SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): May 15, 1998
WELLS FARGO & COMPANY
(Exact name of registrant as specified in its charter)
Delaware 1-6214 No. 13-2553920
(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification No.)
420 Montgomery Street, San Francisco, California 94163
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 1-800-411-4932
Not applicable
(Former name or former address, if changed since last report)
Item 5: OTHER EVENTS
(a) As announced on April 2, 1998, Wells Fargo Bank, N.A. (Wells
Fargo) entered into a letter of intent to sell its mortgage
servicing business to GMAC Mortgage Corporation (GMAC Mortgage).
On May 15, a definitive agreement was signed by Wells Fargo and
GMAC Mortgage. Under the terms of the agreement, GMAC Mortgage
will acquire the servicing for approximately $26 billion of loans
and will subservice approximately $6 billion of Wells Fargo's
bank-owned loans. The transaction is expected to close in June,
although there is no assurance that the transaction will be
completed. The resulting pre-tax gain is currently estimated to
be in the area of $65 million, most of which will be recognized
in the second quarter, with the remainder recorded in the third
quarter when certain adjustments are finalized.
(b) Attached hereto as Exhibit 99 is the Press Release announcing
that Rod Jacobs, Vice Chairman and Chief Financial Officer of
Wells Fargo & Company (the Company), has been elected President
and Director of both the Company and its primary subsidiary,
Wells Fargo Bank, N.A., by the Company's Board of Directors and
that Ross Kari, Executive Vice President and head of the
Company's Finance Group, has been elected Chief Financial
Officer.
Item 7: FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits
3(ii) By-Laws
99 Copy of the Press Release announcing the election of
Rod Jacobs as President and Director of Wells Fargo &
Company and Wells Fargo Bank, N.A. and the election of
Ross Kari as Chief Financial Officer
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized, on May 21, 1998.
WELLS FARGO & COMPANY
By: FRANK A. MOESLEIN
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Frank A. Moeslein
Executive Vice President and Controller