Our Story

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In 1897, Jacob Levitt, a 31-year-old immigrant from Lithuania, rented a tiny space in downtown Des Moines, Iowa, where he embarked on the business of making personal loans to the city's wage earners. He had arrived in the United States 13 years earlier, eventually settling in Des Moines as an itinerant peddler before starting State Loan Company.

Levitt recognized the need for working class people to have access to credit, particularly small loans at low monthly payments and reasonable interest rates. The fledging business prospered. In 1924, the second office opened in Sioux City, Iowa, and, in the following year, the first out-of-state office opened in Kansas City, Missouri.

Loans by Mail
Jacob's son, Ellis, who had joined the business in the early part of the 20th century, created "loans-by-mail," the first direct mail marketing program launched by a lending institution. Using mailing lists comprised of teachers, postal workers, railroad employees and others engaged in stable occupations, Ellis Levitt's idea produced many solid loans, and eventually, many loyal clients who turned to State Finance Company again and again for financial assistance.

The loans-by-mail business prospered throughout the 1920s, '30s and '40s and became the cornerstone of the loan operation for most of the Company's first 56 years in business.

State to Dial Finance Company
Steady growth during the 1930s, '40s and '50s brought new offices in more states and a new name in 1930: State Finance Company. Even during the Depression, the Company adopted a progressive conservatism policy that carried it through the balance of the 1930s and ensured continued growth during this period.

By 1957, more than 100 offices were operating and receivables topped $50 million. In 1959, the Company's name changed again, this time to Dial Finance Company.

In 1960, the Company's common stock was first offered to the public and, in 1968, the stock was listed on the New York Stock Exchange.

Joining forces with Norwest Corporation
By 1980, Dial Finance was operating more than 500 branch offices in 36 states, and had more than $700 million in receivables.

In 1982, an agreement was reached for Dial to merge with Northwest Bancorporation, a regional bank-holding company based in Minneapolis, Minnesota. This historic union would ensure the capital necessary for continued expansion. Following the merger, Northwest Bancorporation became Norwest Corporation and Dial Finance became Norwest Financial.

Growth continued throughout the '80s and '90s and by the beginning of the 21st century, the company had more than $11.2 billion in receivables and over 1,200 locations.

In November 1998, our parent company, Norwest Corporation, completed a merger with Wells Fargo & Company and adopted the historic Wells Fargo name. On July 1, 2000, Norwest Financial became Wells Fargo Financial. On March 18, 2002, Wells Fargo & Company celebrated 150 years, joining an elite roster of U.S. companies that have continued to operate with the same name and in the same business focus for a century and a half.

Becoming Wells Fargo Financial
Between 2000 and 2004, Wells Fargo Financial experienced outstanding growth, reaching $16.2 billion in total assets at the end of 2001, $18.8 billion at the end of 2002, and topped $24 billion in assets at the end of 2003. The company topped $36 billion in assets at the end of 2004, and today has $67 billion in assets.