Wells Fargo Expands Commercial Banking Services to Businesses in Richmond
Richmond, Virginia — March 26, 2007
Wells Fargo & Company (NYSE:WFC) announced today it is expanding its presence in the Southeastern U. S. by opening a Regional Commercial Banking Office (RCBO) in Richmond, Virginia and has named Lowndes Burke, a 27-year Richmond banking veteran, to be its leader. Formerly a senior commercial banker at Wachovia Bank, Burke is building a team to serve the financial needs of middle market companies in Virginia and the region. "Wells Fargo is an extremely well-admired financial services company with a rich history of providing credit and other financial services to middle market companies," said Burke. "The fourth largest bank in the U.S. as measured by market capitalization, and the fifth largest based on asset size, Wells Fargo is committed to growing a successful business in the state of Virginia, serving the middle market with our broad array of products including the industry-leading Commercial Electronic Office (CEO) internet portal and the Desktop Deposit service for depositing checks without a trip to the bank."
The new RCBO builds upon Wells Fargo's existing presence in Virginia. Burke will be teaming up with Senior Vice President J. Bolling Lewis III, who recently opened Wells Fargo's middle market real estate lending group in Richmond. Also a Wachovia Bank veteran with 24 years of industry experience, Lewis originates commercial real estate loans for local private developers and investors throughout the Mid-Atlantic region, including Virginia, Maryland, and Washington DC. The RCBO is temporarily located at 7100 Forest Avenue, but will soon be moving to Riverside on the James. Burke has managed complex banking relationships with both private and public companies in many different industries. He received his B.A. in Economics from the University of Virginia in 1978 and his MBA from the East Claiborne Robins School of Business at the University of Richmond in 1986. He is a board member and past Chairman of the Arts Council of Richmond. Todd J. Eagle has joined his team to serve as a commercial relationship manager. Eagle is a 14-year veteran of Wachovia Bank, and has held positions as a client manager in corporate and investment banking covering Fortune 1000 clients in California, senior risk manager in commercial banking for eastern Virginia, and most recently as regional chief credit officer for northwest Virginia. He received his B.A. from Texas A&M University and his M.B.A. from Georgia State University. Long-time Wells Fargo team member Peggy Berg will offer administrative support, having relocated to Richmond from Kansas City. These commercial banking and real estate teams join the more than 600 Wells Fargo team members in Virginia who provide financial services through such lines of business as, Wells Fargo Insurance Services, Inc., Wells Fargo Financial, and Wells Fargo Home Mortgage. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."