Wells Fargo Bank, N.A.

Comptroller of the Currency Administrator of National Banks

LARGE BANK

Public Disclosure

September 30, 2004

Community Reinvestment Act Performance Evaluation

Wells Fargo Bank, N.A. Charter Number: 1741 101 N. Phillips Avenue Sioux Falls, South Dakota 57104

Office of the Comptroller of the Currency Large Bank Supervision 250 E Street, S.W.

Washington, D.C. 20219

NOTE: This document is an evaluation of this institution's record of meeting the credit needs of its entire community, including low- and moderate-income neighborhoods, consistent with safe and sound operation of the institution. This evaluation is not, and should not be construed as, an assessment of the financial condition of this institution. The rating assigned to this institution does not represent an analysis, conclusion, or opinion of the federal financial supervisory agency concerning the safety and soundness of this financial institution.

Charter Number: 1741

Table of Contents

Definitions and Common Abbreviations .................................................................... 3

Description of Institution ................................................................................................ 8

Description of Evaluation Process............................................................................... 9

General Information and Overall CRA Rating Summary ......................................13

Summary of Multi-state Metropolitan Area and State Ratings ...........................17

Primary Rating Areas ? Minneapolis-St. Paul-Bloomington MN-WI Multi-State MSA .................................19 ? Arizona ........................................................................................................................... 31 ? California ....................................................................................................................... 43 ? Colorado........................................................................................................................ 71 ? Texas ............................................................................................................................. 82

Other Rating Areas

? Davenport-Moline -Rock Island (IA - IL) Multi-State MSA.....................................104

? Fargo-Moorhead (ND ? MN) Multi-State MSA .......................................................107

? Las Vegas (NV ? AZ) Multi-State MSA ...................................................................110

? Portland-Vancouver (OR - WA) Multi-State MSA ..................................................113

? Alaska ................................................................................................................... 116

? Idaho

..................................................................................................................119

? Illinois .......................................................................................................................... 122

? Indiana ................................................................................................................... 125

? Iowa ......................................................................................................................... 129

? Michigan ...................................................................................................................... 133

? Minnesota .................................................................................................................... 136

? Montana ....................................................................................................................... 140

? Nebraska ..................................................................................................................... 144

? Nevada .................................................................................................................. 147

? New Mexico ................................................................................................................ 150

? North Dakota............................................................................................................... 154

? Ohio ......................................................................................................................... 158

? Oregon......................................................................................................................... 161

? South Dakota .............................................................................................................. 165

? Utah ....................................................................................................................... 169

? Washington .............................................................................................................. 173

? Wisconsin ................................................................................................................. 177

? Wyoming .................................................................................................................. 182

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Charter Number: 1741

Appendix

Appendix A: Scope of Evaluation .......................................................................... A-1 ? History of Wells Fargo Bank, N.A. ......................................................................... A-7

Appendix B: Market Profiles of Primary Rated Areas........................................ B-1

Appendix C: Ratings Chart ..................................................................................... C-1

Appendix D: Tables of Performance Data ......................................................... D- 1 ? Davenport-Moline -Rock-Island (IA -IL) Multi-State MSA .................................. D-5 ? Fargo-Moorhead (ND-MN) Multi-State MSA .................................................. D-13 ? Las Vegas (NV-AZ) Multi-State MSA ............................................................... D-21 ? Minneapolis-St. Paul-Bloomington (MN-WI) Multi-State MSA ...................... D-29 ? Portland-Vancouver-Beaverton (OR-WA) Multi-State MSA .......................... D-37 ? Alaska ....................................................................................................................D-45 ? Arizona ....................................................................................................................D-53 ? California ................................................................................................................D-67 ? Colorado .................................................................................................................D-97 ? Idaho ....................................................................................................................D-112 ? Illinois ...................................................................................................................D-120 ? Indiana ................................................................................................................D-128 ? Iowa ....................................................................................................................D-136 ? Michigan ..............................................................................................................D-150 ? Minnesota ...........................................................................................................D-158 ? Montana ...............................................................................................................D-172 ? Nebraska .............................................................................................................D-185 ? Nevada ................................................................................................................D-193 ? New Mexico ........................................................................................................D-201 ? North Dakota .......................................................................................................D-212 ? Ohio ....................................................................................................................D-224 ? Oregon .................................................................................................................D-232 ? South Dakota ......................................................................................................D-247 ? Texas ...................................................................................................................D-257 ? Utah ....................................................................................................................D-287 ? Washington .........................................................................................................D-295 ? Wisconsin ............................................................................................................D-310 ? Wyoming ..............................................................................................................D-325

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Charter Number: 1741

Definitions and Common Abbreviations

The following terms and abbreviations are used throughout this Performance Evaluation. The definitions are intended to provide the reader with a general understanding of the terms, not a strict legal definition.

Affiliate - Any company that controls, is controlled by, or is under common control with another company. A company is under common control with another company if both companies are directly or indirectly controlled by the same company. A bank subsidiary is controlled by the bank and is, therefore, an affiliate.

Assessment Area (AA)- A geographic area that consists generally of one or more MSAs (using the MSA boundaries that were in effect as of January 1 of the calendar year in which the delineation is made) or one or more contiguous political subdivisions, such as counties, cities, or towns, in which the bank has its main office, branches, and deposit-taking ATMs.

Automated Teller Machine (ATM) - An unattended electronic machine in a public place, connected to a bank's data system and related equipment and activated by a bank customer to obtain cash withdrawals and other banking services.

Code of Federal Regulations (CFR) ? The codification of general rules published in the Federal Register by the executive departments and agencies of the Federal Government.

Census Tract (CT) - Small, locally defined statistical areas within metropolitan areas. These areas are determined by the United States Census Bureau in an attempt to group homogenous populations. A CT has defined boundaries per tenyear census and an average population of 4,000.

Commercial Mortgage Backed Security (CMBS) ? A market based security that provides liquidity and diversification to commercial real estate investors and ready access to capital lenders.

Community Development (CD) ? Activities that promote affordable housing for lowor moderate -income individuals; community services targeted to low- or moderateincome individuals, promotes economic development by financing businesses or farms that meet the size eligibility standards of 13 CFR 121.802(a)(2) or have gross annual revenues of $1 million or less; or that revitalize or stabilize low- or moderate income geographies.

Community Development Block Grant (CDBG) ? A federal entitlement program administered by HUD's Community Planning and Development Office. The purpose of CDBG funds is to improve communities by providing decent housing, a suitable living environment, and expanding economic opportunities, principally for persons with low and moderate incomes.

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Charter Number: 1741

Community Development Corporation (CDC) - Non-profit groups accountable to local residents that rebuild their communities through a wide range of housing, commercial, job development and other activities. A CDC's mission is normally focuses on serving the local needs of low- and moderate-income households. Resident control usually takes the form of board representation.

Community Development Financial Institution (CDFI) - Specialized financial institutions that work in market niches that have not been adequately served by traditional financial institutions. CDFIs provide a wide range of financial products and services, including mortgage financing for first-time home-buyers, financing for needed community facilities, commercial loans and investments to start or expand small businesses, loans to rehabilitate rental housing, and financial services needed by low-income households and local businesses. In addition, these institutions provide services that help ensure that credit is used effectively, such as technical assistance to small businesses and credit counseling to consumers. CDFIs include community development banks, credit unions, loan funds, venture capital funds, and micro-enterprise loan funds, among others.

Community Development (CD) - Affordable housing for low- or moderate-income individuals; community services targeted to low- or moderate-income individuals; activities that promote economic development by financing businesses or farms that meet the size eligibility standards of 13 CFR 121.802(a)(2) or have gross annual revenues of $1 million or less; or, activities that revitalize or stabilize low- or moderate-income geographies.

Community Reinvestment Act (CRA) - The statute that requires the Office of the Comptroller of the Currency to evaluate a bank's record of meeting the credit needs of its local community, consistent with safe and sound operation of the bank, and to take this record into account when evaluating certain corporate applications filed by the bank.

Delegated Underwriting Servicing (DUS) ? A program whereby Fannie Mae purchases eligible multifamily mortgages from a corporation that has been delegated responsibility for originating, underwriting, closing and delivering such mortgages.

Downpayment Assistance Program (DAP) ? A program that assists homebuyers who qualify for a conventional mortgage but lack cash for the downpayment and closing costs. DAP sponsors low interest loans for these costs and is open to firsttime homebuyers or buyers who have not owned a home in the prior three years and qualify as a very low-, low-, or moderate-income household.

Federal National Mortgage Association (FNMA) ? Also known as Fannie Mae, this is a Congressionally chartered corporation that buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market.

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