Wells Fargo Acquires Accounts Receivable Factoring Firm

Wells Fargo & Company 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."