When Wells Fargo was young, no Federal Deposit Insurance Corporation  bailed out banks. Financial crises became "panics" as depositors rushed to drain banks of ready cash. In February 1855, the St. Louis, Missouri branch of California’s largest bank made loans dependent upon the arrival of California gold. When the ship did not arrive, that bank failed, which brought down the California branch. Managers of California’s second largest bank used customer deposits for their personal speculative investments, then closed — paying out nothing.

In Auburn, California, John Q. Jackson, Wells Fargo’s 23-year-old agent, responded events the Wells Fargo way. On February 23, 1855, after a late night of dancing, a messenger woke Jackson at 8 am to report the crisis in San Francisco.

"The moment I reached the door, crowds were running towards the office," he wrote. (That office still standing in the "island" in downtown Auburn.)  Then, a competing bank failed and "the crowd were now furious."

"Paying out commenced and the work got pretty warm," Jackson continued, "when 2 or 3 of my personal friends came forward and offered their assistance. As there seemed to be no lack of funds and my giving personal assurance of their safety, all was quieted for the day."

Jackson reflected, "This is certainly the proudest time of my life," and "the manner in which I acted as agent has given me a good name in the community." Looking forward, John Q. Jackson foretold that the new week would "establish the credit of the firm to a greater degree than it has ever enjoyed before."

It did. Wells Fargo & Company stands strong.