In a rare tribute, Wells Fargo Bank has named its branch on 100 South and Main Street the First Security Branch, a homage to a Western banking pioneer and the legacy of one of Utah's most prominent families.

The branch, the oldest continuously operated banking site in Utah, was dedicated Friday. A new plaque will adorn the building's exterior, and the historic "First Security" sign atop the old Deseret Building (now owned by The Church of Jesus Christ of Latter-day Saints) was lighted.

"This is a legacy moment," said Spencer F. Eccles, former chief of First Security Bank, now chairman of Wells Fargo's Intermountain Region. "It's a full circle, and we're very proud to dedicate it today and commit to the history of Utah and Salt Lake this great building."

LDS Church Presiding Bishop H. David Burton said at the ceremony that the bank building will be preserved as part of the church's $500 million downtown redevelopment project.

Bishop Burton did not disclose any new details about the project, which was expected to get under way this year, except to say that there will be less retail space than is available at the current Crossroads Plaza and ZCMI Center malls downtown. Though preliminary plans called for a high-rise tower (possibly an office tower or residential building) to "wrap around" the current Wells Fargo building, Burton said that may change.

"In the diagram, we show a wrap-around building. That may or may not be the final disposition of the property," he said. "Obviously, the one thing we're interested in is preserving this building and preserving the legacy that it has."

A banking office has operated at the current Wells Fargo location since the mid-19th century, first with the Eldredge & Hooper commodity exchange (which became the Hooper, Eldredge & Co. Bank). The present 14-story building was constructed by Deseret National Bank in 1919. In 1955, First Security Corp. moved its headquarters from Ogden to the Deseret Building, where it operated until its merger with Wells Fargo in 2000. Its Utah headquarters is now at the Wells Fargo building, 299 S. Main.

With Friday's dedication, the First Security name lives on, and with it a significant part of the Eccles family history.

"The First Security name is synonymous with the Eccles family, and now Wells Fargo will also accept that mantle," Spencer Eccles said. "It's just very important to us not to lose track of the commitment that First Security has made to the building of Utah and the West over the past 72 years."