Wells Fargo Bank

Unlike so many other buildings in Ely, this building has had only one purpose in its entire history. It was built in 1913 to be a bank and it has always been a bank. It has no secret history of other activities. Initially, however, it was less than half the size it is today. Need for space drove several additions, but the building always retained its historic look. Be sure to see the photos (below) of this building when it was less than half the size it is today. 

In 1907, two of Ely’s young banks, the Exchange Bank of Ely (established in 1888) and the First Private Bank – Bank of Ely (established in 1902), merged to become the First National Bank of Ely located at this site.  

Joseph Sellwood, a founder of the Exchange Bank (1888), became First National’s president. 

Joseph Sellwood had an amazing career which started in Cornwall England. He was born December 5, 1846 and was working in the tin mines when he was just nine years old. When he was 19 (about) he emigrated to the United States, first to New Jersey, then to Michigan. 

In 1885 he opened mines in the Michigan Gogebic Range and in 1888, he opened the Chandler Mine in Ely. He gained a reputation of running mines efficiently and was sought after for management positions. After working for the large mining companies, in 1901 he struck out on his own, investing in developing mines. Additionally, he was involved in the auxiliary businesses needed to make the mines successful. Besides owning interest in twelve mines, he was the president of banks in Duluth, Ely, Two Harbors and Bessemer, Michigan. He also acted as vice-president of the Duluth & Iron Range Railway. 

It was said that Mr. Sellwood ‘combined a strong personality with a cheerful disposition and a kindly nature that brought to him a large circle of friends.’  

Richard M. Sellwood, probably the son to Joseph, became the second president of the bank, followed by George Somero, an Ely native.  In April 1968 the bank was purchased by the Norwest Bank Corporation and became the First Northwestern National Bank of Ely.   Thirty years later, the bank merged with Well Fargo and on June 24, 2000, the First Northwestern National Bank was renamed Wells Fargo amid much fanfare including the presence of an actual stagecoach in the parking lot. 

The building you see today was built in 1913. A $20,000 addition was added in 1938, followed by other additions and remodels through the years.   

––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––––

1889 – Bank of Ely (later the Exchange Bank) is established – Joseph Sellwood and O.D. Kinney

1902 – The First Private Bank – Bank of Ely is established – Davidson and McRae

1907 – the two banks merge creating the First National Bank of Ely – Joseph Sellwood President

Richard M. Sellwood becomes President

George Somero becomes President

1968 – Norwest Purchases the Bank – Joe Pellikka President

1981 – Joe Kostelic becomes President

Bill Carlson becomes President

In 1994 (about) – Carol Ranta becomes President

November 2, 1998 – Norwest and Wells Fargo merge

June 24, 2000 – the bank is renamed as Wells Fargo

Other managers follow

Lake Superior Mining Institute Proceedings, vol. 19, “Joseph Sellwood, A Prominent Northwester Banker and an expert Miner” The Successful American January 1902 p510

Ely Since 1888 (The Blue Book). Ely, Mn. The Ely Echo. 1988.