The Luther Burbank Center for the Arts (sometimes called the LBC ), and previously known as the Wells Fargo Center for the Arts from March 2005 to March 2016) is a performance venue located just north of Santa Rosa, California , near U.S. 101 . The facility is owned and operated by the Luther Burbank Memorial Foundation, a non-profit arts organization established in 1979.
116-539: The principal performance space is the Ruth Finley Person Theater , which seats 1,612 around a 58-foot (18 m) wide stage, with no seat further than 75 feet (23 m) from the stage. In addition to performing arts, the Center offers facilities for parties and community events. The Center's smaller venues include: The Center presents more than 100 performances each year. Many notable artists have performed at
232-470: A shootout with MILF rebels in Mamasapano delayed passage of the law. Growing public frustration with post- EDSA governance led to the 2016 election of populist Rodrigo Duterte , whose presidency saw the decline of liberalism in the country albeit largely retaining liberal economic policies. Among Duterte's priorities was aggressively increasing infrastructure spending to spur economic growth;
348-523: A 17th-century war against the Dutch , 18th-century British occupation of Manila , and conflict with Muslims in the south. Administration of the Philippines was considered a drain on the economy of New Spain, and abandoning it or trading it for other territory was debated. This course of action was opposed because of the islands' economic potential, security, and the desire to continue religious conversion in
464-507: A 2,757-mile route through the Southwest to San Francisco and was nicknamed the "Butterfield Line" after the name of the company's president, John Butterfield. In 1860, Congress failed to pass the annual Post Office appropriation bill , leaving the Post Office unable to pay Overland Mail Company. This caused Overland to default on its debts to Wells Fargo, allowing Wells Fargo to take control of
580-518: A New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out. Citigroup alleged that it had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers. The injunction was overturned late in the evening on October 5, 2008, by the New York state appeals court. Citigroup and Wells Fargo then entered into negotiations brokered by
696-573: A Wells Fargo armored truck depot in West Hartford, Connecticut , was the victim of the White Eagle robbery. The robbery was organized by Los Macheteros (a guerrilla group seeking Puerto Rican independence from the United States) and involved an insider armored truck guard. It was the largest US bank theft to date with $ 7.1 million stolen. Throughout the 1980s and '90s, Wells Fargo completed
812-402: A claim on eastern North Borneo . In 1965, Macapagal lost the presidential election to Ferdinand Marcos . Early in his presidency , Marcos began infrastructure projects funded mostly by foreign loans; this improved the economy, and contributed to his reelection in 1969 . Near the end of his last constitutionally-permitted term, Marcos declared martial law on September 21, 1972 using
928-476: A coast-to-coast bank with the 2008 acquisition of Charlotte -based Wachovia . Henry Wells and William G. Fargo , who founded American Express along with John Butterfield , formed Wells Fargo & Company in 1852 to provide "express" and banking services to California, which was growing rapidly due to the California Gold Rush . Its earliest and most significant tasks included transporting gold from
1044-726: A large stake, a position he held until 1892. In 1905, Wells Fargo separated its banking and express operations, and Wells Fargo's bank merged with the Nevada National Bank to form the Wells Fargo Nevada National Bank . During the First World War , the United States government nationalized Wells Fargo's express business into a federal agency known as the US Railway Express Agency (REA). After
1160-458: A loan officer at Wells Fargo interviewed for a report in The New York Times , "We just went right after them. Wells Fargo mortgage had an emerging-markets unit that specifically targeted black churches because it figured church leaders had a lot of influence and could convince congregants to take out subprime loans." The report presented data from the city of Baltimore , where more than half
1276-511: A major non-NATO ally. Under President Duterte , ties with the United States weakened in favor of improved relations with China and Russia . The Philippines relies heavily on the United States for its external defense; the U.S. has made regular assurances to defend the Philippines, including the South China Sea . Since 1975, the Philippines has valued its relations with China —its top trading partner, and cooperates significantly with
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#17330856671891392-635: A more capable defense system. The Philippines has long struggled against local insurgencies , separatism , and terrorism . Bangsamoro 's largest separatist organizations, the Moro National Liberation Front and the Moro Islamic Liberation Front , signed final peace agreements with the government in 1996 and 2014 respectively. Other, more-militant groups such as Abu Sayyaf and Bangsamoro Islamic Freedom Fighters have kidnapped foreigners for ransom, particularly in
1508-529: A number of bank takeovers. In 2007, Wells Fargo acquired Greater Bay Bancorp, which had $ 7.4 billion in assets, in a $ 1.5 billion transaction. It also acquired Placer Sierra Bank and CIT Group 's construction unit that same year. In 2008, Wells Fargo acquired United Bancorporation of Wyoming and Century Bancshares of Texas. On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $ 14.8 billion in stock. The next day,
1624-493: A philanthropist affiliated with Wells Fargo bank, assembled a group of donors, dubbed "Henry's Angels", who purchased the property for $ 4.5 million cash in a bankruptcy court in 1981. In 2006, the Foundation sold the naming rights to Wells Fargo Bank for ten years, coming into effect on March 12, 2005. The foundation continued to own and operate the center, which reverted to its original name on March 12, 2016. The center's east wing
1740-473: A plan to offer smartphone-based transactions with mobile wallets including Wells Fargo Wallet, Android Pay and Samsung Pay. In June 2018, Wells Fargo sold all 52 of its physical bank branch locations in Indiana , Michigan , and Ohio to Flagstar Bank . In September 2018, Wells Fargo announced it would cut 26,450 jobs by 2020 to reduce costs by $ 4 billion. In March 2019, CEO Tim Sloan resigned amidst
1856-560: A series of acquisitions. In 1986, it acquired Crocker National Bank from Midland Bank . Then, in 1987 it acquired the personal trust business of Bank of America . In 1988, it acquired Barclays Bank of California from Barclays plc . In 1991, Wells Fargo spent $ 491 million to acquire 130 branches in California from Great American Bank . In 1996, Wells Fargo acquired First Interstate Bancorp for $ 11.6 billion. Integration went poorly as many executives left. Wells Fargo became
1972-520: A six-year term ) and the House of Representatives , the lower house , with members elected to a three-year term. Senators are elected at-large , and representatives are elected from legislative districts and party lists . Judicial authority is vested in the Supreme Court , composed of a chief justice and fourteen associate justices , who are appointed by the president from nominations submitted by
2088-427: A three-tier social structure: nobility, freemen, and dependent debtor-bondsmen. Among the nobility were leaders known as datus , who were responsible for ruling autonomous groups ( barangays or dulohan). When the barangays banded together to form a larger settlement or a geographically looser alliance, their more-esteemed members would be recognized as a " paramount datu ", rajah or sultan , and would rule
2204-399: A tropical maritime climate which is usually hot and humid. There are three seasons: a hot dry season from March to May, a rainy season from June to November, and a cool dry season from December to February. The southwest monsoon (known as the habagat ) lasts from May to October, and the northeast monsoon ( amihan ) lasts from November to April. The coolest month is January, and
2320-644: A tumultuous experience with democracy, which included the overthrow of a decades-long dictatorship in a nonviolent revolution . The Philippines is an emerging market and a newly industrialized country , whose economy is transitioning from being agricultural to service- and manufacturing-centered. It is a founding member of the United Nations , the World Trade Organization , ASEAN , the Asia-Pacific Economic Cooperation forum, and
2436-466: A typical year, usually from July to October; eight or nine of them make landfall . The wettest recorded typhoon to hit the Philippines dropped 2,210 millimeters (87 in) in Baguio from July 14 to 18, 1911. The country is among the world's ten most vulnerable to climate change . The Philippines has a democratic government, a constitutional republic with a presidential system . The president
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#17330856671892552-467: Is Quezon City . Both are within Metro Manila . Negritos , the archipelago's earliest inhabitants, were followed by waves of Austronesian peoples . The adoption of animism , Hinduism with Buddhist influence, and Islam established island-kingdoms ruled by datus , rajas , and sultans . Extensive overseas trade with neighbors such as the late Tang or Song empire brought Chinese people to
2668-617: Is cross-selling , the practice of encouraging existing customers to buy additional banking services. This led to the Wells Fargo cross-selling scandal . Wells Fargo has international offices in London , Dublin , Paris , Dubai , Singapore , Tokyo , Shanghai , Beijing , and Toronto , among others. Back-offices are in India and the Philippines with more than 20,000 staff. Notably, Wells Fargo
2784-490: Is head of state and head of government , and is the commander-in-chief of the armed forces . The president is elected through direct election by the citizens of the Philippines for a six-year term. The president appoints and presides over the cabinet and officials of various national government agencies and institutions. The bicameral Congress is composed of the Senate (the upper house , with members elected to
2900-658: Is a founding and active member of ASEAN (Association of Southeast Asian Nations) and a member of the East Asia Summit , the Group of 24 , and the Non-Aligned Movement . The country has sought to obtain observer status in the Organisation of Islamic Cooperation since 2003, and was a member of SEATO . Over 10 million Filipinos live and work in 200 countries , giving the Philippines soft power . During
3016-745: Is a priority hotspot for biodiversity conservation ; it has more than 200 protected areas , which was expanded to 7,790,000 hectares (30,100 sq mi) as of 2023 . Three sites in the Philippines have been included on the UNESCO World Heritage List: the Tubbataha Reef in the Sulu Sea, the Puerto Princesa Subterranean River , and the Mount Hamiguitan Wildlife Sanctuary. The Philippines has
3132-469: Is a systemically important financial institution according to the Financial Stability Board , and is considered one of the " Big Four Banks " in the United States, alongside JPMorgan Chase , Bank of America , and Citigroup . The company's primary subsidiary is Wells Fargo Bank, N.A. , a national bank that designates its Sioux Falls, South Dakota , site as its main office (and therefore
3248-431: Is the first major national U.S. bank to undergo a successful unionization drive. As of October 2024, 20 branch locations have joined Wells Fargo Workers United-CWA, a division of Communications Workers of America in less than a year. Wells Fargo operates under Charter No. 1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by
3364-511: Is treated by most U.S. federal courts as a citizen of South Dakota). It is the fourth-largest bank in the United States by total assets and is also one of the largest as ranked by bank deposits and market capitalization . It has 8,050 branches and 13,000 automated teller machines and 2,000 stand-alone mortgage branches. It is the second-largest retail mortgage originator in the United States, originating one out of every four home loans and services $ 1.8 trillion in home mortgages, one of
3480-558: The Reconquista . The Spanish–Moro conflict lasted for several hundred years; Spain conquered portions of Mindanao and Jolo during the last quarter of the 19th century, and the Muslim Moro in the Sultanate of Sulu acknowledged Spanish sovereignty. Philippine ports opened to world trade during the 19th century, and Filipino society began to change. Social identity changed, with
3596-528: The 2022 election . Marcos's renewal of a pro-US foreign policy, however, has been viewed as a reversal of Duterte's cordiality with China, and territorial disputes in the South China Sea have since escalated. The Philippines is an archipelago of about 7,641 islands , covering a total area (including inland bodies of water) of about 300,000 square kilometers (115,831 sq mi). Stretching 1,850 kilometers (1,150 mi) north to south, from
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3712-605: The Arctic . The company has also provided financing to renewable energy projects. The company operates the Wells Fargo History Museum at 420 Montgomery Street, San Francisco. Displays include original stagecoaches , photographs, gold nuggets and mining artifacts, the Pony Express , telegraph equipment, and historic bank artifacts. The museum also has a gift shop . In January 2015, armed robbers in an SUV smashed through
3828-565: The Batanes Islands (where they built stone fortresses known as ijangs ) and northern Luzon . Jade artifacts have been dated to 2000 BC, with lingling-o jade items made in Luzon with raw materials from Taiwan. By 1000 BC, the inhabitants of the archipelago had developed into four societies: hunter-gatherer tribes, warrior societies, highland plutocracies , and port principalities. The earliest known surviving written record in
3944-671: The Coral Triangle ecoregion, Philippine waters have unique, diverse marine life and the world's greatest diversity of shore-fish species. The country has over 3,200 fish species (121 endemic). Philippine waters sustain the cultivation of fish, crustaceans, oysters, and seaweeds. Eight major types of forests are distributed throughout the Philippines: dipterocarp , beach forest, pine forest, molave forest, lower montane forest , upper montane (or mossy forest ), mangroves , and ultrabasic forest. According to official estimates,
4060-492: The East Asia Summit ; it is a member of the Non-Aligned Movement and a major non-NATO ally of the United States. Its location as an island country on the Pacific Ring of Fire and close to the equator makes it prone to earthquakes and typhoons . The Philippines has a variety of natural resources and a globally-significant level of biodiversity . During his 1542 expedition, Spanish explorer Ruy López de Villalobos named
4176-650: The Emergency Economic Stabilization Act in the form of a preferred stock purchase by the United States Department of the Treasury . As a result of requirements of the government stress tests , the company raised $ 8.6 billion in capital in May 2009. On December 23, 2009, Wells Fargo redeemed $ 25 billion of preferred stock issued to the United States Department of the Treasury . As part of
4292-582: The FDIC to reach an amicable solution to the impasse. The negotiations failed. Citigroup was unwilling to take on more risk than the $ 42 billion that would have been the cap under the previous FDIC-backed deal (with the FDIC incurring all losses over $ 42 billion). Citigroup did not block the merger, but sought damages of $ 60 billion for breach of an alleged exclusivity agreement with Wachovia. On October 28, 2008, Wells Fargo received $ 25 billion of funds via
4408-504: The Judicial and Bar Council . Attempts to change the government to a federal , unicameral , or parliamentary government have been made since the Ramos administration . Philippine politics tends to be dominated by well-known families , such as political dynasties or celebrities , and party switching is widely practiced. Corruption is significant , attributed by some historians to
4524-477: The Moro Gulf and in 1990 on Luzon . The Philippines has 23 active volcanoes ; of them, Mayon , Taal , Canlaon , and Bulusan have the largest number of recorded eruptions. The country has valuable mineral deposits as a result of its complex geologic structure and high level of seismic activity. It is thought to have the world's second-largest gold deposits (after South Africa), large copper deposits, and
4640-655: The Office of the Comptroller of the Currency . Wells Fargo, in its present form, is a result of a merger between the original Wells Fargo & Company and Minneapolis -based Norwest Corporation in 1998. The merged company took the better-known Wells Fargo name and moved to Wells Fargo's hub in San Francisco. At the same time, Norwest's banking subsidiary merged with Wells Fargo's Sioux Falls-based banking subsidiary. Wells Fargo became
4756-531: The Philadelphia Mint and "express" mail delivery that was faster and less expensive than U.S. Mail. American Express was not interested in serving California. By the end of the California Gold Rush , Wells Fargo was a dominant express and banking organization in the West, making large shipments of gold and delivering mail and supplies. It was also the primary lender of Butterfield Overland Mail Company, which ran
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4872-700: The Philippine–American War . The war resulted in the deaths of 250,000 to 1 million civilians, primarily due to famine and disease. Many Filipinos were transported by the Americans to concentration camps , where thousands died. After the fall of the First Philippine Republic in 1902, an American civilian government was established with the Philippine Organic Act . American forces continued to secure and extend their control of
4988-574: The South China Sea to the Celebes Sea , the Philippines is bordered by the Philippine Sea to the east, and the Sulu Sea to the southwest. The country's 11 largest islands are Luzon , Mindanao , Samar , Negros , Palawan , Panay , Mindoro , Leyte , Cebu , Bohol and Masbate , about 95 percent of its total land area. The Philippines' coastline measures 36,289 kilometers (22,549 mi),
5104-532: The Taft Commission ; the 1934 Tydings–McDuffie Act granted a ten-year transition to independence through the creation of the Commonwealth of the Philippines the following year, with Manuel Quezon president and Sergio Osmeña vice president. Quezon's priorities were defence, social justice, inequality, economic diversification, and national character. Filipino (a standardized variety of Tagalog) became
5220-540: The Tejeros Convention , at which Bonifacio lost his position and Emilio Aguinaldo was elected the new leader of the revolution. The 1897 Pact of Biak-na-Bato resulted in the Hong Kong Junta government in exile. The Spanish–American War began the following year, and reached the Philippines; Aguinaldo returned, resumed the revolution, and declared independence from Spain on June 12, 1898. In December 1898,
5336-477: The Wells Fargo account fraud scandal and former general counsel C. Allen Parker became interim CEO. In July 2019, Principal Financial Group acquired the company's Institutional Retirement & Trust business. On September 27, 2019, Charles Scharf was announced as the firm's new CEO. In 2020, the company sold its student loan portfolio. In May 2021, the company sold its Canadian Direct Equipment Finance business to Toronto-Dominion Bank . In 2021,
5452-605: The 1990s, the Philippines began to seek economic liberalization and free trade to help spur foreign direct investment . It is a member of the World Trade Organization and the Asia-Pacific Economic Cooperation . The Philippines entered into the ASEAN Trade in Goods Agreement in 2010 and the Regional Comprehensive Economic Partnership free trade agreement (FTA) in 2023. Through ASEAN,
5568-622: The Center. Resident companies include the North Bay Stage Company and Roustabout Theater. Other tenants include the Santa Rosa Original Certified Farmers Market and various medical and educational organizations like Anova Center for Education. The Foundation purchased the property from the Christian Life Center in the 1970s for $ 4.5 million. The facility opened to the public in 1981. Henry Trione,
5684-580: The Muslim minority in the Philippines; concerns have been raised about domestic abuse and war affecting the approximately 2.5 million overseas Filipino workers in the region. The Philippines has claims in the Spratly Islands which overlap with claims by China, Malaysia, Taiwan, and Vietnam. The largest of its controlled islands is Thitu Island , which contains the Philippines' smallest town . The 2012 Scarborough Shoal standoff , after China seized
5800-525: The NMS the second largest civil settlement in U.S. history, only trailing the Tobacco Master Settlement Agreement . The five banks were also required to comply with 305 new mortgage servicing standards. Oklahoma held out and agreed to settle with the banks separately. On April 5, 2012, a federal judge ordered Wells Fargo to pay $ 3.1 million in punitive damages over a single loan, one of
5916-654: The Philippine Autonomy Act and the Jones Law . The official title "Republic of the Philippines" was included in the 1935 constitution as the name of the future independent state, and in all succeeding constitutional revisions. There is evidence of early hominins living in what is now the Philippines as early as 709,000 years ago. A small number of bones from Callao Cave potentially represent an otherwise unknown species, Homo luzonensis , who lived 50,000 to 67,000 years ago. The oldest modern human remains on
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#17330856671896032-821: The Philippines (AFP) consist of three branches: the Philippine Air Force , the Philippine Army , and the Philippine Navy . Civilian security is handled by the Philippine National Police under the Department of the Interior and Local Government . The AFP had a total manpower of around 280,000 as of 2022 , of which 130,000 were active military personnel, 100,000 were reserves, and 50,000 were paramilitaries . In 2023, US$ 477 million (1.4 percent of GDP)
6148-403: The Philippines , is an archipelagic country in Southeast Asia . In the western Pacific Ocean , it consists of 7,641 islands , with a total area of roughly 300,000 square kilometers, which are broadly categorized in three main geographical divisions from north to south: Luzon , Visayas , and Mindanao . The Philippines is bounded by the South China Sea to the west, the Philippine Sea to
6264-547: The Philippines as soldiers and colonists. Spanish Manila became the capital of the Captaincy General of the Philippines and the Spanish East Indies in 1571, Spanish territories in Asia and the Pacific. The Spanish invaded local states using the principle of divide and conquer , bringing most of what is the present-day Philippines under one unified administration. Disparate barangays were deliberately consolidated into towns , where Catholic missionaries could more easily convert their inhabitants to Christianity , which
6380-431: The Philippines becoming ruled by the Crown of Castile, as part of the Spanish Empire , for more than 300 years. Catholic Christianity became the dominant religion, and Manila became the western hub of trans-Pacific trade . Hispanic immigrants from Latin America and Iberia would also selectively colonize. The Philippine Revolution began in 1896, and became entwined with the 1898 Spanish–American War . Spain ceded
6496-409: The Philippines during the 14th century, via the Indianized Hindu Majapahit Empire . By the 15th century, Islam was established in the Sulu Archipelago and spread from there. Polities founded in the Philippines between the 10th and 16th centuries include Maynila , Tondo , Namayan , Pangasinan , Cebu , Butuan , Maguindanao , Lanao , Sulu , and Ma-i . The early polities typically had
6612-473: The Philippines had 7,000,000 hectares (27,000 sq mi) of forest cover in 2023. Logging had been systemized during the American colonial period and deforestation continued after independence, accelerating during the Marcos presidency due to unregulated logging concessions. Forest cover declined from 70 percent of the Philippines' total land area in 1900 to about 18.3 percent in 1999. Rehabilitation efforts have had marginal success. The Philippines
6728-429: The Philippines has signed FTAs with China , India , Japan, South Korea, Australia and New Zealand. The country has bilateral FTAs with Japan , South Korea, and four European states : Iceland, Liechtenstein, Norway and Switzerland. The Philippines has a long relationship with the United States , involving economics, security , and interpersonal relations. The Philippines' location serves an important role in
6844-461: The Philippines is the early-10th-century AD Laguna Copperplate Inscription , which was written in Old Malay using the early Kawi script with a number of technical Sanskrit words and Old Javanese or Old Tagalog honorifics . By the 14th century, several large coastal settlements emerged as trading centers and became the focus of societal changes . Some polities had exchanges with other states throughout Asia. Trade with China began during
6960-409: The Philippines. Rizal was executed on December 30, 1896, for rebellion, and his death radicalized many who had been loyal to Spain. Attempts at reform met with resistance; Andrés Bonifacio founded the Katipunan secret society, which sought independence from Spain through armed revolt, in 1892. The Katipunan Cry of Pugad Lawin began the Philippine Revolution in 1896. Internal disputes led to
7076-460: The Spanish colonial period's padrino system . The Roman Catholic church exerts considerable but waning influence in political affairs, although a constitutional provision for the separation of Church and State exists. A founding and active member of the United Nations, the Philippines has been a non-permanent member of the Security Council . The country participates in peacekeeping missions, particularly in East Timor . The Philippines
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#17330856671897192-442: The Spanish to refer to islands in the region before Spanish rule was established. During the Philippine Revolution , the Malolos Congress proclaimed it the República Filipina (the Philippine Republic ). American colonial authorities referred to the country as the Philippine Islands (a translation of the Spanish name). The United States began changing its nomenclature from "the Philippine Islands" to "the Philippines" in
7308-417: The Sulu Archipelago and Maguindanao , but their presence has been reduced. The Communist Party of the Philippines (CPP) and its military wing, the New People's Army (NPA), have been waging guerrilla warfare against the government since the 1970s and have engaged in ambushes, bombings, and assassinations of government officials and security forces; although shrinking militarily and politically after
7424-405: The U.S. levied a $ 3.7 billion loan-management fine upon Wells Fargo. In March 2023, Wells Fargo blamed a technical glitch for misstating the balances of customers' accounts, in many cases incorrectly deeming the customers as having a negative bank balance. Subsequently, in 2023, prison sentencing took place for employee-directed money laundering and funneling cash illegally to Mexico through
7540-413: The United States' island chain strategy in the West Pacific; a Mutual Defense Treaty between the two countries was signed in 1951, and was supplemented with the 1999 Visiting Forces Agreement and the 2016 Enhanced Defense Cooperation Agreement . The country supported American policies during the Cold War and participated in the Korean and Vietnam wars. In 2003, the Philippines was designated
7656-446: The archipelago as well, which would also gradually settle in and intermix over the centuries. The arrival of Ferdinand Magellan , a Portuguese explorer leading a fleet for Castile , marked the beginning of Spanish colonization . In 1543, Spanish explorer Ruy López de Villalobos named the archipelago Las Islas Filipinas in honor of King Philip II of Castile . Spanish colonization via New Spain , beginning in 1565, led to
7772-474: The bank of imposing excessive overdraft fees on checking-account customers. On February 9, 2012, it was announced that the five largest mortgage servicers ( Ally Financial , Bank of America , Citigroup , JPMorgan Chase , and Wells Fargo) agreed to a settlement with the US Federal Government and 49 states over improper foreclosure practices in the 2010 United States foreclosure crisis , including "robo-signing" (having someone fraudulently sign that they know
7888-431: The bank steered African Americans and Hispanics into high-cost subprime loans. A Wells Fargo spokesman responded that "The policies, systems, and controls we have in place – including in Illinois – ensure race is not a factor..." An affidavit filed in the case stated that loan officers had referred to black mortgage-seekers as "mud people," and the subprime loans as "ghetto loans." According to Beth Jacobson,
8004-690: The bank's accurate calculations. The award was affirmed on appeal in 2013. In May 2013, New York attorney-general Eric Schneiderman announced a lawsuit against Wells Fargo over alleged violations of the national mortgage settlement. Schneidermann claimed Wells Fargo had violated rules over giving fair and timely serving. In 2015, a judge sided with Wells Fargo. On August 14, 2012, Wells Fargo agreed to pay around $ 6.5 million to settle U.S. Securities and Exchange Commission (SEC) charges that in 2007 it sold risky mortgage-backed securities without fully realizing their dangers. In 2016, Wells Fargo agreed to pay $ 1.2 billion to settle allegations that
8120-494: The capital city of Manila , is connected to Laguna de Bay (the country's largest lake ) by the Pasig River . On the western fringes of the Pacific Ring of Fire , the Philippines has frequent seismic and volcanic activity. The region is seismically active, and has been constructed by plates converging towards each other from multiple directions. About five earthquakes are recorded daily, although most are too weak to be felt. The last major earthquakes were in 1976 in
8236-466: The cash used to buy four planes that shipped a total of 22 tons of cocaine into Mexico. In August 2010, Wells Fargo was fined by United States district court judge William Alsup for overdraft practices designed to "gouge" consumers and "profiteer" at their expense, and for misleading consumers about how the bank processed transactions and assessed overdraft fees. In May 2013, Wells Fargo paid $ 203 million to settle class-action litigation accusing
8352-742: The community. Population density is thought to have been low during the 14th to 16th centuries due to the frequency of typhoons and the Philippines' location on the Pacific Ring of Fire . Portuguese explorer Ferdinand Magellan arrived in 1521, claimed the islands for Spain, and was killed by Lapulapu 's men in the Battle of Mactan . Unification and colonization by the Crown of Castile began when Spanish explorer Miguel López de Legazpi arrived from New Spain ( Spanish : Nueva España ) in 1565. Many Filipinos were brought to New Spain as slaves and forced crew. Whereas many Latin Americans were brought to
8468-658: The company fixed its internal problems to the satisfaction of the Federal Reserve. In September 2021, Wells Fargo incurred further fines from the United States Justice Department charging fraudulent behavior by the bank against foreign-exchange currency trading customers. Bloomberg L.P. reported in March 2022 that Wells Fargo was the only major lender in 2020 to reject more home refinance applications from Black applicants than it approved. In December 2022,
8584-766: The company hired 25 investment bankers from Citadel LLC . In April 2012, Wells Fargo acquired Merlin Securities. In December 2012, it was rebranded as Wells Fargo Prime Services. In December of that year, Wells Fargo acquired a 35% stake in The Rock Creek Group LP. The stake was increased to 65% in 2014 but sold back to management in July 2018. In 2015, Wells Fargo Rail acquired GE Capital Rail Services and merged in with First Union Rail . In late 2015, Wells Fargo acquired three GE units focused on business loans equipment financing. In March 2017, Wells Fargo announced
8700-459: The company sold its asset management division, Wells Fargo Asset Management (WFAM) to private equity firms GTCR and Reverence Capital Partners for $ 2.1 billion. WFAM had $ 603 billion in assets under management as of December 31, 2020, of which 33% was invested in money market funds . WFAM was rebranded as Allspring Global Investments . In 2022, Wells Fargo announced a goal of reducing absolute emissions by companies it lends to in
8816-556: The company violated the False Claims Act by underwriting over 100,000 Federal Housing Administration (FHA) backed loans when over half of the applicants did not qualify for the program. Philippines in ASEAN (dark grey) – [ Legend ] Pinoy ( colloquial neutral ) Pinay ( colloquial feminine ) The Philippines , officially the Republic of
8932-486: The contents of a document they do not in fact know) and foreclosing without standing via MERS . The settlement, known as the National Mortgage Settlement (NMS), required the servicers to provide about $ 26 billion in relief to distressed homeowners and in direct payments to the federal and state governments; Wells Fargo's share was the second largest, at $ 5.4 billion. This settlement amount makes
9048-462: The country (3,500 of which are endemic), Philippine rain forests have an array of flora: about 3,500 species of trees, 8,000 flowering plant species, 1,100 ferns , and 998 orchid species have been identified. The Philippines has 167 terrestrial mammals (102 endemic species), 235 reptiles (160 endemic species), 99 amphibians (74 endemic species), 686 birds (224 endemic species), and over 20,000 insect species. As an important part of
9164-411: The country. Japan is the biggest bilateral contributor of official development assistance to the Philippines; although some tension exists because of World War II , much animosity has faded. Historical and cultural ties continue to affect relations with Spain . Relations with Middle Eastern countries are shaped by the high number of Filipinos working in those countries, and by issues related to
9280-520: The creation of fictitious accounts. In 1981, it was discovered that a Wells Fargo assistant operations officer, Lloyd Benjamin "Ben" Lewis, had perpetrated one of the largest embezzlements in history through its Beverly Drive branch. During 1978–1981, Lewis had successfully written phony debit and credit receipts to benefit boxing promoters Harold J. Smith ( né Ross Eugene Fields) and Sam "Sammie" Marshall, chairman and president, respectively, of Muhammad Ali Professional Sports, Inc. (MAPS), of which Lewis
9396-431: The east, and the Celebes Sea to the south. It shares maritime borders with Taiwan to the north, Japan to the northeast, Palau to the east and southeast, Indonesia to the south, Malaysia to the southwest, Vietnam to the west, and China to the northwest. It is the world's twelfth-most-populous country , with diverse ethnicities and cultures . Manila is the country's capital , and its most populated city
9512-571: The economy contracted by 7.3 percent annually in 1984 and 1985. On August 21, 1983, opposition leader Benigno Aquino Jr. (Marcos's chief rival) was assassinated on the tarmac at Manila International Airport . Marcos called a snap presidential election in 1986 which proclaimed him the winner, but the results were widely regarded as fraudulent. The resulting protests led to the People Power Revolution , which forced Marcos and his allies to flee to Hawaii . Aquino's widow, Corazon ,
9628-624: The enactment of the Bangsamoro Organic Law; an intensified crackdown on crime and communist insurgencies; and an anti-drug campaign that reduced drug proliferation but that has also led to extrajudicial killings . In early 2020, the COVID-19 pandemic reached the Philippines, necessitating nationwide lockdowns that caused a brief but severe economic recession . Under a promise of continuing Duterte's policies, Marcos's son, Bongbong Marcos , ran with Duterte's daughter, Sara , and won
9744-639: The first major US financial services firm to offer internet banking, in May 1995. After its string of acquisitions, in 1998, Wells Fargo Bank was acquired by Norwest Corporation of Minneapolis, with the combined company assuming the Wells Fargo name. It then began on another set of acquisitions, starting in 2000, when Wells Fargo Bank acquired National Bank of Alaska and First Security Corporation . In late 2001, it acquired H.D. Vest Financial Services for $ 128 million, but sold it in 2015 for $ 580 million. The 2007–2008 financial crisis resulted in
9860-481: The islands are from the Tabon Caves of Palawan , U/Th-dated to 47,000 ± 11–10,000 years ago. Tabon Man is presumably a Negrito , among the archipelago's earliest inhabitants descended from the first human migrations out of Africa via the coastal route along southern Asia to the now-sunken landmasses of Sundaland and Sahul . The first Austronesians reached the Philippines from Taiwan around 2200 BC, settling
9976-471: The islands of Leyte and Samar " Felipinas " after the Prince of Asturias , later Philip II of Castile . Eventually, the name " Las Islas Filipinas " would be used for the archipelago's Spanish possessions. Other names, such as " Islas del Poniente " (Western Islands), " Islas del Oriente " (Eastern Islands), Ferdinand Magellan's name, and " San Lázaro " (Islands of St. Lazarus), were used by
10092-481: The islands were ceded by Spain to the United States with Puerto Rico and Guam after the Spanish–American War. The First Philippine Republic was promulgated on January 21, 1899. Lack of recognition by the United States led to an outbreak of hostilities that, after refusal by the U.S. on-scene military commander of a cease-fire proposal and a declaration of war by the nascent Republic, escalated into
10208-625: The islands, suppressing an attempted extension of the Philippine Republic , securing the Sultanate of Sulu , establishing control of interior mountainous areas which had resisted Spanish conquest, and encouraging large-scale resettlement of Christians in once-predominantly-Muslim Mindanao. Cultural developments in the Philippines strengthened a national identity, and Tagalog began to take precedence over other local languages. Governmental functions were gradually given to Filipinos by
10324-511: The largest fines for a bank ever for mortgaging service misconduct, after the bank improperly charged Michael Jones, a New Orleans homeowner, with $ 24,000 in mortgage fees, after the bank misallocated payments to interest instead of principal. Elizabeth Magner, a federal bankruptcy judge in the Eastern District of Louisiana, cited the bank's behavior as "highly reprehensible", stating that Wells Fargo has taken advantage of borrowers who rely on
10440-460: The largest servicing portfolios in the U.S. It is one of the most valuable bank brands. Wells Fargo is ranked 47th on the Fortune 500 list of the largest companies in the U.S. In addition to banking, the company provides equipment financing via subsidiaries including Wells Fargo Rail and provides investment management and stockbrokerage services. A key part of Wells Fargo's business strategy
10556-548: The late Tang dynasty , and expanded during the Song dynasty . Throughout the second millennium AD, some polities were also part of the tributary system of China . With extensive trade and diplomacy, this brought Southern Chinese merchants and migrants from Southern Fujian , known as "Langlang" and "Sangley" in later years, who would gradually settle and intermix in the Philippines. Indian cultural traits such as linguistic terms and religious practices began to spread in
10672-550: The mail route. Wells Fargo then operated the western portion of the Pony Express . Six years later, the "Grand Consolidation" united Wells Fargo, Holladay, and Overland Mail stage lines under the Wells Fargo name. In 1872, Lloyd Tevis , a friend of the Central Pacific "Big Four" and holder of rights to operate an express service over the Transcontinental Railroad , became president of the company after acquiring
10788-508: The museum's glass doors and stole gold nuggets. The company previously operated other museums but those have since closed. The company has been the subject of several investigations by regulators. Many of these issues have resulted in reputational damage. On February 2, 2018, the Wells Fargo account fraud scandal resulted in the Federal Reserve barring Wells Fargo from growing its nearly $ 2 trillion asset base any further until
10904-641: The national language, women's suffrage was introduced , and land reform was considered. The Empire of Japan invaded the Philippines in December 1941 during World War II , and the Second Philippine Republic was established as a puppet state governed by Jose P. Laurel . Beginning in 1942, the Japanese occupation of the Philippines was opposed by large-scale underground guerrilla activity . Atrocities and war crimes were committed during
11020-443: The oil and gas sector by 26% by 2030 from 2019 levels. Some critics say these goals conflict with the bank being the largest lender to fossil fuel companies in the U.S. and one of the largest globally. The company has committed to net zero financed emissions by 2050; however, major environmental groups are skeptical if this goal will be achieved. The company has stated that it will not finance any hydrocarbon exploration projects in
11136-554: The properties subject to foreclosure on a Wells Fargo loan from 2005 to 2008 now stand vacant, and 71 percent of those are in predominantly black neighborhoods. Wells Fargo agreed to pay $ 125 million to subprime borrowers and $ 50 million in direct down payment assistance in certain areas, for a total of $ 175 million. In a March 2010 agreement with US federal prosecutors, Wells Fargo acknowledged that between 2004 and 2007 Wachovia had failed to monitor and report suspected money laundering by narcotics traffickers, including
11252-532: The redemption of the preferred stock, Wells Fargo also paid accrued dividends of $ 131.9 million, bringing the total dividends paid to $ 1.441 billion since the preferred stock was issued in October 2008. In April 2009, Wells Fargo acquired North Coast Surety Insurance Services. In 2010, hedge fund administrator Citco purchased the trust company operation of Wells Fargo in the Cayman Islands . In 2011,
11368-661: The region. The colony survived on an annual subsidy from the Spanish crown averaging 250,000 pesos, usually paid as 75 tons of silver bullion from the Americas. British forces occupied Manila from 1762 to 1764 during the Seven Years' War , and Spanish rule was restored with the 1763 Treaty of Paris . The Spanish considered their war with the Muslims in Southeast Asia an extension of
11484-456: The shoal from the Philippines, led to an international arbitration case which the Philippines eventually won; China rejected the result, and made the shoal a prominent symbol of the broader dispute. China has rejected new Philippine maritime laws aimed at strengthening sovereignty in the South China Sea, stating they infringe on Chinese territorial claims and vowing to defend its interests in contested areas. The volunteer Armed Forces of
11600-594: The specter of communism and began to rule by decree ; the period was characterized by political repression , censorship , and human rights violations . Monopolies controlled by Marcos's cronies were established in key industries, including logging and broadcasting; a sugar monopoly led to a famine on the island of Negros . With his wife, Imelda , Marcos was accused of corruption and embezzling billions of dollars of public funds. Marcos's heavy borrowing early in his presidency resulted in economic crashes , exacerbated by an early 1980s recession where
11716-554: The term Filipino encompassing all residents of the archipelago instead of solely referring to Spaniards born in the Philippines . Revolutionary sentiment grew in 1872 after 200 locally recruited colonial troops and laborers alongside three activist Catholic priests were executed on questionable grounds . This inspired the Propaganda Movement , organized by Marcelo H. del Pilar , José Rizal , Graciano López Jaena , and Mariano Ponce , which advocated political reform in
11832-519: The territory to the United States, and Filipino revolutionaries declared the First Philippine Republic . The ensuing Philippine–American War ended with the United States controlling the territory until the Japanese invasion of the islands during World War II . After the United States retook the Philippines from the Japanese , the Philippines became independent in 1946. The country has had
11948-528: The war, including the Bataan Death March and the Manila massacre . The Philippine resistance and Allied troops defeated the Japanese in 1944 and 1945. Over one million Filipinos were estimated to have died by the end of the war. On October 11, 1945, the Philippines became a founding member of the United Nations . On July 4, 1946, during the presidency of Manuel Roxas , the country's independence
12064-706: The war, the REA was privatized and continued service until 1975. In 1923, Wells Fargo Nevada merged with the Union Trust Company to form the Wells Fargo Bank & Union Trust Company. In 1954, Wells Fargo & Union Trust shortened its name to Wells Fargo Bank. Four years later, it merged with American Trust Company to form the Wells Fargo Bank American Trust Company. It changed its name back to Wells Fargo Bank in 1962. In 1968, Wells Fargo
12180-609: The warmest is May. Temperatures at sea level across the Philippines tend to be in the same range, regardless of latitude; average annual temperature is around 26.6 °C (79.9 °F) but is 18.3 °C (64.9 °F) in Baguio , 1,500 meters (4,900 ft) above sea level. The country's average humidity is 82 percent. Annual rainfall is as high as 5,000 millimeters (200 in) on the mountainous east coast, but less than 1,000 millimeters (39 in) in some sheltered valleys. The Philippine Area of Responsibility has 19 typhoons in
12296-456: The world's fifth-longest , and the country's exclusive economic zone covers 2,263,816 km (874,064 sq mi). Its highest mountain is Mount Apo on Mindanao, with an altitude of 2,954 meters (9,692 ft) above sea level. The Philippines' longest river is the Cagayan River in northern Luzon, which flows for about 520 kilometers (320 mi). Manila Bay , on which is
12412-466: The world's largest deposits of palladium . Other minerals include chromium , nickel , molybdenum , platinum , and zinc . However, poor management and law enforcement, opposition from indigenous communities, and past environmental damage have left these resources largely untapped. The Philippines is a megadiverse country , with some of the world's highest rates of discovery and endemism (67 percent). With an estimated 13,500 plant species in
12528-520: Was also listed as a director; Marshall, too, was a former employee of the same Wells Fargo branch as Lewis. In excess of $ 300,000 was paid to Lewis, who pled guilty to embezzlement and conspiracy charges in 1981, and testified against his co-conspirators for a reduced five-year sentence. (Boxer Muhammad Ali had received a fee for the use of his name, and had no other involvement with the organization. ) Illinois Attorney General Lisa Madigan filed suit against Wells Fargo on July 31, 2009, alleging that
12644-449: Was converted to a federal banking charter and became Wells Fargo Bank, N.A. In that same year, Wells Fargo merged with Henry Trione's Sonoma Mortgage in a $ 10.8 million stock transfer, making Trione the largest shareholder in Wells Fargo until Warren Buffett and Walter Annenberg surpassed him. One year later, Wells Fargo & Company holding company was formed, with Wells Fargo Bank as its main subsidiary. In September 1983,
12760-567: Was heavily damaged in the Tubbs fire . The venue was the site of the taping of comedian Lewis Black 's fourth album, Luther Burbank Performing Arts Center Blues , and the final recorded performance by comedian George Carlin , his 14th HBO special, It's Bad for Ya . Wells Fargo Bank Wells Fargo & Company is an American multinational financial services company with a significant global presence. The company operates in 35 countries and serves over 70 million customers worldwide. It
12876-815: Was initially Syncretist . Christianization by the Spanish friars occurred mostly across the settled lowlands over the course of time. From 1565 to 1821, the Philippines was governed as a territory of the Mexico City -based Viceroyalty of New Spain; it was then administered from Madrid after the Mexican War of Independence . Manila became the western hub of trans-Pacific trade by Manila galleons built in Bicol and Cavite . During its rule, Spain nearly bankrupted its treasury quelling indigenous revolts and defending against external military attacks, including Moro piracy ,
12992-468: Was installed as president and a new constitution was promulgated. The return of democracy and government reforms which began in 1986 were hampered by national debt , government corruption, and coup attempts . A communist insurgency and military conflict with Moro separatists persisted; the administration also faced a series of disasters, including the eruption of Mount Pinatubo in June 1991. Aquino
13108-538: Was marked by economic growth, but was tainted by corruption and political scandals, including electoral fraud allegations during the 2004 presidential election . Economic growth continued during Benigno Aquino III 's administration, which advocated good governance and transparency. Aquino III signed a peace agreement with the Moro Islamic Liberation Front (MILF) resulting in the Bangsamoro Organic Law establishing an autonomous Bangsamoro region, but
13224-662: Was recognized by the United States with the Treaty of Manila . Efforts at post-war reconstruction and ending the Hukbalahap Rebellion succeeded during Ramon Magsaysay 's presidency, but sporadic communist insurgency continued to flare up long afterward. Under Magsaysay's successor, Carlos P. Garcia , the government initiated a Filipino First policy which promoted Filipino-owned businesses. Succeeding Garcia, Diosdado Macapagal moved Independence Day from July 4 to June 12—the date of Emilio Aguinaldo's declaration— and pursued
13340-534: Was spent on the Philippine military. Most of the country's defense spending is on the Philippine Army, which leads operations against internal threats such as communist and Muslim separatist insurgencies; its preoccupation with internal security contributed to the decline of Philippine naval capability which began during the 1970s. A military modernization program began in 1995 and expanded in 2012 to build
13456-482: Was succeeded by Fidel V. Ramos , who liberalized the national economy with privatization and deregulation . Ramos's economic gains were overshadowed by the onset of the 1997 Asian financial crisis . His successor, Joseph Estrada , prioritized public housing but faced corruption allegations which led to his overthrow by the 2001 EDSA Revolution and the succession of Vice President Gloria Macapagal Arroyo on January 20, 2001. Arroyo's nine-year administration
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