Wells Fargo Acquires Evergreen Funding Corp.
San Francisco — December 18, 2006
Wells Fargo & Company (NYSE:WFC) said it has acquired Evergreen Funding Corp., the Dallas-based factoring company serving small and middle market companies. Evergreen becomes part of Wells Fargo Business Credit – Factoring, a division of Wells Fargo Bank, N.A. The definitive agreement between Wells Fargo & Company and Evergreen was announced on November 30, 2006. “Transitioning Evergreen’s operation to the Wells Fargo platform in such a relatively short time was a major undertaking,” said David Ciccolo, head of Wells Fargo Business Credit’s factoring division. “The knowledge and experience that the Evergreen team members bring to Wells Fargo will help us continue as one of the nation’s leading providers of accounts receivable financing. We’re excited to have them join the Wells Fargo team and we look forward to working with our new team members as we help companies across the nation with their capital needs.” Wells Fargo Business Credit provides middle market businesses with asset-based financing and accounts receivable factoring, as part of one of the nation’s largest financial services companies. Wells Fargo Business Credit has assets in excess of $3 billion, annual accounts receivable purchasing volume of approximately $2.5 billion and 27 offices throughout the country.
Evergreen, established in 1990 and focusing on the staffing, trucking and manufacturing industries, has a national presence with a particular strength in Texas where nearly half of its assets are employed. Last year Evergreen provided $603 million of capital to its diverse group of clients. Wells Fargo Wholesale Banking – with $98 billion in assets, and more than 600 locations coast-to-coast – includes middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, capital markets activities, and asset management. Its Commercial Electronic Office (CEO) ® internet portal, accessed from www.wellsfargo.com/com, processes more than one million customer account log-ins a month. Wells Fargo is #1 in the market share for middle market commercial customers in the western United States. Wholesale Banking accounts for about a quarter of the total earnings of Wells Fargo & Company. Wells Fargo & Company is a diversified financial services company with $483 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers form more than 6,100 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest possible credit rating, “Aaa,” from Moody’s Investors Service and the highest credit rating given to a U.S. bank, “AA+,” from Standard & Poor’s Rating Services.