Wells Fargo eyes Maine for potential expansion
Wells Fargo & Co. said it is planning to expand its commercial banking operation in New England, and that may include opening an office in Maine.
Dana Obrist, a spokeswoman for Wells Fargo, told Mainebiz that while the expansion is still in the planning stage, the San Francisco-based bank is looking to potentially open an office in Maine. She said Wells Fargo has $450 million in total loan commitments for Maine customers, who are currently served from the bank’s Boston office.
Wells Fargo (NYSE: WFC) announced earlier this week that it plans to open several new commercial banking offices throughout New England. Greg O’Brien, a regional executive, was recently promoted to head the newly established Wells Fargo Commercial Banking New England Division, where he is leading a team of 28 commercial bankers who serve middle market companies with annual revenues of $20 million or more in Maine, Massachusetts, New Hampshire and Rhode Island.
“New England is a strong growth market, and Wells Fargo is committed to putting boots on the ground where our customers live and work,” O’Brien said in a prepared statement, referring to the region’s growth in industries such as energy, real estate and professional services. “By growing our network and recruiting top talent in northern New England, western and central Massachusetts, and Rhode Island, we are able to better reach our customers and communities in the region.
Obrist said there is no current timeline for a Maine office, but Wells Fargo is expected to open one to three new offices in New England within the next 12 months.
Wells Fargo’s commercial banking division operates more than 140 offices across 38 states and three Canadian provinces. The bank was founded in 1852 and has $1.7 trillion in assets.
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