National Bank of Alaska
Encyclopedia
National Bank of Alaska was Alaska
's largest financial institution for the latter part of the 20th century. In 2000, it was acquired by Wells Fargo
.
Bank of Alaska was founded in 1916 by Andrew Stevenson in Skagway, Alaska
. 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 constructed a new headquarters a block down at Sixth and Broadway, a building which has remained in the possession of the company and its successors to this day. Bank of Alaska was soon to open additional branches in Wrangell
and Anchorage
, which had only just been named.
Edward Anton Rasmuson was hired in the first year as the bank's attorney. He assumed control in the financial turmoil following World War I
, 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
.
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 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.
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
.
Alaska
Alaska is the largest state in the United States by area. It is situated in the northwest extremity of the North American continent, with Canada to the east, the Arctic Ocean to the north, and the Pacific Ocean to the west and south, with Russia further west across the Bering Strait...
's largest financial institution for the latter part of the 20th century. In 2000, it was acquired by Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.
Bank of Alaska was founded in 1916 by Andrew Stevenson in Skagway, Alaska
Skagway, Alaska
Skagway is a first-class borough in Alaska, on the Alaska Panhandle. It was formerly a city first incorporated in 1900 that was re-incorporated as a borough on June 25, 2007. As of the 2000 census, the population of the city was 862...
. The bank's first headquarters were in the building previously occupied by the Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce
The Canadian Imperial Bank of Commerce is one of Canada's chartered banks, fifth largest by deposits. The bank is headquartered at Commerce Court in Toronto, Ontario. CIBC's Institution Number is 010, and its SWIFT code is CIBCCATT....
at Fifth and Broadway, but it soon constructed a new headquarters a block down at Sixth and Broadway, a building which has remained in the possession of the company and its successors to this day. Bank of Alaska was soon to open additional branches in Wrangell
Wrangell, Alaska
Wrangell is a city and borough in the U.S. state of Alaska. At the 2000 census the population was 2,308.Its Tlingit name is Ḵaachx̱aana.áakʼw . The Tlingit people residing in the Wrangell area, who were there centuries before Europeans, call themselves the Shtaxʼhéen Ḵwáan after the nearby Stikine...
and Anchorage
Anchorage, Alaska
Anchorage is a unified home rule municipality in the southcentral part of the U.S. state of Alaska. It is the northernmost major city in the United States...
, which had only just been named.
Edward Anton Rasmuson was hired in the first year as the bank's attorney. He assumed control in the financial turmoil following World War I
World War I
World War I , which was predominantly called the World War or the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe that began on 28 July 1914 and lasted until 11 November 1918...
, 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 E. Rasmuson
Elmer E. Rasmuson was an Alaskan banker and philanthropist. He was Mayor of Anchorage from 1964 to 1967.-Origins and education:...
.
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 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.
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, Washington
Seattle is the county seat of King County, Washington. With 608,660 residents as of the 2010 Census, Seattle is the largest city in the Northwestern United States. The Seattle metropolitan area of about 3.4 million inhabitants is the 15th largest metropolitan area in the country...
.