Wells Fargo Commercial Banking Expands to Rochester
Bank's lending to companies in upstate New York up 50% in past year
Late last year, Richard Ferrari was hired to lead the new office, located in an existing Wells Fargo Advisors building in the suburb community of Pittsford. The Rochester area has seen strong economic growth during the recovery, making it an attractive market for Wells Fargo's Commercial Banking business, which serves middle market companies with between $25 million and $1 billion in annual revenues. Lending commitments to this segment in the upstate New York market have increased 50 percent since December 2011.
"We see substantial and continuing opportunities in western New York," said Ferrari. "Wells Fargo's plan involves expansion into strategic growth markets, such as Rochester where we can serve our customers and grow with them in the community."
Wells Fargo employs approximately 250 team members in Monroe County. Ferrari intends to expand his team in 2013.
About Wells Fargo Commercial Banking
Wells Fargo Commercial Banking serves middle market businesses with annual revenues of $25 million to $1 billion. Nationwide, Wells Fargo is the No. 1 commercial bank in the markets it serves. In addition to providing a world-class customer experience for our clients, Wells Fargo commercial bankers also are committed to being good citizens, from charitable giving to volunteering to public service.
About Wells Fargo
Wells Fargo & Company (NYS: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune's 2012 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.
Dana C. Obrist, 704-715-6138 (Media)
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