL503 Solano Street MARYSVILLE DISTRICT 172 West Stockton Street 455 Grass Valley Highway 160 North Main Street Los AngelesArnold K. Miller Forest Hetland Benjamin C. Hickey Charles F. Wuesthoff Roger B. Rehn PERSHING SQUARE OFFICEManager Vice President al/d District Manager MClllager Manager Manager 415 West Fifth Street

Carmichael PlymouthDaniel C. Davis

Red Bluff Gridley Turlock Vice President and ManagerRED BLUFF OFFICE GRIDLEY OFFICE TURLOCK OFFICE CRESTVIEW VILLAGE OFFICE PLYMOUTH OFFICE John A. Held555 Walnut Street 520 Kentucky Street 440 East Olive Street 4712 Manzanita Avenue Main Street Vice PresidentLloyd E. Smead, Jr. Paul D. Kimmelshue Donald R. Harrison Buford C. Cook James K. VanAusdal John K. SnyderMal/ager Mal/agel' Mal/ager Manager Assistant Cashier Vice President

Market-Montgomery Office and Metropolitan Division Headquarters Crescent City Office

Grass Valley Office Almaden Valley Office Carmel Office

WELLS FARGOBANKING OFFICES

o VISALIA

,

o BAKERSFIELD

• HURON

TAHOECI

o FRESNO (3)

• SAN JOAQUIN

• KINGSBURG

• LOS BANOS*MADERA• CLOVIS

L0-lANG5LES*METROPOLITAN LOS ANGELES (2)0

PATTERSON •• TURLOCK

• MERCED

• GRASS VALLEY

• GRIDLEY

-GONZALES

• GREENFIELD

• KING CITY

DPendlng

*Offices added in 1967

• CHICO

• ANDERSON

• RED BLUFF

• CORNING

* REDDING (2)

SEASIDEPACIFIC GROVE,o *MONTEREY (2)

CARMEL 0

(3) SANTA CRUZ *(2) WATSONViLLE...

• CASTROVILLE

• SALINAS (4)

-COVELO

'ALUMA-

.. uKlAli

(3) Figures in parentheses indicatenumber of offices in thedesignated community.

• WILliAMSYUBA CITY (2) •• MARYSVILLE

• M1DDLETOWti BEALE AIR FORCE BASE • AUBURN• ROSEVILLE

ST. HELENA. WOODlAND. • PLACERVILLE• SANTA ROSA (3) WEST ...., .CARMICHAEL

SACRAMENTO. • RANCHO CORDOVADAVIS. *SACRAMENTO (13)• VACAVILLE • PLYMOUTH

NOVAT0

1"'~!RFIELD • SUTTER CREEK

SAN ~NSELMO • ALLEJO· * LODI • JACKSON(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 HILLHead Office ana 29 Branches • PIEDMONT LAFAYETI:f •• WALNUT CREEK(2) SOUTH SAN FRANCISCO. • OAKLAND (9) ORINDA·

SAN BRUNO 0 .~LAMEDA (4) • MORAGA *DANVILLEPACIFICI\. • SAN LEANDRO *CASTRO VALLEY

MILLBflAE. SAN LORENZO • DUBLIN • MANTECA(3) BURLINGAME. \. • HAYWARO (4) LIVERMORE· • TRACY • OAKDALE

(2) SAN Ml>.TEO •• FO~RCITY • FREMONT (2) *PLEASANTON • MODESTO (2)

CRYSTAL SPRINGS* NEWARKBEL~ONT • • S'AN C.A:RLOS

(3)REDW90DCITY.'~(2) ME,NLO PARK. • (4) PALO ALTO

WpODSIOE. ., MILPITAS(2)'I-\OUNTAIN VIEW· .($) SAN JOSli:

OS ALTOS. • (2) SUNNYVALE• (4) SANTA CLARA

CUPERTINO •CAMPBELL·

·LQSGATOS• MORGAN HILL• GILROY

• HOLLISTER

ARCATA·