Wells Fargo Becomes First West Coast Bank to Offer "Brokered" CDs; Offers High Yielding CDs of Other Banks With FDIC Insurance.

SAN FRANCISCO--(BUSINESS WIRE)--June 25, 1998--Wells Fargo Securities Inc., a wholly owned subsidiary of Wells Fargo Bank, this week began to offer its customers brokered certificates of deposits (CDs) issued by other banks and savings and loans.

Brokered CDs are typically available only through brokerage houses.

The new CD program allows Wells Fargo Securities brokerage clients to purchase multiple certificates of deposit from a wide range of banks and savings and loans throughout the U.S. while enjoying the full security of Federal Deposit Insurance.

"This program is a breakthrough for consumers who now must hold CDs at multiple banks or savings and loans in order not to exceed the FDIC maximum of $100,000 per institution," said Dennis Mooradian, president of Wells Fargo Securities and executive vice president of Private Clients Services, a division of Wells Fargo Bank. "With the brokered CD, we do the shopping for our clients, allowing them to have the best rates from differentinstitutions in a single account."

Most portfolio managers advise investors to maintain at least 5 percent of their assets in cash or cash equivalents, like CDs.

"Consumers who have more than $100,000 to invest will no longer have to keep track of various 1099 Federal tax forms nor manage multiple accounts at different institutions to get FDIC insurance," said Dennis Mooradian. "Our clients can have an array of CDs from different issuers held in one account, and get consolidated tax reporting with FDIC coverage on the entire portfolio."

The brokered CD program meets the needs of a wide range of investors. Clients can purchase CDs from one of 340 Wells Fargo financial consultants in 10 Western states. These financial consultants will help manage a client's entire investment portfolio, including their brokered CDs. Financial consultants will help clients stagger their CD maturity dates and obtain the most competitive yields available. -0-

--   Minimum purchase per client is $1,000 for IRAs and $25,000 for
     all other accounts. The maximum purchase per institution is
     $90,000 to make sure the investment plus interest remains below
     the FDIC limit.

--   The simplest CDs available range in maturity from 3 months to 10
     years; they pay interest at maturity if less than a year and
     semi-annually if one year or longer. Jumbo CDs with a principal
     amount of $100,000 pay interest monthly.

--   For investors who want to participate in the returns of the stock
     market -- yet preserve their principal -- they may buy the S&P
     500 Indexed CDs. These CDs have interest rates that are tied to
     the returns of the S&P 500 Stock Index over the next five years.
     Maturities range from 5 to 10 years with interest paid at
     maturity.

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Wells Fargo Private Client Services, the division of Wells Fargo that manages this program, provides a full range of brokerage, investment management, trust and private banking services under one roof. Private Client Services has offices throughout the West. Locations include San Francisco, Palo Alto, Denver, Salt Lake City, Los Angeles, Dallas, Houston, San Diego, Sacramento, Beverly Hills, Las Vegas, Portland and Seattle.

Wells Fargo manages more than $64 billion in assets, $30 billion of which is for high net worth investors.

Note to Editors: Private Client Managers and Financial Consultants are registered representatives of Wells Fargo Securities Inc. (which is a member of NASD/SIPC) and employees of Wells Fargo Bank.

    CONTACT: Wells Fargo Bank
              Wendy Grover, 415/396-5905