Wells Fargo Aquires Payday of Minnesota, Inc. to Expand Business Payroll Services
San Francisco — May 11, 2004
Wells Fargo & Company (WFC) has acquired PayDay of Minnesota, Inc., a privately held payroll services provider based in Bloomington, Minnesota. PayDay of Minnesota provides payroll, payroll tax, direct deposit, and integrated time and attendance solutions to small and medium-sized employers, and will become part of Wells Fargo's Business Payroll Services. "With this acquisition, we'll be able to satisfy more of the financial needs of our business customers because they'll be able to choose from an even broader set of fast, reliable, and affordable payroll solutions to help them save time and money," said Jerry Gray, head of Wells Fargo SBA Lending and Business Payroll Services. The president and CEO of PayDay of Minnesota, Michael Borchert, will manage the business for Wells Fargo. Service and support to current PayDay customers will be provided by the same team of payroll experts as before under the Wells Fargo name. The acquisition will not affect Wells Fargo Business Payroll Services customers using the OnlinePayroll by Wells Fargo® service. Wells Fargo & Company is a diversified financial services company with $397 billion in assets, providing banking, insurance, investments, mortgage and consumer finance from more than 5,900 stores and the Internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"- rated bank in the United States.