NAPERVILLE, Ill.--(BUSINESS WIRE)--U.S. commercial and industrial lending continues its 2014 climb, according to a new Wells Fargo economics report. And a case in point is Naperville, the west suburban Chicago community where Wells Fargo & Company (NYSE: WFC) has appointed Michael Bromfield to lead its new Commercial Banking office. The expansion is the first of three to five Chicago suburban offices set to open over the next several years to primarily serve privately-held, middle‐market companies.
Bromfield, who was promoted to Wells Fargo senior vice president and regional group manager for Commercial Banking, will help the financial services company continue its double-digit growth of commercial lending in Illinois.
“This is an exciting and transformative step as we continue to grow our Commercial Banking presence throughout Chicagoland,” said Lisa N. Johnson, Wells Fargo’s head of Commercial Banking for the Midwest Region. The company’s Illinois commercial loan portfolio has grown 23 percent year-over-year, she added. “Michael’s leadership and expertise will have an immediate impact for our suburban customers, giving them easy access to financial services and advice tailored for their needs.”
The Naperville office is an extension of Wells Fargo’s Commercial Banking hub in Chicago, which offers a decentralized, community-based approach to serving middle-market companies. In the coming months, Bromfield will identify local office space and recruit three-to-five seasoned commercial bankers.
“The western suburbs have been a good market for us, and we look forward to deepening our relationships with local companies,” Bromfield said. “I’m humbled by the big number of suburban-based businesses that entrust us to meet their financial needs each and every day.”
Bromfield brings more than 20 years of financial services experience to his new role. Most recently, he was a senior relationship manager for Wells Fargo’s Regional Commercial Banking Office in Chicago. Before joining Wells Fargo in 2007, Bromfield held leadership positions at U.S. Bank and Merrill Lynch. He earned a bachelor’s degree in finance from Lewis University in Illinois.
About Wells Fargo Commercial Banking
With more than 140 offices in 38 states and three Canadian provinces, Wells Fargo Commercial Banking provides local service and decision-making for businesses with annual revenues of greater than $20 million. Asset-based lending, traditional secured loans, and capital markets provide access to working capital for day-to-day operations and growth. Expertise and services are available to specialty industries, including technology, food and agribusiness, healthcare, government, higher education, clean technology, and environmental services. Wells Fargo has the highest market share of middle-market company relationships in the U.S., according to the 2013 TNS Commercial Banking Momentum Monitor.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 locations, 12,500 ATMs, and the internet (wellsfargo.com), and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 on Fortune’s 2014 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.