First Security Corporation

First Security Corporation

Industry	Banking
Founded	Ogden, Utah, U.S. (June, 1928)
Headquarters	Salt Lake City, Utah, United States
Area served	Western United States
Key people	Marriner Stoddard Eccles, (Co-founder) George S. Eccles, (Co-founder, CEO)
Products	Retail banking Investment banking Commercial banking Mortgages

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.

History

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 was originally 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, 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. ^[2]

References

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 2000-04-10.