SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE: WFC) announced today that the Federal Reserve Board (FRB) has not objected to the Company’s 2014 Capital Plan under the recently concluded Comprehensive Capital Analysis and Review (CCAR) of the nation’s largest banks.
The Company said that its 2014 Capital Plan includes a proposed dividend rate of $0.35 per share for the second quarter of 2014, subject to consideration and approval by its Board of Directors at its regularly scheduled meeting in April. The proposed dividend rate represents a 16.7 percent increase over the current rate of $0.30 per share. The plan also includes a proposed increase in common stock repurchase activity for 2014 compared with 2013. The Wells Fargo Board of Directors has approved an increase of 350 million additional shares in the Company’s authority to repurchase its common stock.
“We are pleased to reward our shareholders’ commitment to Wells Fargo with increased distributions for 2014,” said Chairman and CEO John Stumpf. “The Federal Reserve Board’s decision to issue a non-objection regarding our 2014 Capital Plan allows us to increase our common stock dividend and continue repurchase activity, which returns more capital to our shareholders while maintaining a strong capital position.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.5 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 locations, 12,000 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With more than 264,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 on Fortune’s 2013 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.