Wells Fargo Receives No Objection to its 2013 Capital Plan

  Wells Fargo Receives No Objection to its 2013 Capital Plan

Business Wire

SAN FRANCISCO -- March 14, 2013

Wells Fargo & Company (NYSE: WFC) announced today that the Federal Reserve
Board (FRB) has not objected to the Company’s 2013 Capital Plan under the
recently concluded Comprehensive Capital Analysis and Review (CCAR) of the
nation’s largest banks.

The Company confirmed that its 2013 Capital Plan includes a proposed dividend
rate of $0.30 per share for the second quarter of 2013, subject to
consideration and approval by its Board of Directors at its regularly
scheduled meeting in April. The plan also includes a proposed increase in
common stock repurchase activity for 2013 compared with 2012.

“We are extremely pleased to be able to reward our shareholders with increased
distributions for 2013,” said Chairman and CEO John Stumpf. “Today’s decision
by the Federal Reserve Board not to object to our 2013 Capital Plan allows us
to further increase our common stock dividend in 2013 and to undertake
repurchase activity to return more capital to our shareholders. Our ability to
do this is a testament to our diversified business model, which has allowed us
to serve more customers and continue to grow capital while at the same time
generating record earnings and providing our shareholders with more return on
their investment.”

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified,
community-based financial services company with $1.4 trillion in assets.
Founded in 1852 and headquartered in San Francisco, Wells Fargo provides
banking, insurance, investments, mortgage, and consumer and commercial finance
through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com),
and has offices in more than 35 countries to support the bank’s customers who
conduct business in the global economy. With more than 265,000 team members,
Wells Fargo serves one in three households in the United States. Wells Fargo &
Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest
corporations. Wells Fargo’s vision is to satisfy all our customers’ financial
needs and help them succeed financially.

Cautionary Statement About Forward-Looking Statements

This news release contains forward-looking statements about our future
regulatory capital levels and possible future capital actions, including
common stock dividends and common stock repurchases. Forward-looking
statements speak only as of the date made, and we do not undertake to update
them. Actual capital levels and capital actions may vary materially from the
expectations described in this news release due to a number of factors,
including those described in our reports filed with the Securities and
Exchange Commission and available at www.sec.gov. The amount and timing of any
future common stock dividends or repurchases will depend on the earnings, cash
requirements and financial condition of the Company, market conditions,
capital requirements (including under Basel capital standards), common stock
issuance requirements, applicable law and regulations (including federal
securities laws and federal banking regulations), and other factors deemed
relevant by the Company’s Board of Directors, and may be subject to regulatory
approval or conditions. The Company may use shares of common stock acquired
under the repurchase authority for any corporate purpose.

Contact:

Wells Fargo & Company
Media
Mary Eshet, 704-383-7777
Investors
Jim Rowe, 415-396-8216
 
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