Wells Fargo & Company was originally established in March 1852 as an independent joint-stock corporation founded by corporate visionaries Henry Wells and William G. Fargo, meaning the enterprise was not formed as a direct rebrand of a single pre-existing bank, but rather as a brand-new financial and express delivery powerhouse designed to capitalize on the California Gold Rush. However, its famous modern scale and national branch footprint were shaped by decades of massive mergers and acquisitions. Most notably, Wells Fargo merged with Norwest Corporation in 1998; while Norwest was the surviving corporate entity from an administrative standpoint, management deliberately chose to adopt the globally recognized Wells Fargo name for the combined financial institution because of its legendary historic brand equity.