Company type | Public |
---|---|
Nasdaq: FSCO | |
Industry | Banking |
Founded | June 1929 in Ogden, Utah, US |
Founders | Marriner Stoddard Eccles, George S. Eccles |
Defunct | 2000 |
Fate | acquired by Wells Fargo |
Successor | Wells Fargo |
Headquarters | Salt Lake City, Utah, United States |
Area served | Western United States |
Key people | George S. Eccles, CEO |
Products | Retail banking Investment banking Commercial banking Mortgages |
Website | Archived official website at the Wayback Machine (archived December 5, 1998) |
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.
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 had been 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. First Security stockholders received 0.355 of a share of Wells Fargo common stock in exchange for each share of First Security common stock. [2]
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George S. Eccles (1900–1982), the sixth of nine children of Utah industrialist David Eccles and his wife Ellen Stoddard Eccles. He grew up in Logan, Utah and graduated from Columbia University in New York, where he met fellow student Dolores "Lolie" Doré, whom he wed in 1925. George and his brother Marriner Stoddard Eccles founded First Security Corporation in 1928. He served as CEO of First Security Corporation from 1945 to 1982. In 1960 he and his wife co-founded the George S. and Dolores Doré Eccles Foundation. He received the Golden Plate Award of the American Academy of Achievement, alongside his brother Marriner S. Eccles, at the 1972 Achievement Summit in Salt Lake City.
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