Citigroup will be fine as well, and Wells Fargo dipped into undervalued territory intra-day on Thursday.

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The company got another shot in the arm when Moody's Investors Service said Wednesday that Wells Fargo was well-positioned to weather the economic turbulence ahead.

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While an increase in prime loan rates will likely impact both interest income as well as interest expense for Wells Fargo, the fact that Wells Fargo derives the majority of its funding from low cost core deposits will help the firm restrain its interest expense even as interest rates increase and thus boost its net interest margins.

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JPMorgan and Wells Fargo did not do very well either, with 30% of each of their customers holding the same opinion.

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Bank of America, JPMorgan Chase, Goldman Sachs, and Wells Fargo all closed the day well into positive territory. (Read Morgan Stanley CEO Gorman Picks Up The Reins As John Mack Steps Down: Is He Ready For The Job?).

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By contrast, Norwest, which aggressively pushes traditional retail products, such as mortgages and consumer loans, through a huge network of non-bank offices as well as bank branches, has a markedly different culture from Wells Fargo's.

ECONOMIST: American banks

Buffett increased his position in Wal-Mart from 19.9 million shares to 39 million shares and added to his ownership of Wells Fargo, a bank battered by the financial crisis, as well as U.S. Bancorp, drug giant Sanofi-Aventis and Tesco, a British retail chain.

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According to an informal survey of retailers by tobacco analysts at Wells Fargo Securities it has not been widely distributed and it has not been well received by those who do offer it.

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So Wells Fargo no longer has a security interest in two properties because it was not monitoring its mail well enough.

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