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8-K - FORM 8-K - WELLS FARGO & COMPANY/MN | g26536e8vk.htm |
Exhibit 99
Media | Investors | |||
Mary Eshet | Jim Rowe | |||
704-383-7777 | 415-396-8216 |
Wells Fargo & Company Increases Quarterly Cash Dividend
Rate to $0.12 and Increases Common Stock Repurchase
Authority
Rate to $0.12 and Increases Common Stock Repurchase
Authority
SAN FRANCISCO, March 18, 2011 Wells Fargo & Company (NYSE: WFC) today announced a special
first quarter 2011 cash dividend on its common stock of $0.07 per share, which together with the
$0.05 per share dividend declared on January 25, 2011, brings the total dividend declared for the
first quarter to $0.12 per share. The special dividend is payable March 31, 2011, to stockholders
of record on March 28, 2011.
The Board of Directors also increased the Companys authority to repurchase common stock by an
additional 200 million shares. The quarterly dividend rate increase to $0.12 per share was part of
the capital plan the Company submitted to the Federal Reserve Board in January 2011. Also included
in the capital plan were common stock repurchases, the redemption of certain trust preferred
capital securities and the continued open market repurchases of common stock warrants.
We are extremely pleased to reward our shareholders with an increased dividend, said CEO
John Stumpf. Throughout the recent economic downturn, Wells Fargo remained focused on providing
customers with the financial services they need that is our time-tested strategy for successful
performance and delivering value to shareholders. We
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have confidence in our capital plan, which recognizes the continued strength of our capital position and supports our goal of returning over time to a more normalized dividend payout
ratio of 30 percent. In addition to moving toward a more normalized dividend, were pleased to
reinstate our stock repurchase program with an authorization of 200 million shares, which is a
useful tool to return capital to our shareholders when conditions are favorable and to offset our
employee benefit plan issuances. We appreciate the patience and loyalty our shareholders have
demonstrated, and we look forward to continued dividend increases over time.
Wells Fargo & Company is a nationwide, diversified, community-based financial services company with
$1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance through more than
9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com and wachovia.com), and other distribution
channels across North America and internationally. With approximately 280,000 team members, Wells
Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on
Fortunes 2009 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all
our customers financial needs and help them succeed financially. The Company has approximately
5.3 billion shares outstanding.
Cautionary Statement About Forward-Looking Statements
This news release contains forward-looking statements about our future regulatory capital levels
and possible future capital actions, including common stock dividends and common stock repurchases.
Forward-looking statements speak only as of the date made, and we do not undertake to update them.
Actual capital levels and capital actions may vary materially from the expectations described in
this news release due to a number of factors, including those described in our reports filed with
the Securities and Exchange Commission and available at
www.sec.gov. The amount and timing of any
future
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common stock dividends or repurchases will depend on the earnings, cash requirements
and financial condition of the Company, market conditions, capital requirements (including under
Basel capital standards), common stock issuance requirements, applicable law and regulations
(including federal securities laws and federal banking regulations), and other factors deemed
relevant by the Companys Board of Directors, and may be subject to regulatory approval or
conditions. The Company may use shares of common stock acquired under the repurchase authority for
any corporate purpose.