Bobolink Foundation and Wells Fargo Partner to Preserve Cannon's Point

CHICAGO, Jan. 3, 2011 /PRNewswire/ -- The Bobolink Foundation of Chicago, IL and Wells Fargo today announced that they have reached an agreement to conserve the 600+ acre Cannon's Point peninsula on Saint Simons Island, Georgia. The tract is the last and largest piece of natural undeveloped property on the island and is currently owned by Wells Fargo.

The Bobolink Foundation, whose trustees include Wendy and Henry M. Paulson, Jr., plans to partner with former Georgia Pacific CEO A.D. (Pete) Correll, the Saint Simons Land Trust, The Nature Conservancy, members of the community, and other agencies and individuals to protect the entire peninsula as a public preserve. Wells Fargo is providing an extended time period for the closing of the sale and allowing the property to be purchased in increments in order to support the Bobolink Foundation in its plans.

"We look forward to working with the community to establish a preserve that protects the unique natural and cultural history of the Georgia coast and will make it possible for ongoing generations of Georgians and others to better understand barrier island history and ecology," said Wendy Paulson.

"We're pleased to be able to partner with the Bobolink Foundation as they pursue this worthwhile project," said Daniel Bartok, EVP and head of Wells Fargo's Other Real Estate Owned division. "The preservation of this land will have multiple benefits for the community and we are proud to do our part to help make this a reality."

Pete Correll, one of the partners in the preservation project who grew up in nearby Brunswick, said "We are excited that Wells Fargo has given us an opportunity to pull together funding from many sources to save this valuable resource. We have a long way to go but we are encouraged by the initial response from many willing to help."

Cannon's Point is rich in cultural and natural history. It has over 6 miles of shoreline adjacent to marshes, creeks, and the Hampton River. The high quality salt marsh and tidal creeks provide habitat for wildlife such as oysters, birds, fish, manatee, diamondback terrapin, and shellfish. The peninsula contains the largest contiguous and unprotected maritime forest on St. Simons Island and is part of the larger undeveloped coastal area along the deltas and shorelines of the Altamaha and Hampton Rivers.

According to Christi Lambert, Marine and Freshwater Conservation Director of The Nature Conservancy in Georgia, protection of this site adds considerable biological value to the lands and waters of the Altamaha River Delta already under conservation management. "Cannon's Point is a significant example of maritime forest on a barrier island. Maritime forests are rare and threatened globally. Cannon's Point can be a model site for conservation, nature-based tourism and education, supporting a healthy and resilient natural system and community," Lambert said.

Brad Winn, Program Manager for the Nongame Conservation Section of Georgia's Department of Natural Resources said, "The site represents a critical linkage of connectivity between St. Simons Island, Little St. Simons Island, and the Altamaha delta. The long-term protection of Cannon's Point will be an asset to the island, county, and state."

Russ Marane, Executive Director of The St. Simons Land Trust, pointed out that shell rings and middens dating back as far as 4000 B.C. are known to occur on the peninsula. "In the late 1700's, the property was purchased by John Couper of Scotland who began farming the land and eventually moved his family and slaves into a plantation home and cabins, the remains of which still exist. Cannon's Point is one of the last intact plantations on the Georgia coast," he stated.

"This is a once in a lifetime conservation opportunity that will quadruple the existing public open space on our island," said Lee Richards, Chairman of the land trust. "We are grateful to our partners who are making this opportunity possible. Now we begin our efforts to raise the funds necessary to acquire and protect this land."

Wells Fargo was represented in this transaction by Eastdil Secured.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 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 wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune's 2009 rankings of America's largest corporations. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.

SOURCE Office of Hank Paulson