Wells Fargo & Co. reported that its third-quarter net income grew 59% in its first full quarter since acquiring Crocker National.
The company also declared a 2-for-1 common stock split and increased the quarterly dividend on common stock to 78 cents a share from 68 cents.
The stock split, in the form of a 100% stock dividend, is payable Jan. 20, 1987, to holders of record Dec. 31, 1986.
The San Francisco-based banking company, parent of Wells Fargo Bank, became the nation's 10th-largest bank with its Crocker acquisition in June. It said it had net earnings of $77.4 million for the three months ended Sept. 30, compared to $48.6 million last year, a 59% increase.