SAN FRANCISCO - June 16, 2011
For the 15th consecutive year, Wells Fargo & Company (NYSE: WFC) is the nation’s top agricultural business lender in total dollar volume, according to the most recent data from the Federal Deposit Insurance Corporation (FDIC).
Wells Fargo extended approximately $9.2 billion in agricultural loans in 2010, a 2 percent decrease from $9.4 billion in 2009, yet still three times greater than its closest rivals and well ahead of all its commercial-banking competitors. In addition, Wells Fargo remains one of the nation’s leading providers of crop and livestock insurance.
“We continue to support our agribusiness customers,” said Perry Pelos, head of Wells Fargo Commercial Banking. “As our franchise now encompasses almost every major market in the United States, we see significant opportunities to continue to expand our market leading share in this segment. Agriculture represents one of the most important industries in our country, and we stand ready to support its continued growth.”
The dip in loan volume is due to continued volatility in the U.S. dairy industry, according to Pelos.
“Wells Fargo sees agricultural production as an exciting growth market even after 15 years as America's largest agricultural lender,” added Dr. Michael Swanson, agricultural economist for Wells Fargo. “The merger with Wachovia allows our enthusiasm for agriculture to move into new and important U.S. markets. And international demand for U.S. agricultural products presents producers with great new opportunities, while also creating financial challenges that Wells Fargo can solve for our customers.”
Wells Fargo supports agriculture in other ways as well. For instance, Rural Community Insurance Services (RCIS), a wholly owned subsidiary, is the nation’s largest crop insurance provider, offering risk management protection for more than 100 crops in all 50 states through a national network of more than 5,000 professionally trained and licensed independent agents. It provides multi-peril crop insurance and livestock policies offered through the United States Department of Agriculture’s Risk Management Agency (RMA), as well as crop hail, flood, named peril, as supplemental and stand-alone insurance products.
With regional and industry experts throughout the U.S., Wells Fargo provides resources to help meet the needs of agribusiness in various sectors, including dairy farmers, food processors, nurseries, and vegetable, fruit, and nut growers. The company also provides financial resources to help businesses grow while also managing risk. Understanding the impact of regional, national, and global economic conditions, Wells Fargo offers specialized financing for all areas of agribusiness, including input supply, production, processing, wholesale distribution and retailing.
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 approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.