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Wells Fargo Net Up 59% During Quarter

October 22, 1986

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.

Meanwhile, in Houston, two top Texas bank groups reported much depressed third-quarter results, blaming growing problems in real estate and energy loans.

Texas Commerce Bancshares, the state's third-biggest bank holding company with assets of $18.9 billion, reported third-quarter earnings of $10.1 million, less than half the $21.4 million of a year earlier.

First City Bancorp of Texas, ranking fifth with assets of $13.9 billion, said it incurred a loss of $47.9 million, compared to a profit of $10.8 million in the 1985 quarter.

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