Wells Fargo Commercial Banking Names James Vargo as SVP, Business Development Officer in Chicago
Bank continues to build local team as it approaches opening of downtown hub in September
CHICAGO--(BUSINESS WIRE)-- As it keeps pace with increasing demand in Illinois and throughout the Midwest, Wells Fargo & Co. (NYS: WFC) said today that James K. Vargo - a business leader here for more than 25 years - has joined its growing Commercial Banking team in Chicago. In his new role as senior vice president and business development officer, he will work with middle market companies, those with at least $20 million in annual revenue.
Most recently, Vargo served as chief financial officer (CFO) and treasurer for HomeDirectUSA in Hillside, Ill., from 2005 to 2013. He was CFO for The Bekins Company, also in Hillside, from 2002 to 2005. And with Impact Capital Group in Chicago, from 2000 to 2002, Vargo was managing director. He held management positions of increasing responsibility with The CIT Group in Chicago from 1994 to 2000, becoming senior vice president and Midwest Regional Manager for Business Credit. Earlier, he served in sales and credit roles with Congress Financial Corporation in Chicago.
"Jim's combination of lending experience to middle market companies and financial management experience as CFO makes him superbly qualified to assist our customers and prospective customers as they grow their businesses," said Dan Lange, senior vice president for Wells Fargo Commercial Banking in Chicago, where he heads one of the bank's three commercial banking offices. His group has grown to 22 commercial banking professionals in Illinois and has posted annual compound growth of 20 percent since 2004.
Vargo earned both his bachelor's degree in accounting and finance and his MBA in finance from Northern Illinois University. He is a Certified Public Accountant, a Certified Turnaround Professional, and a Chartered Global Management Accountant. Vargo's professional activities include Chicago and Midwest chapters of the Turnaround Management Association, Association for Corporate Growth, Commercial Finance Association, and Illinois CPA Society. He lives in Hinsdale, Ill., where he is raising a family.
Wells Fargo anticipates more lending and jobs growth in the Midwest as the company looks forward to the opening of its new regional headquarters in September at the Chicago Mercantile Exchange Center. Last year, the company signed the biggest lease in Chicago since 2009 when it agreed to occupy nearly 300,000 square feet at the Wacker Drive complex.
About Wells Fargo Commercial Banking
Wells Fargo's Commercial Bank serves businesses with annual sales above $20 million. Nationwide, Wells Fargo is No. 1 lender to middle market companies. In addition to providing a world-class customer experience for our clients, Wells Fargo Commercial Bankers are also 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 270,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 25 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.
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Wells Fargo & Company
Gabriel Boehmer, 503-886-4186 (Media)
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