Wells Fargo to merge 19 charters into S.D. location

Wells Fargo & Company, San Francisco, has applied to the Office of the Comptroller of the Currency for approval of a plan to combine 19 of its bank charters into one bank charter, Wells Fargo Bank, N.A. The bank is seeking a charter in Sioux Falls, S.D., although its headquarters will remain in San Francisco.

Julia Tunis, a Wells Fargo spokesperson, said the move is unlikely to diminish the company's interest in local areas where it now has charters. "I can assure you, that our commitment to local decisionmaking is not going to change at all," she said. "Our local managers will still make decisions based on the needs of local associations, local customers and local communities."

John Stumpf, group EVP and head of community banking for Wells Fargo, said that obtaining a single bank charter is a prudent contingency to help guard against "the uncertain legislative environment that could restrict our ability to serve customers across the Wells Fargo family of businesses."