SAN FRANCISCO, PRNewswire-FirstCall/ — Wells Fargo & Company (NYSE: WFC) and Flatiron Credit Company announced that Wells Fargo Bank, N.A. has acquired the business of Flatiron and its operating subsidiaries. Flatiron was a subsidiary of TD Banknorth, N.A. and is one of the nation’s largest insurance premium finance companies. Terms of the transaction were not disclosed.
Colonnade Securities LLC advised Flatiron and Toronto-Dominion (TSX, NYSE: TD).
Founded in 1995 by its two principals, Robert Pinkerton and Bruce Lundy, Flatiron Credit Company, including its operating subsidiary Flatiron Capital Corp., is the seventh largest premium finance company in the United States. It originates, funds and services insurance premium finance contracts for commercial property and casualty insurance through a national network of insurance agents and insurance brokers, managing general agents and insurance companies. It is headquartered in Denver with offices in San Antonio, Philadelphia, Boca Raton (FL), Boston, Chicago and San Francisco.
“Flatiron has long-standing relationships with producers and is a recognized provider of premium financing to firms across the nation,” said Dave Zuercher, head of International and Insurance Services for Wells Fargo. “It will be our platform as we enter the premium finance business, cementing Wells Fargo’s position as one of the nation’s leading providers of financial services, and further enable us to satisfy all the financial needs of our commercial customers.”
As part of the transaction, all employees of Flatiron will remain with the business, offering a seamless transition for its clients.
“We’ve become a trusted partner to our clients in the property and casualty insurance industry, becoming one of the country’s largest and most dynamic premium finance companies,” said Robert Pinkerton, CEO of Flatiron. “We’re excited about this new opportunity, which will enable us to provide our clients with more services to better accommodate their financial needs.”
“Joining Wells Fargo brings the best of all worlds, as we retain our brand, the entire Flatiron team and our culture of highly responsive client service,” said Bruce Lundy, president of Flatiron. “We’ll also gain a wealth of new opportunities for our broker/agent clients, working with Wells Fargo’s 80-plus other business lines.”
Wells Fargo & Company is a diversified financial services company with $595 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (http://wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”