eCapital closed a $245 million increase to the syndicated bank line supporting its asset-based lending (ABL) group. The upsize brings the total facility size to $815 million. The latest increase follows a $110 million line upsizing completed less...
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January 08, 2024, 07:10 AM
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Wells Fargo announced that Thomas R. Nides will join the company in October as Vice Chairman, reporting to CEO Charlie Scharf and joining the company’s Operating Committee.As Vice Chairman, Tom will have a broad role across the company. He will be a...
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September 25, 2023, 07:11 AM
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Verdant Commercial Capital announced that it has again grown its funding capacity. Verdant’s primary warehouse line of credit, led by Wells Fargo Bank, was increased to $225 million with the addition of Regions Bank as a participant in the lending...
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February 24, 2023, 07:27 AM
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Wells Fargo appointed Derek Flowers as the company’s Chief Risk Officer, effective immediately. Flowers will lead all aspects of Wells Fargo’s Independent Risk Management function, including compliance risk management. He will continue to serve as a...
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January 19, 2022, 07:18 AM
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Verdant Commercial Capital announced that it recently expanded its funding capacity through the addition of a $200 million second facility with Wells Fargo Bank, N.A.Verdant’s new, multi-year warehouse facility consists of a $100 million base amount...
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November 12, 2021, 07:25 AM
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Wells Fargo announced that Charles H. Noski will retire as Chairman and a member of Wells Fargo’s Board of Directors. Noski has stepped down as Chairman, and he will remain as a Director until he retires on Sept. 30, to facilitate the transition of...
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August 11, 2021, 07:09 AM
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Wells Fargo announced that Ruth Jacks has been named head of Data and Transformation for Commercial Banking. She joined the company June 14 and reports to Perry Pelos, head of Commercial Banking.In this newly created leadership role, Jacks is...
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June 17, 2021, 06:00 AM
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Wells Fargo Investment Institute (WFII) released its “2021 Midyear Outlook: Fuel for Growth,” calling for an intensified 2021-2022 U.S. economic recovery thanks to COVID-19 vaccines, expectations for accelerated spending of last year’s accumulated...
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June 16, 2021, 06:25 AM
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Core Molding Technologies, Inc. announced it closed a new credit facility with Wells Fargo Bank and FGI Equipment Finance, LLC.The new credit facility is a combination of $31.7 million of new term loan capacity and $25.0 million of revolving loan...
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November 06, 2020, 07:16 AM
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36th Street Capital announced it increased its expandable senior secured revolving credit facility to $170 million in addition to amending terms to a new five-year facility.San Francisco, CA-based Wells Fargo Bank has joined the syndicate with an...
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March 09, 2020, 07:25 AM
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Banks including Wells Fargo & Co., Citigroup Inc., PNC Financial Services Group Inc. and CIT Group Inc. own hundreds of thousands of railcars that carry coal, grain and other commodities through North America. It is an unusual line of business for...
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December 27, 2019, 07:30 AM
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Wells Fargo Corporate & Investment Banking, a division of Wells Fargo & Company , announced that Cristiano Lima and Dan Nash have joined its Technology, Media & Telecom coverage group as managing directors. Lima, who is based in New York, will cover...
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October 25, 2019, 07:00 AM
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Popular, Inc. announced that Banco Popular de Puerto Rico (“Banco Popular”), its Puerto Rico banking subsidiary, has agreed to acquire and assume from Reliable Financial Services, Inc. and Reliable Finance Holding Company, subsidiaries of Wells Fargo...
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February 15, 2018, 06:37 AM
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Small business owners entered the new year feeling the most optimistic since early 2007, according to findings from the latest Wells Fargo/Gallup Small Business Index conducted January 3–9. In the latest quarterly survey of small business optimism...
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January 26, 2018, 07:30 AM
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The Board of Directors of Wells Fargo & Company announced it has elected three new independent directors as part of its succession planning and refreshment process. The three new directors, each of whom will join the board on Jan. 1, 2018...
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November 30, 2017, 07:13 AM
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To best serve customers across the for-profit health care industry, the Healthcare Group, part of Wells Fargo Corporate Banking, which is a business of Wells Fargo & Company, has made significant investments to expand its practice since its...
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November 17, 2017, 07:17 AM
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Wells Fargo Securities announced that Stratford Shields, a veteran public finance and capital markets leader, has been named managing director and head of Public Finance, effective immediately. Based in New York City, Shields now oversees a national...
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November 09, 2017, 07:20 AM
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Andrea Petro, launched Lender Finance in 2000, to retire after 30 years in asset-based lending industry.Wells Fargo Capital Finance, part of Wells Fargo & Company, named Cyndi Giles head of its Lender Finance Group effective November 29th. In her...
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November 08, 2017, 07:15 AM
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Following the largest increase in a decade, small business optimism held steady in the fourth quarter, according to the latest Wells Fargo/Gallup Small Business Index, conducted October 2–6. In the quarterly survey, which measures the optimism of...
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November 06, 2017, 07:09 AM
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Wells Fargo Middle Market Banking announced that it has named 30-year banking veteran Terri Bethel to lead its Southern Ohio teams as regional vice president.Bethel oversees a team of experienced commercial lending professionals with offices in...
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October 31, 2017, 07:02 AM
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Wells Fargo Capital Finance named Holly Kaczmarczyk head of the Supply Chain Finance Group and her expected transition will take place in Q4. In her role, Kaczmarczyk will be working closely with clients to offer working capital solutions that...
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September 07, 2017, 07:14 AM
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Wells Fargo Business Banking, part of Wells Fargo & Company, has established a Healthcare Group in Houston. Led by Darrell McCorquodale, a 17-year industry veteran, the group delivers a variety of banking services, including deposit services, cash...
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August 25, 2017, 07:28 AM
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Small business optimism continues to climb in the third quarter as business owners said they are the most optimistic in more than a decade, according to findings from the Wells Fargo/Gallup Small Business Index, conducted July 10–14. In the quarterly...
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August 03, 2017, 07:10 AM
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Doosan Fuel Cell America, Inc. ("Doosan"), a subsidiary of Doosan Corporation focused on the manufacture and sale of clean, efficient and reliable fuel cells, has established a strategic alliance with Wells Fargo Vendor Financial Services ("Wells...
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June 30, 2017, 07:13 AM
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Wells Fargo announced that Andrew Rowe has been selected as head of Wells Fargo’s Community Banking Customer Segments team, to join Wells Fargo in September. In the newly created role, Rowe will lead the company’s efforts focused on meeting the needs...
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June 14, 2017, 07:14 AM
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In a move to further strengthen its capabilities and local market presence, Wells Fargo’s Business Banking Group (BBG), part of Wells Fargo & Company, announced it has moved from three to seven regions, with a banking leader appointed for each. With...
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June 06, 2017, 07:07 AM
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Wells Fargo & Company announced that David Marks has been named head of Wells Fargo Capital Finance, the bank’s asset-based lending unit. In his role, Marks will oversee the core business groups of Capital Finance, which provides traditional...
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April 10, 2017, 07:16 AM
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Wells Fargo announced that it has reached an agreement in principle to settle a class action lawsuit concerning retail sales practices, which was filed in May 2015 in the Northern District of California (Jabbari v. Wells Fargo, N.A., et al.). The...
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March 30, 2017, 07:12 AM
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Small business owners are the most optimistic they have been since the start of the Great Recession, according to the latest findings from the Wells Fargo/Gallup Small Business Index, conducted Feb. 6-10.In the quarterly small business survey, which...
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March 14, 2017, 07:21 AM
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Construction industry executives have entered 2017 with increased optimism for nonresidential construction activity, according to a recent survey of industry contractors and equipment distributors released today from Wells Fargo Equipment Finance. ...
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March 07, 2017, 07:18 AM
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In an effort to increase understanding of the credit process for small businesses, Wells Fargo announced the launch of the Wells Fargo Works for Small Business® Business Credit Center, a new holistic resource that provides tools to help empower small...
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February 08, 2017, 07:00 AM
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Seeking to better align its international banking services with the customers they serve, Wells Fargo & Company announced that its International Group will be integrated into other Wholesale Banking business lines, enhancing how they serve middle...
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January 20, 2017, 07:07 AM
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The Wells Fargo/Gallup Investor and Retirement Optimism Index increased in November for the third straight quarter, bringing it to a nine-year high. The index, which gauges investor optimism, now registers +96, up from +79 in the third quarter. Among...
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December 23, 2016, 07:10 AM
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The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board on Tuesday announced that Bank of America, Bank of New York Mellon, JP Morgan Chase, and State Street adequately remediated deficiencies in their 2015 resolution plans....
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December 14, 2016, 07:18 AM
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Small business owners are the most optimistic they have been since January 2008, according to the latest Wells Fargo/Gallup Small Business Index, conducted Nov. 11-17. In the quarterly small business survey, which measures the optimism of small...
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December 09, 2016, 07:15 AM
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Wells Fargo & Company announced that its Board of Directors has amended the Company’s By-Laws to require the separation of the Chairman and CEO roles and for the Chairman and Vice Chairman of the Board to be independent directors. The Board approved...
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December 02, 2016, 07:10 AM
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Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company, announced today the official launch of CDFconnect™, a knowledge sharing program that delivers tools, subject matter experts, and training to help CDF’s network of...
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December 01, 2016, 07:04 AM
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Wells Fargo Capital Finance, part of Wells Fargo & Company, announced that Richard Zeni has joined its Loan Originations team in Canada as a business development officer. Based in Toronto, Zeni is primarily responsible for sourcing and structuring...
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November 14, 2016, 07:15 AM
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Wells Fargo & Company announced that Monica Cole has succeeded Laura Oberst to head Middle Market Banking for the North Region. Oberst was tapped in September to lead the company’s Business Banking Group. Cole has led the Southern Division of Wells...
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November 01, 2016, 07:17 AM
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The Independent Community Bankers of America® (ICBA) urged Congress to keep in mind the differences between community banks and megabanks as lawmakers consider any legislative response to Wells Fargo’s massive consumer fraud. In a letter to members...
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September 21, 2016, 06:32 AM
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Wells Fargo announced the extension of its vendor financing relationship with dozens of Doosan businesses – including Bobcat Company, the compact machinery maker and distributor – through December 2020.Doosan’s recent agreement with Wells Fargo...
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September 13, 2016, 07:20 AM
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Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company announced it has signed a dealer financing program with Columbia ParCar Corp. (CPC), a premier electric vehicle manufacturer. The financing will be used to promote and...
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September 09, 2016, 07:08 AM
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Wells Fargo announced that Laura Oberst will succeed Hugh Long as head of its Business Banking Group (BBG), effective immediately. Long will retire at year-end. Business Banking serves more than 100,000 U.S. businesses with annual sales from $5...
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September 06, 2016, 07:05 AM
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Wells Fargo Commercial Distribution Finance (CDF), part of Wells Fargo & Company, announced it has extended its dealer financing program with LS Tractor USA LLC, a leading manufacturer of tractor equipment. The financing program, which was first...
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August 31, 2016, 07:08 AM
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Wells Fargo has named Gene Peterson head of its National Food and Agribusiness Division. He will direct the division’s continuing national growth and as part of the bank’s commitment to American farmers and food producers. Peterson, a...
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June 10, 2016, 07:18 AM
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Wells Fargo announced the launch of FastFlex Small Business Loan, an online, fast-decision loan that is funded as soon as the next business day and offers a competitive interest rate to small businesses with short-term credit needs. An innovation...
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May 11, 2016, 07:05 AM
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Wells Fargo announced that Thomas (Tom) DuCharme has been named the new head of its Global Banking division. In his role, DuCharme will manage the sales and product development for Wells Fargo’s Global Banking operations. He is based in New York and...
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March 18, 2016, 07:16 AM
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Wells Fargo & Company announced that it has completed the purchase of the North American portions of GE Capital’s Commercial Distribution Finance and Vendor Finance businesses as well as a portion of its Corporate Finance business, totaling $27.4...
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March 02, 2016, 08:01 AM
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Wells Fargo & Company (NYSE:WFC) announced that First Union Rail, its railcar finance, leasing and fleet management business, has changed its name to “Wells Fargo Rail.” The Company’s recent acquisition of GE’s railcar and locomotive leasing business...
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February 18, 2016, 07:08 AM
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Small business owners expressed a level of optimism not seen in a year in the latest Wells Fargo/Gallup Small Business Index, conducted January 11-15, as the Index’s overall score rose to 67, a 13-point gain from November’s survey. The quarterly...
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February 16, 2016, 07:17 AM
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The construction industry is entering 2016 less optimistic than in 2015, but overall bullish about local, nonresidential construction activity, according to a recent survey of industry contractors and equipment distributors released today from Wells...
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January 20, 2016, 07:05 AM
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After reaching a seven-year high in January, small business owners are feeling less optimistic today than they were a year ago, according to the latest Wells Fargo/Gallup Small Business Index, conducted November 9-13. In the quarterly small business...
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December 10, 2015, 07:00 AM
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Wells Fargo & Company announced that its Board of Directors has named 28-year company veteran Timothy J. Sloan to be president and chief operating officer, reporting to Chairman and Chief Executive Officer John G. Stumpf, effective immediately. Since...
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November 18, 2015, 07:03 AM
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Wells Fargo & Company announced that it has signed an agreement to purchase GE Capital’s Vendor Finance and Commercial Distribution Finance platforms as well as a portion of its Corporate Finance business. The acquisition includes total assets of...
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October 14, 2015, 07:10 AM
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GE has reached an agreement to sell GE Capital’s global Commercial Distribution Finance, North American Vendor Finance and Corporate Finance platforms to Wells Fargo. The sale includes ending net investment (ENI) of approximately $30 billion (about...
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October 13, 2015, 11:05 AM
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Wells Fargo announced the promotion of Suzanne Morrison to division manager of its Commercial Banking Carolinas Division. Anchored in Charlotte, the Carolinas Division serves the finance needs of middle market companies with annual revenues of $20...
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August 31, 2015, 07:05 AM
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Wells Fargo announced that John Coad has been named national sales manager for SBA Lending. A senior sales leader with 30 years of experience in commercial lending, including SBA lending and small business leadership roles at GE Capital, Coad will...
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August 26, 2015, 07:14 AM
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Bloomberg reported Wells Fargo and Toronto-Dominion Bank are exploring offers for a batch of U.S. commercial-lending businesses.According to the Bloomberg report, Capital One Financial Corp. and U.S. Bancorp are also weighing bids for the businesses...
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June 12, 2015, 07:10 AM
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The Wall Street Journal reported Wells Fargo & Co.’s wholesale-banking head, Timothy Sloan, said the bank expects continued growth through acquisitions, such as buying portfolios or selectively buying businesses.According to The Wall Street Journal...
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June 11, 2015, 07:18 AM
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Reuters reported that General Electric is in early-stage talks with Wells Fargo & Co about selling its entire $74 billion U.S. commercial lending and leasing (CLL) portfolio to the bank, according to a source familiar with the situation.According to...
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April 21, 2015, 07:04 AM
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Construction contractors and equipment distributors have continued optimism about local, nonresidential construction activity in 2015 and expect a strong rental market and increasing equipment acquisitions, according to a survey from Wells Fargo...
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February 26, 2015, 07:14 AM
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Wells Fargo Equipment Finance Company, a subsidiary of Wells Fargo & Co., offering equipment financing and leasing to businesses throughout Canada, announced it has hired Anthony Zambon to lead the sales and originations team in Canada. Zambon, who...
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February 23, 2015, 07:19 AM
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Small business owners report they are the most optimistic in seven years, according to the latest Wells Fargo/Gallup Small Business Index (PDF*), with stronger revenues, improved cash flow and increased hiring contributing to the improvement.In the...
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February 09, 2015, 07:10 AM
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Wells Fargo said that New York City will serve as its new Eastern Region hub for Commercial Banking. John P. Manning, a 26-year financial services veteran and Wells Fargo executive vice president, will lead the continued expansion of the company’s...
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December 24, 2014, 07:15 AM
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For the sixth straight year, Wells Fargo & Company is America’s top SBA lender in dollar volume, approving a record $1.6 billion in SBA 7(a) loans for small businesses in federal fiscal year 2014 (Oct. 1, 2013 – Sept. 30, 2014). The company increased...
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November 10, 2014, 06:58 AM
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Wells Fargo & Company announced that Bill Mayer will become head of its Equipment Finance group, the second largest bank-affiliated equipment leasing and finance business in the U.S. Mayer will succeed John McQueen, a 21-year company veteran who...
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October 06, 2014, 07:03 AM
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Activity in the construction industry continues its multi-year improvement trend with a notable change in 2014 compared to 2013, according to the latest Construction Executive Survey from Wells Fargo Equipment Finance. A much larger percentage...
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October 02, 2014, 06:55 AM
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Wells Fargo & Company announced that John McQueen, head of Wells Fargo Equipment Finance, will retire from Wells Fargo at the end of 2014 after 21 years of service. Under John’s leadership, Wells Fargo Equipment Finance has established itself as an...
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July 17, 2014, 07:00 AM
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Wells Fargo is expanding its Silicon Valley-based Technology Banking Division coast-to-coast. After opening new offices in Boston and Seattle in 2013, the division is planning to expand to New York this year.“The rapidly expanding technology sector...
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January 16, 2014, 07:00 AM
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Wells Fargo & Company reported full year net income was $21.9 billion, compared with $18.9 billion in 2012. For fourth quarter 2013, net income was $5.6 billion compared with $5.1 billion for fourth quarter 2012.“Wells Fargo had another outstanding...
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January 15, 2014, 06:29 AM
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Fannie Mae has reached a $591 million agreement with Wells Fargo to resolve repurchase requests on certain loans originated prior to 2009. After adjustments for prior repurchases, Wells Fargo will pay Fannie Mae $541 million in the fourth quarter of...
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December 31, 2013, 06:30 AM
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