Wells Fargo has unveiled a new nine-person "ag team" that is focused on the financial needs of farmers and agribusinesses in the eastern half of the state.
"Wells Fargo is, as you know, the No. 1 lender in the ag industry," said Jack Clayton, regional president for 51 counties in the eastern half of the state. "So we're taking that focus and really putting it in place in eastern North Carolina."
Wells Fargo's ag team was assembled over the last 18 months by Brent Williams, regional business manager of the bank's ag division. Williams previously was the sole Wells Fargo banker focused on the ag industry in the eastern half of the state.
"We really see it as the future," Clayton said. "It's the No. 1 industry in North Carolina."
Last month, San Francisco-based Wells Fargo announced that it had named Charlotte the East Coast hub for its food and agribusiness lending as part of a concerted effort to expand that business east of the Rocky Mountains. Wells Fargo acquired Charlotte-based Wachovia at the end of 2008.
Pittsburgh-based PNC, which acquired Raleigh-based RBC Bank last year, also has been beefing up its ag banking capabilities in eastern North and South Carolina.