The Women of Wells Fargo: Bank Celeberates 150 Years of Service

Most New Mexicans know that 150 years ago Wells Fargo delivered mail and cash by stagecoach across the deserts, mountains, and prairies of our rapidly expanding nation. But few may realize that Wells Fargo was one of the first companies to employ women in traditionally male roles. In 1888, Wells Fargo had at least 32 women among 1,700 agents. Between 1873 and 1918, at least 400 women in 24 states and territories and Mexico served as agents. Cassie Hill was one. From 1884 to 1907 she represented Wells Fargo, Western Union Telegraph Company, and the Southern Pacific Railroad. Lucy Miller and Julia Jones alternated as express agents for 25 years. South in Mexico, in 1880, Mrs. A. K. Turner and Dan Turner shared a messenger route.

For office work, Wells Fargo discovered women's value in the 1870s with the pace quickening in the 1880s. "Last week," reported a San Francisco paper in mid-June 1889, "a change was made in the auditing department of Wells, Fargo & Co., the positions of eight young men being filled by six young women. The change was made because the young men, whose work was of a purely mechanical character, indulged in too much fun, disturbing the expert accountants employed with them." Though the company reduced the work force by two, "the change has proved to be very much for the better," noted a journalist, "one of the officials remarking that now work can be done quietly and accurately."

In March 1918 during World War I, editor Edward Hungerford devoted the entire issue of the Wells Fargo Messenger to "Women in the Express." He declared, "This is the woman's hour." The issue detailed various jobs these exceptional women are doing," from being assistant managers in large offices, to cashiers, and claims agents. Women worked Wells Fargo telephone exchanges in New York, Chicago, St. Louis, Minneapolis, and Los Angeles. At Wells Fargo's central Chicago Accounting Department, 600 women kept track of 10,000 offices and the monthly paperwork tracking millions of packages, almost 600,000 money orders, and thousands of travelers checks with their own peculiar accounting forms. Wells Fargo women performed early computer work using punch card Hollerith machines to compile statistics. As Elsie Seeligmann, in Wells Fargo's Advertising Department announced, "Life for the girl in the office nowadays is anything she chooses to make it. The door of Opportunity is wide open." Hungerford concluded that Wells Fargo women "have made instant and noble response to the call."

While the stage coach is now used primarily for marketing and parades, women continue to "drive" the business. New Mexico WOMAN is pleased to profile three outstanding women of Wells Fargo. Not only are they successful in their careers, they also give much of their time and energy to support the communities they serve.

MICHELLE A. COONS
President and managing officer of the Santa Fe Wells Fargo offices, Michelle Coons has been responsible for managing the growth of a $25 million bank to a $350 million bank over a three-year period. "The significant growth is primarily the result of the merger of Wells Fargo Bank and Norwest, and the acquisitions of First Security and the Bank of Santa Fe," she explains.

Despite being responsible for consolidating branches and employees from 10 locations during this period, new deposit growth in the territory of Santa Fe, Pojoaque, Espa–ola, Los Alamos, and Taos exceeded 20 percent in 2001.

Although only three years under the Wells Fargo name, Coons has been with the same institution through various mergers over the last 19 years. She notes that Wells Fargo provides a good corporate environment for women, with many opportunities and educational incentives to help interested and motivated employees move up the ladder.

Coons earned a bachelor's in business administration from the University of New Mexico's Robert O. Anderson Schools of Management (ASM) in 1983 and also earned certification from the ASM School of Banking in 1986. Additionally, she's a 1990 graduate of the National Commercial Lending Graduate School at the University of Oklahoma. Thinking back to roles women have held in the banking world, Coons says that except for the very early years in banking when few women were part of the work force, banks have almost always had female tellers. "Being a bank teller is the front line job in our bank. I always tell people it's the only job in the bank that you don't take home with you. When your drawer balances at the end of the day, you're done," she says.

As the Wells Fargo family looks at ways to celebrate their 150-year history, Santa Fe has decided to recall the stagecoach years. "We are working with the local newspaper, the Santa Fe New Mexican, to find articles from their archives that reference the company's early years in the city," she says. But even a Wells Fargo birthday doesn't keep the bank from the business at hand. "On February 1 we bought the Bank of Santa Fe," she says, noting that it will make Wells Fargo the biggest bank in the City Different. It also makes Coons chairman of the bank, a title she chose over "chair" or "chairwoman" after polling other women CEO's in the International Women's Forum.

As the bank has grown, Wells Fargo has continued to contribute significant dollars and volunteer service back into the community. In 2001, Wells Fargo Santa Fe distributed donations in excess of $175,000. Coons has a long record of community service to the University of New Mexico, the Albuquerque Children's Museum, Explora Science Center, the Buckaroo Ball, Santa Fe Rotary Club, Santa Fe Children's Museum, and the Association of Commerce and Industry (as its treasurer). She has made sure that the bank supports the community through philanthropy, the service of those in the bank, and by providing loans and services to benefit the people they serve.

LYNETTE L. FREEL
Among those in the Wells Fargo family who give of their time and talents, Lynette Freel stands out. A 26-year bank employee, she's served as the Gallup Community Banking President for a year. Formerly holding a variety of banking positions in the Farmington area, Freel has worked hard to quickly assimilate into the Gallup community, meeting with customers and employees on a frequent basis.

She also jumped quickly into community involvement, making that a priority of her new management position. Although she doesn't have a hard and fast number, Freel has probably donated as many hours of community service, 150, as Wells Fargo has provided years of service.

A long-time volunteer engaged in supporting activities her daughters were involved in, Freel worked with various rodeo organizations, especially while she was in Farmington. Now, in Gallup, she's involved with organizations such as the Rotary Club. "The Rotary names Senior of the Month in McKinley County and sponsors fundraisers to support scholarships. Wells Fargo, too, offers scholarships," she says. The newly-formed CASA Board Freel serves on was formed in McKinley County to provide court appointed caseworkers to work with the court on child abuse and neglect cases.

"We are working to raise awareness of the program, get volunteers and train them. The goal is to work with the children, parents and attorneys to give the judge a report from a non-legal perspective. Gallup has only been able to recruit some of the volunteers to match the need. We will work hard to fulfill the need," she says.

Another ongoing focus in Gallup for Freel is to assist with the economic development of the community. Although mining is no longer a strong resource, tourism remains a good revenue source, especially since it showcases the rich cultural diversity of the area. "I've been a single mother for a long time," Freel says emphatically. "I know what it takes to survive and I've learned to be independent. When I settled into Gallup, I recognized a kindred spirit Ð working together, we can make it!"

Freel credits Wells Fargo Bank with giving her a big opportunity to play a significant role as a woman in banking that she would not have had otherwise. Determined to stay on top of her field, Freel is pursuing an associate degree in accounting.

"If I were asked to give advice to women in business, especially in non-traditional fields, I would recommend continuing education to give them an edge," says Freel. "Networking is always important, but what really gives the relationship strength is to recognize the valuable contribution that person makes to our community. In a small, close-knit place like Gallup, that's really important. Wells Fargo understands that focus, and that helps me succeed here."

JULIANA L. LOWE
Since 1996, Juliana L. Lowe has served as vice president and territory manager for New Mexico, West Texas, and border banking regions. Raised from age 10 on a dairy farm in rural Dexter, NM, Lowe, like Coons, is a graduate of UNM's Anderson Schools of Management where she earned a bachelor's in 1991 and a master's in 1994. Almost a 10-year Wells Fargo employee, Lowe's experience in the farming industry comes in handy in her current line of work. Lowe provides lease and loan funding for equipment to businesses and individuals in manufacturing, services, government and agriculture. "We provide non-traditional loan financing on heavy equipment including everything from cranes and airplanes to medical and computer equiment," she says.

Lowe says she loves the finance world and is especially fond of Wells Fargo as an employer. "Wells Fargo provides equal opportunities for everyone," Lowe says. "Because of their support, I have been a top performer for five years running at WFEFI."

Lowe thinks that women are achieving more in the banking world because of changes in how banks do business. "The days of the banker sitting behind his desk are gone. Bankers must make themselves available, go out in the field, listen to people and find ways to help. I think that's what makes women particularly capable in today's banking world," she says.

Lowe recently earned the Wells Fargo Cross-Sell award, winning a trip for herself and her family to the Olympics. Beyond her Wells Fargo accomplishments, she also is proud to volunteer her time as this year's Chairman of the Wesley Kids Preschool and Childcare Board.

WELLS FARGO GIVES, TOO
Today, Wells Fargo operates over 5,400 consumer finance stores in 47 states, Canada, Latin America, and the Pacific Islands. As part of its mission to assist in community development, it leaves grant-making decisions in the hands of its local team members. In New Mexico, Wells Fargo gives priority to supporting and improving local communities through assistance in providing affordable housing and job training programs for low- and moderate-income individuals, promoting economic development by financing small businesses and farms, and helping to revitalize communities.

The bank supports education by funding specific programs at institutions and by offering scholarships not only to students, but also to teachers and administrators working with low and moderate-income students. Wells Fargo also supports social and human service organizations, especially in the areas of childcare, health services, education, and basic needs assistance. Likewise, its support of quality-of-life initiatives through the arts, culture, and civic projects is a valuable resource to the communities it serves. Wells Fargo stands out as a corporate citizen serving the banking and humanitarian needs of New Mexico and beyond.

WOMEN-OWNED BUSINESSES ON THE RISE
In December, Wells Fargo reported the number of women-owned businesses is expected to reach 6.2 million in 2002, with sales expected to surpass $1 trillion with growth rates exceeding the national average. The Center for Women's Business Research reported that between 1997 and 2002, the number of majority-owned, privately-held, women-owned firms will have grown by 14 percent, compared to 7 percent for all U.S. firms. Sales generated by women-owned businesses increased 40 percent nationwide during this period, nearing $1.15 trillion. Employing nearly 9.2 million workers in 2002 (up 30 percent from 1997), this reflects a growth rate one and a half times the national average.

In all of Wells Fargo's communities, outreach to women business leaders and women-owned businesses is a key goal. A member of the Center for Women's Business Research's Corporate Advisory Council and Corporate Circle, Wells Fargo has loaned nearly $9 billion to women-owned businesses nationwide. To help entrepreneurs build and grow their businesses, Wells Fargo offers an online resource center at www.wellsfargo.com/biz that provides Internet banking and bill payment, and links small businesses with products and services.

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