Iowa's Largest Bank Gains Record Profits

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By Daren Sukhram

Story Created: Jul 22, 2009 at 3:59 PM CST

Story Updated: Jul 22, 2009 at 4:28 PM CST

CHARLOTTE, NC - Iowa's largest bank today reported record profits in the company's second quarter.

Wells Fargo posted a net income of more than $2.5 billion dollars.

The San Francisco based company says it had strong profits in its mortgage banking business.

Despite profits, Wells Fargo stock closed down Wednesday on concerns over the risk of its purchase of Wachovia.

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