National Bank of Alaska (originally known as Bank of Alaska) was

Alaska Alaska ( ; russian: Аляска, Alyaska; ale, Alax̂sxax̂; ; ems, Alas'kaaq; Yup'ik: ''Alaskaq''; tli, Anáaski) is a state located in the Western United States on the northwest extremity of North America. A semi-exclave of the U.S., ...

's largest financial institution for the latter part of the 20th century. In 2000, it was purchased by

Wells Fargo Wells Fargo & Company is an American multinational financial services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and intern ...

, giving the larger bank a presence in 23 states.

Founding and early history

Bank of Alaska was founded in 1916 by Andrew Stevenson in

Skagway, Alaska The Municipality and Borough of Skagway is a first-class borough in Alaska on the Alaska Panhandle. As of the 2020 census, the population was 1,240, up from 968 in 2010. The population doubles in the summer tourist season in order to deal wit ...

. The bank's first headquarters were in the building previously occupied by the Canadian Imperial Bank of Commerce at Fifth and Broadway, but it soon built a new headquarters one block away at Sixth and Broadway, a building which has remained in the possession of the company and its successors to this day. Bank of Alaska soon opened additional branches in Wrangell and

Anchorage Anchorage () is the largest city in the U.S. state of Alaska by population. With a population of 291,247 in 2020, it contains nearly 40% of the state's population. The Anchorage metropolitan area, which includes Anchorage and the neighboring Ma ...

, which had just been named. Edward Anton Rasmuson, who was hired in the first year as the bank's attorney, and his family and descendants long played central roles in the bank's governance. He assumed control in the financial turmoil following

World War I World War I (28 July 1914 11 November 1918), often abbreviated as WWI, was one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...

, and by 1919, he was serving as the bank's president. His wife, Jenny Olson Rasmuson, sat on the board of directors. In 1945, the bank's headquarters were moved to Anchorage. Rasmuson died in 1949, and left the bank to his son,

Elmer E. Rasmuson Elmer Edwin Rasmuson (February 15, 1909 – December 1, 2000) was an American banker, philanthropist and politician in the territory and state of Alaska. He led the family business, National Bank of Alaska, for many decades as president and late ...

Expansion

In 1950, the bank adopted a national charter, becoming the National Bank of Alaska. A 1960 merger made National Bank of Alaska the largest bank in the state with 19 branches in six locations. Elmer Rasmuson also passed the business to his son, retiring in 1975. Edward Bernard Rasmuson became president and CEO. By 1978, National Bank of Alaska was operating 34 branches in 19 communities. In 1982, it was reorganized as a wholly owned subsidiary of bank holding company National Bancorp of Alaska. By 1983, its assets topped $1 billion, and by 1990, it owned about half of all bank assets in the state.

Wells Fargo purchase

In December 1999, National Bancorp of Alaska agreed to a $907 million buyout by Wells Fargo & Co. It had more than $3 billion in assets, and 53 National Bank of Alaska branches in 29 Alaskan communities, with an additional branch in

Seattle, Washington Seattle ( ) is a port, seaport city on the West Coast of the United States. It is the county seat, seat of King County, Washington, King County, Washington (state), Washington. With a 2020 population of 737,015, it is the largest city in bo ...

. The acquisition transaction closed in 2000, and branches converted to the Wells Fargo brand in June 2001. Wells Fargo officials said the acquisition gave them the country's "most extensive banking franchise", with branches in 23 states.

Bibliography

* Rasmuson, Elmer E. and Cole, Terrence ''Banking on Alaska: The Story of the National Bank of Alaska'' (2 volumes)

References

{{DEFAULTSORT:National Bank Of Alaska 1916 establishments in Alaska 2000 disestablishments in Alaska Banks based in Alaska Banks disestablished in 2000 Banks established in 1916 Companies based in Anchorage, Alaska Defunct banks of the United States Defunct companies based in Alaska Municipality of Skagway Borough, Alaska American companies disestablished in 2000 American companies established in 1916