SAN FRANCISCO, Dec. 18 /PRNewswire-FirstCall/ -- Wells Fargo & Company
(NYSE: WFC) said it has acquired Evergreen Funding Corp., the Dallas-based
factoring company serving small and middle market companies. Evergreen
becomes part of Wells Fargo Business Credit - Factoring, a division of
Wells Fargo Bank, N.A. The definitive agreement between Wells Fargo &
Company and Evergreen was announced on November 30, 2006.
"Transitioning Evergreen's operation to the Wells Fargo platform in
such a relatively short time was a major undertaking," said David Ciccolo,
head of Wells Fargo Business Credit's factoring division. "The knowledge
and experience that the Evergreen team members bring to Wells Fargo will
help us continue as one of the nation's leading providers of accounts
receivable financing. We're excited to have them join the Wells Fargo team
and we look forward to working with our new team members as we help
companies across the nation with their capital needs."
Wells Fargo Business Credit provides middle market businesses with
asset- based financing and accounts receivable factoring, as part of one of
the nation's largest financial services companies. Wells Fargo Business
Credit has assets in excess of $3 billion, annual accounts receivable
purchasing volume of approximately $2.5 billion and 27 offices throughout
Evergreen, established in 1990 and focusing on the staffing, trucking
and manufacturing industries, has a national presence with a particular
strength in Texas where nearly half of its assets are employed. Last year
Evergreen provided $603 million of capital to its diverse group of clients.
Wells Fargo Wholesale Banking -- with $98 billion in assets, and more
than 600 locations coast-to-coast -- includes middle market banking,
corporate banking, commercial real estate, treasury management, asset-based
lending, insurance brokerage, foreign exchange, trade services, specialized
lending, equipment finance, capital markets activities, and asset
management. Its Commercial Electronic Office (CEO) (R) internet portal,
accessed from www.wellsfargo.com/com, processes more than one million
customer account log- ins a month. Wells Fargo is #1 in the market share
for middle market commercial customers in the western United States.
Wholesale Banking accounts for about a quarter of the total earnings of
Wells Fargo & Company.
Wells Fargo & Company is a diversified financial services company with
$483 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance to more than 23 million customers form more than 6,100
stores and the internet (wellsfargo.com) across North America and elsewhere
internationally. Wells Fargo Bank, N.A. has the highest possible credit
rating, "Aaa," from Moody's Investors Service and the highest credit rating
given to a U.S. bank, "AA+," from Standard & Poor's Rating Services.
SOURCE Wells Fargo & Company