First Security Corporation

First Security Corporation was a multistate bank holding company in the western United States, primarily in Utah, Idaho, New Mexico, Oregon, Nevada, and Wyoming. Headquartered in Salt Lake City, Utah, First Security merged with Wells Fargo in 2000.

First Security Corporation
TypePublic
Nasdaq: FSCO
IndustryBanking
FoundedJune 1929; 93 years ago (1929-06) in Ogden, Utah, US
FoundersMarriner Stoddard Eccles, George S. Eccles
Defunct2000; 22 years ago (2000)
Fateacquired by Wells Fargo
SuccessorWells Fargo
HeadquartersSalt Lake City, Utah, United States
Area served
Western United States
Key people
George S. Eccles, CEO
ProductsRetail banking
Investment banking
Commercial banking
Mortgages
WebsiteArchived official website at the Wayback Machine (archived December 5, 1998)

HistoryEdit

 
The former First Security Building, now the Deseret Building, still retains the former bank's name.

David Eccles who emigrated to Utah from Scotland in 1863 had a founding interest in Utah International, which was later inherited by Marriner and George Eccles. The two sons, together with Marriner A. Browning, expanded their financial interests to 17 banks and a building and loan company, later brought under one holding company, First Security Corporation, in June 1928.

In 1932, First Security acquired Deseret National Bank, which had been founded in 1871 by Brigham Young. It then moved its headquarters from Ogden to Salt Lake City. [1]

In 2000, First Security was absorbed into Wells Fargo. First Security stockholders received 0.355 of a share of Wells Fargo common stock in exchange for each share of First Security common stock. [2]

ReferencesEdit

  1. ^ "History of First Security Corporation". fundinguniverse.com.
  2. ^ "Wells Fargo & Company and First Security Corporation Merger Press Release". sec.gov. 2000-04-09. Archived from the original on 2012-12-17.