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Just three years ago, Wells Fargo began serving Tri-State middle market companies when it opened a Regional Commercial Banking Office (RCBO) in New Jersey. Since then, Regional Market President Mary Lou Barreiro has tripled the size of her team and opened a regional hub for a half-dozen Wells Fargo business lines in Basking Ridge.
"Our strategy is to duplicate our New Jersey success in Long Island and Westchester," said Barreiro. "Companies are eager to meet with a financial services company that is relationship-focused and decentralized -- similar to a community bank, but with the products and services of a national bank. And that's exactly what we do."
The new offices in New York, which will serve middle market companies whose revenues range from $10 million and $500 million, are part of an expanding, national Commercial Banking network that totals 88 offices nationwide. Locations and management for the Long Island and Westchester offices are being finalized.
Wells Fargo RCBO clients in the Tri-State area represent a wide range of industries, including consumer products, food and beverage, industrial equipment, transportation, chemicals, and metals.
Wells Fargo's Commercial Banking Group is the No. 1 financial services provider to middle market businesses in the western United States, according to a leading independent research firm. Among its leading edge solutions are managing cash global accounts payable while optimizing cash flows, managing the cost of employee benefits through Health Savings Accounts, and financing new information technology and telecommunications equipment while securely managing the disposal of outdated equipment.
Wells Fargo & Company is a diversified financial services company with $609 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
SOURCE: Wells Fargo & Company
Wells Fargo & Company Gabriel Boehmer, 503-886-4186 (Media)
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