Wells Fargo Receives No Objection to its 2013 Capital Plan

Thu Mar 14, 2013 4:49pm EDT

* Reuters is not responsible for the content in this press release.


SAN FRANCISCO--(Business Wire)--
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

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.

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

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