PHILADELPHIA--(BUSINESS WIRE)--Wells Fargo (NYSE: WFC) Commercial Banking’s National Food and Agribusiness has expanded its Philadelphia-based team to better serve the Northeast – the nation’s fifth-largest agriculture production market. The bank has tapped company veteran Michael Shea as a new relationship manager to serve growers, processors, and distributors in 12 states from Maryland to Maine.
Strong growth in the poultry sector is among the leading factors in Wells Fargo’s decision to expand its National Food and Agribusiness Division in the Northeast, according to James Trankle, region head for Northeast U.S. and Eastern Canada Food and Agribusiness. Pennsylvania poultry companies have benefitted from higher demand for all-natural and organic poultry. Meanwhile, Pennsylvania egg producers have benefited by taking up the slack from lower production in the Midwest, hard-hit by avian flu.
“We’re working hard to better serve our customers throughout the Northeast, New England, and beyond,” said Trankle. “With Michael Shea in their corner, our customers can reinvest in new product development, additional capacity, and acquisitions.”
Northeast food and agribusiness companies have continued to thrive by tailoring their production for consumers in major metro areas, Trankle added. He pointed to the region’s poultry, dairy, seafood, specialty fruits and vegetables as national standouts.
Based in Philadelphia, Shea launched his banking career with Wells Fargo’s asset-based lending business, Capital Finance. He went on to complete the Wholesale Banking Credit Management Training Program. Most recently, Shea worked for Wells Fargo Capital Finance’s Retail Finance Division. He graduated from Bentley University in Waltham, Massachusetts.
Shea joins Trankle, the food and agribusiness industry veteran who has overseen Wells Fargo ag lend in the Northeast and Eastern Canada since early 2011. Trankle moved to Pennsylvania in 2012 to lead the regional team. As former treasurer and chief financial officer for Grain Millers, Inc., one of North America’s largest grain processors and dairy product merchandisers, Trankle represents Wells Fargo in the North American Millers’ Association. He is a past board member of Pennsylvania Certified Organic.
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 life sciences, 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 $1.7 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 8,700 locations, 12,500 ATMs, and the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 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.