Wells Fargo Insurance Expands into Indiana, Ohio with Purchase of Assets of JS Crop Insurance
San Francisco — September 28, 2005
Wells Fargo Insurance, Inc., a subsidiary of Wells Fargo & Company (NYSE:WFC), has acquired the crop insurance business from Portland, Indiana-based JS Crop Insurance, Inc. (JS Crop), expanding Wells Fargo’s reach to farmer-customers in Indiana and Ohio. Terms of the acquisition were not disclosed. Wells Fargo provides crop insurance services to over 6,000 farmers in Iowa, Illinois, Minnesota, Montana, North Dakota, Nebraska and South Dakota. “We look forward to working with the team at JS Crop Insurance on a smooth transition and to bringing our combined expertise to new and existing customers,” said Dan Monson, senior vice president, Wells Fargo Insurance. “JS Crop and their team have a solid reputation for providing top quality advice and service and we will continue with that tradition.” “Customers who have crop insurance policies with JS Crop will continue to receive the superior customer service from the dedicated staff they know,” said Jeff Smith, founder of JS Crop. “Now our customers and insurance sales representatives will have access to one of the largest insurance providers in the country, as well as Wells Fargo products and services.” The Indiana-based team will partner with Wells Fargo agriculture bankers in Indiana and Ohio to provide customers crop insurance and risk management solutions for their operations. JS Crop Insurance was founded in 1988 by Jeff Smith and managed by Smith and his wife, Agnes Smith, who have both joined Wells Fargo Insurance. The company has grown to serve over 1,300 customers. The Smiths have won several awards, including the Farmers Mutual President’s Award and Statesman Award for Indiana and Ohio, as well as the Rural Community Insurance Bronze, Silver and Platinum Awards. They are members of the National Crop Growers Association of Independent Agents, Indiana Seed Trade Organization, Indiana Plant Feed & Agricultural Chemicals Association and Professional Insurance Agents. Wells Fargo & Company is a diversified financial services company with $435 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, “Aaa,” from Moody’s Investors Service.