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 Ala...