SAN FRANCISCO, May 1 /PRNewswire-FirstCall/ -- Wells Fargo & Company
(NYSE: WFC) and Flatiron Credit Company, Inc. announced that Wells Fargo
Bank, N.A has acquired the business of Flatiron Credit Company, Inc. and
its operating subsidiaries. Flatiron was a subsidiary of TD Banknorth, N.A.
and is one of the nation's largest insurance premium finance companies.
Terms of the transaction were not disclosed.
Founded in 1995 by its two principals, Robert Pinkerton and Bruce
Lundy, Flatiron Credit Company, Inc. and its operating subsidiary Flatiron
Capital Corp. is the seventh largest premium finance company in the United
States. It originates, funds and services insurance premium finance
contracts for commercial property and casualty insurance through a national
network of insurance agents and insurance brokers, managing general agents
and insurance companies. It is headquartered in Denver with offices in San
Antonio, Philadelphia, Boca Raton (Fla.), Boston, Chicago, and San
Francisco.
"Flatiron has long-standing relationships with producers and is a
recognized provider of premium financing to firms across the nation," said
Dave Zuercher, head of International and Insurance Services for Wells
Fargo. "It will be our platform as we enter the premium finance business,
cementing Wells Fargo's position as one of the nation's leading providers
of financial services and further enable us to satisfy all the financial
needs of our commercial customers."
As part of the transaction, all employees of Flatiron will remain with
the business, offering a seamless transition for its clients.
"We've become a trusted partner to our clients in the property and
casualty insurance industry, becoming one of the country's largest and most
dynamic premium finance companies," said Robert Pinkerton, CEO of Flatiron.
"We're excited about this new opportunity, which will enable us to provide
our clients with more services to better accommodate their financial
needs."
"Joining Wells Fargo brings the best of all worlds, as we retain our
brand, the entire Flatiron team and our culture of highly responsive client
service," said Bruce Lundy, president of Flatiron. "We'll also gain a
wealth of new opportunities for our broker/agent clients, working with
Wells Fargo's 80-plus other business lines."
Wells Fargo & Company is a diversified financial services company with
$595 billion in assets, providing banking, insurance, investments, mortgage
and consumer finance through almost 6,000 stores and the internet
(http://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 possible credit rating from both Moody's
Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."
SOURCE Wells Fargo & Company
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Related links:
http://www.wellsfargo.com
CONTACT:
media, Richele Messick, +1-651-205-6560, or
investors, Emily Janowsky, +1-415-396-4496, both of Wells Fargo &
Company
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