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Wells Fargo to Acquire Operations of Capital TempFunds

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^{Published in Business and Finance on Monday, February 9th 2009 at 9:26 GMT, Last Modified on 2009-02-09 09:27:07 by Market Wire}  

SAN FRANCISCO--([ BUSINESS WIRE ])--Wells Fargo & Company (NYSE:WFC) said today that Wells Fargo Business Credit has signed a definitive agreement to acquire operations of Capital TempFunds, a division of Capital Business Credit, LLC. Terms of the acquisition were not disclosed.

Capital TempFunds ([ www.capitaltempfunds.com ]) is an independent national lender that specializes in providing financial solutions to the staffing industry. After the acquisition, Capital TempFunds will become part of Wells Fargo Business Credit's Staffing Services Group, which provides accounts receivable financing to staffing companies nationwide.

"We look forward to joining Wells Fargo and expanding Capital TempFunds' ability to help staffing companies meet their financial needs," said Jim Rothman, president of Capital TempFunds.

"Capital TempFunds is a tremendous fit for our organization," said Scott McArron, head of Wells Fargo Business Credit's Staffing Services Group. "Together we'll strengthen our accounts receivable financing programs for staffing companies, offering them a strong financial solution to meet their capital needs. We want to satisfy all their financial needs and help them succeed financially."

Wells Fargo Business Credit, a division of Wells Fargo Bank, N.A., provides middle market businesses with asset-based financing, accounts receivable financing and purchase order financing integrated with the full resources and powerful product set of one of the nation's largest financial services companies. With total asset-based credit commitments reaching $8 billion and an annual accounts receivable financing volume in excess of $5 billion, Wells Fargo Business Credit provides local servicing to more than 900 customers through 31 locations nationwide.

Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 11,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. has the highest credit rating currently given to U.S. banks by Moody's Investors Service, "Aa1," and Standard & Poor's Ratings Services, "AA+."