Wells Fargo celebrates 100 years
Wells Fargo is celebrating its centennial in Petersburg Thursday, June 12.
The local Wells Fargo Branch began as The Bank of Petersburg, which was organized in September of 1912 with a capital of $5,000—roughly $121,000 in today’s dollars.
The first cashier and manager, K.L. Steberg, ran the one-man bank for more than two years.
The bank was incorporated in 1914 and the capital was increased to $25,000.
By December 31, 1940, deposits totaled around $582,0000—around $9 million today.
In 1972, The Bank of Petersburg merged and became the Petersburg Branch of the National Bank of Alaska when a six-member community advisory board formed, which exists to this day.
In July of 2000, National Bank of Alaska merged with Wells Fargo, marking the first time the company had operated in Alaska for 82 years.
The Petersburg Wells Fargo branch will hold a community reception in the Branch from 4 p.m to 5 p.m.
Wells Fargo is investing $1,500 to Petersburg Mental Health Services to commemorate the occasion.