Board of Governors of the Federal Reserve System

Public Meeting Regarding Norwest Corporation and Wells Fargo & Company

Held on Thursday, September 17, 1998, at the Federal Reserve Bank of Minneapolis

Transcript of the Public Meeting held on September 17, 1998, on the application of Norwest Corporation to merge with Wells Fargo & Company. Transcripts and exhibits are presented by speaker panel; they are also presented in their entirety after the last panel.

Complete Thursday transcript | Complete Thursday exhibits (7 MB PDF)
 

Thursday, September 17, 1998
Opening Remarks	Dolores Smith, Presiding Officer, Director, Division of Consumer and Community Affairs, Board of Governors of the Federal Reserve System
Applicant Presentation	Paul Hazen, Chairman and CEO, Wells Fargo & Company, San Francisco, California Leslie S. Biller, President and COO, Norwest Corporation, Minneapolis, Minnesota Exhibits (433 KB PDF)
Panel One	James P. Jacobson, Assistant Attorney General, State of Minnesota, Office of the Attorney General, St. Paul, Minnesota (appearing on behalf of Attorney General Hubert Humphrey) Karen Clark, Minnesota House of Representatives, Minneapolis, Minnesota Malcolm Curley, Office of Contracts and Grants, The Navajo Nation Council, Window Rock, Arizona Exhibits (403 KB PDF)
Panel Two	Kirsten Bansen, Minnesota Housing Partnership, Minneapolis, Minnesota John Bryant, Chairman and CEO, Operation Hope: Urban Economic Empowerment, Bryant Group Companies, Inc., Los Angeles, California Anne Haines Yatskowitz, President and CEO, ACCION New Mexico, Albuquerque, New Mexico Clive Rainey, Development Officer, Habitat for Humanity, Americus, Georgia Deborah Sawyeur-Parks, President and CEO, Oregon Corporation for Affordable Housing, Portland, Oregon Suzy Wheeler, Education Coordinator, Consumer Credit Counseling Service, Minneapolis, Minnesota Exhibits (726 KB PDF)
Panel Three	Marcia Erickson, Minnesota ACORN, St. Paul, Minnesota Marilyn Whitfield, Board Member and Co-chair of the North Minneapolis Chapter, Minnesota ACORN, Minneapolis, Minnesota Jordan Ash, Loan Counseling Coordination, Minnesota ACORN, St. Paul, Minnesota Alton Bennett, Board Member and Chair of the Banking & Housing Committee, Minnesota ACORN, St. Paul, Minnesota Exhibits (58 MB PDF)
Panel Four	Robert Gnaizda, Policy Director and General Counsel, Greenlining Institute, San Francisco, California George Dean, President and CEO, Greater Phoenix Urban League, Phoenix, Arizona Jorge Correlejo, Boardmember, Latin Business Association, Los Angeles, California Gelly Borromeo, Publisher, Asian Enterprise Magazine George Bivins, President, Black Business Association of Southern California, Los Angeles, California Pheng Lee, Secretary, Hmong American Political Association, Fresno, California Cheng Thao, Marketing Cooperative, The Hmong American Community, Inc., Fresno, California Exhibits (152 KB PDF)
Panel Five	Amelia Kalant, The Community Reinvestment and Development Task Force, Albuquerque, New Mexico Marv Kamp, Wisconsin Rural Development Corporation, Mount Horeb, Wisconsin Brenda LaBlanc, Iowa Citizens for Community Improvement, Des Moines, Iowa Adam Holdorf, Washington Reinvestment Alliance, Seattle, Washington (remarks presented by Brenda LaBlanc) Ferol Wegner, Citizens for Community Improvement of Des Moines, Des Moines, Iowa Exhibits (174 KB PDF)
Panel Six	George Brantley, Executive Director, Hope Center Children's Program, Denver, Colorado Pete Garcia, President and CEO, Chicanos Por La Causa, Phoenix, Arizona Autumn J. Gold, Home Mortgage Coordinator, Atlantis Community, Inc., Denver, Colorado Pierre Jimenez, Interim Executive Director, Denver Community Television, Denver, Colorado Mary Tingerthal, President and CEO, National Equity Fund, Chicago, Illinois Exhibits (650 KB PDF)
Panel Seven	Dana Wise, AFL-CIO/CLC, United Steelworkers of America, Pittsburgh, Pennsylvania Joyce Gallardo, Local Union 3267, United Steelworkers of America, Pueblo, Colorado Howard Pacheco, Local Union 2102, United Steelworkers America, Pueblo, Colorado Jan Pacheco, Local Union 2102, United Steelworkers, America, Pueblo, Colorado Mary Rosenthal, Minnesota AFL-CIO Matthew Lee, Inner City Press/Community on the Move and Inner City Public Interest Law Center, Bronx, New York (remarks presented by Marv Kamp) Exhibits (2.2 MB PDF)
Panel Eight	Karen Caplan, President, Frieda's, Inc., Los Alamitos, California Allen McGill, President, Black State Employees Association of Texas, Inc., Dallas, Texas Dr. Darren Reagan, Chairman and CEO, Black State Employees Association of Texas, Inc., Dallas, Texas Jim Reid, President, Southern Dallas Development Corporation, Dallas, Texas Kelby Grovender, Director of Anishabe Wakigan, American Indian Housing Corporation, Minneapolis, Minnesota Exhibits (590 KB PDF)
Panel Nine	Charles Finn, Humphrey Institute, University of Minnesota, Minneapolis, Minnesota Lilly Mendoza, delivering remarks on behalf of Rapid City Housing Coalition and Young Women's Unity Association, Rapid City, South Dakota Leola Seals, Minneapolis NAACP, Minneapolis, Minnesota Exhibits (455 KB PDF)
Panel Ten	Ronald Cody, President, Junior Achievement of the Upper Midwest, Inc., Minneapolis, Minnesota Steve Cramer, Executive Director, Project for Pride in Living, Minneapolis, Minnesota Jerry Cutts, Executive Director, Development Corporation for Children, Minneapolis, Minnesota Thomas P. Fulton, President, Family Housing Fund, Minneapolis, Minnesota Jim Watt, Executive Director, Twin Cities Neighborhood Housing Services, St. Paul, Minnesota Exhibits (110 KB PDF)
Panel Eleven	Danielle Nugent, delivering remarks on behalf of the Minnesota Public Interest Research Group, Minneapolis, Minnesota Stephen Tatum, Sr., President, New Century One Community Lending Cooperative, Minneapolis, Minnesota Ann Therkelson, Minneapolis, Minnesota Exhibits (98 KB PDF)
Panel Twelve	Roger A. Jensen, Anoka Sherburne County Capital Fund, Anoka County Economic Development Partnership, Coon Rapids, Minnesota Warren McLean, President and CEO, Metropolitan Economic Development Association, Minneapolis, Minnesota Curt Milburn, Project Director, Phalen Corridor Initiative, St. Paul, Minnesota Jim Shreffler, Lutheran Social Service Loan Fund, Duluth, Minnesota Exhibits (797 KB PDF)
Panel Thirteen	Zula Young, Rondo Community Land Trust, St. Paul, Minnesota Richard Ernest, Ernest Farm, Minnesota Lake, Minnesota Chantha R. Koy, Mortgage Counselor, Powderhorn Residents Group, Minneapolis, Minnesota Mary Vitela, Stevens Realty, St. Paul, Minnesota Exhibits (102 KB PDF)