Wells Fargo announced a total quarterly dividend of $312.5 million payable to the U.S. Treasury on its 25,000 shares of Series D stock purchased from the company as part of the department's Capital Purchase Program.
The dividend of $12,500 per share is payable May 15, 2009. The U.S. Treasury is the only holder of record of the Series D preferred stock.
Said CFO Howard Atkins, "Since last October when Wells Fargo received this investment from the U.S. Treasury, Wells Fargo has extended more than $225 billion of credit to U.S. consumers and businesses. In the first quarter alone, we originated $101 billion in home mortgages helping 450,000 customers finance a mortgage - almost double the number of customers who did so with us the previous quarter."
Wells Fargo shares were trading at $25.46, up 5.21% in afternoon trading.
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