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Investment Banking and
Strategic Business Development
Wells Fargo Purchase of Towle Financial Services
Acquisition Summary
|
Target Information |
| Target: |
Towle Financial
Services/Midwest Inc. |
| City: |
Minneapolis |
State: MN
|
| Type of Company: |
Commercial Real
Estate Lender |
| Financial Data As Of: |
N/A |
Assets: N/A |
Net Income : N/A |
| Target’s Business: |
Towle Financial
Services, combined with its strategic marketing partner Towle Real
Estate Company, is the largest full-service commercial real estate firm
in the Midwest. Founded in 1909 as a mortgage banking firm, Towle grew
to include commercial real estate brokerage, property management
services, appraisal, consulting, leasing, market research and insurance.
Towle originates and services mortgages for life insurance companies,
pension funds, real estate investment banking trusts, multi-family
housing programs and banks. The Institutional Debt and Equity department
places over $400 million per year in mortgage loans. Towle Financial
services in excess of $1.3 billion in mortgages for over 40
institutional investors on a wide variety of property types including
office, medical, industrial, retail, apartments, tax-exempt,
mini-storage, hotel/motel and construction loans. |
|
Acquirer Information |
| Acquirer Name: |
Wells Fargo
Corporation |
| City: |
San Francisco |
State: CA |
| Type of Company: |
Commercial
Banking |
| Financial Data As Of: |
|
Assets: $315B |
Net Income (LTM): $4.8B |
| Acquirer’s Business |
WFC is a $272
billion diversified financial services company that, through its
subsidiaries, provides retail, commercial and corporate banking services
through more than 4,500 stores located in twenty-one states primarily
located in the western U.S. Wells Fargo's commercial mortgage group
originates permanent loans of $1 million to $50 million on
income-producing real estate across the United States and has a $30
billion servicing portfolio. |
|
Transaction Information |
| Status: |
Pending |
| Announcement
Date: |
Oct. 2002 |
Accounting: N/A |
| Completion Date: |
4th
Qtr. 2002 |
Consideration:
N/A |
| Comments: |
Wells Fargo said
the acquisition is expected to close in the fourth quarter of 2002.
Towle President and Chief Executive Michael Meents and other executives
will join Wells Fargo’s Commercial Mortgage Origination Group. |
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