First Security Corporation
Encyclopedia
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.
, 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 of 1928.
In 1932, First Security acquired Deseret National Bank, which was originally founded in 1871 by Brigham Young
. It then moved its headquarters from Ogden
to Salt Lake City.
In 2000, First Security was absorbed into Wells Fargo, with First Security stockholders receiving 0.355 of a share of Wells Fargo common stock in exchange for each share of First Security common stock.
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
in 2000.
History
David EcclesDavid Eccles (businessman)
David Eccles was an American businessman and industrialist who founded many businesses throughout the western United States and became Utah's first multimillionaire.-Biography:...
, 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 of 1928.
In 1932, First Security acquired Deseret National Bank, which was originally founded in 1871 by Brigham Young
Brigham Young
Brigham Young was an American leader in the Latter Day Saint movement and a settler of the Western United States. He was the President of The Church of Jesus Christ of Latter-day Saints from 1847 until his death in 1877, he founded Salt Lake City, and he served as the first governor of the Utah...
. It then moved its headquarters from Ogden
Ogden, Utah
Ogden is a city in Weber County, Utah, United States. Ogden serves as the county seat of Weber County. The population was 82,825 according to the 2010 Census. The city served as a major railway hub through much of its history, and still handles a great deal of freight rail traffic which makes it a...
to Salt Lake City.
In 2000, First Security was absorbed into Wells Fargo, with First Security stockholders receiving 0.355 of a share of Wells Fargo common stock in exchange for each share of First Security common stock.