SAN FRANCISCO - December 7, 2010
As part of its focus on commercial banking, Wells Fargo & Company (NYSE: WFC) said today it has extended $64 million in senior credit facilities to The Pasha Group, a growing and global transportation services company based in Northern California.
The Wells Fargo commercial banking financing deal for The Pasha Group includes a $35 million revolver agreement, a $12 million real estate loan, a $7 million term loan, and a $10 million commitment letter for future financing. Based in Corte Madera, Calif., The Pasha Group is a third generation, family owned and operated transportation and logistics company.
“As our company has experienced significant growth in the last few years, including some strategic acquisitions, we require a financial institution that can provide substantial backing to meet not only our current needs but also contribute to our forward planning,” said George W. Pasha IV, president and CEO of The Pasha Group. “The Wells Fargo team has really stepped up to the plate to work with us and recognizes that the diversity of our operations requires a financial solution that doesn’t come out of a box.”
Since 1947, The Pasha Group has delivered innovative transportation and logistics services nationwide and globally, offering expertise in point-to-point logistics, terminal operations, distribution management, and information tracking systems. The company is comprised of three operating units: Automotive, Relocation, and Maritime. Pasha Hawaii Transport Lines, a joint venture of The Pasha Group and Hawaii Ship Management LLC, owns a roll-on/roll-off vessel that serves mainland/Hawaii trade lanes and provides transportation services to all three operating units.
“When Wells Fargo can provide a broad range of services like this –foreign exchange, merchant card, purchase card, a complete treasury management platform, and committing our balance sheet with financing – we can really help a company like The Pasha Group put its foot on the growth pedal,” said James S. Kimball, who heads Wells Fargo’s North Coast Regional Commercial Banking Office (RCBO).
Year to date, Wells Fargo’s Commercial Banking Group has extended $89.5 billion in commitments – a 18.9percent increase from $75.3 billion during the same period a year ago. Wells Fargo Commercial Banking continues to expand its business with Northern California companies and is looking for more opportunities, according to Kimball. Increasing numbers of Northern California companies are banking with the North Coast RCBO, whose portfolio has grown by 61 percent in deposits and 56 percent in loans since the beginning of 2010.
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 banking 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 No. 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.