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Feb-02-2009 09:48TweetFollow @OregonNews
Wells Fargo to Pay $371.5 Million Dividend to U.S. TreasurySalem-News.com
Wells Fargo says their average earning assets, primarily loans and securities, up $119 billion, or 28 percent, since the start of the credit crisis in mid-2007.
(NEW YORK) - Wells Fargo & Company (NYSE: WFC) today announced a total quarterly dividend of $371.5 million payable to the U.S. Treasury on its 25,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series D purchased from the Company as part of the department's Capital Purchase Program (CPP).
The dividend of $14,861.11 per share is payable February 15, 2009. The U.S. Treasury is the only holder of record of the Series D preferred stock.
"Since credit began contracting 18 months ago, Wells Fargo has made almost half a trillion dollars in new loan commitments and mortgage originations," said Chief Financial Officer Howard Atkins.
"Last quarter alone, we made $22 billion in loan commitments and $50 billion in mortgage originations. That's more than $70 billion or almost three times the amount of the U.S. Treasury's investment in Wells Fargo. We believe we're leading our industry in lending to creditworthy customers during this difficult economy."
Through repayment plans and other modifications, Wells Fargo provided 498,000 solutions to customers in 2008, including 143,000 last quarter.
Wells Fargo says they are aggressively using streamlined approaches and customized solutions to avoid preventable foreclosures for Wachovia mortgage customers, primarily those whose loans are delinquent or are likely to become delinquent. 478,000 Wachovia customers – including those with Wachovia Pick-a-Payment loans – will have access to the program if they need it.
Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody's Investors Service, "Aa1," and Standard & Poor's Ratings Services, "AA+."
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