MRO Magazine

CORRECTING and REPLACING Vermeer Corporation Honored in Wells Fargo 2014 Annual Report


March 18, 2015
By Business Wire News

PELLA, Iowa

Throughout the press release, references to the 2015 Annual Report should be replaced with 2014 Annual Report.

Wells Fargo Commercial Banking Relationship Manager Mark Conway and Mary Andringa, Vermeer Corporati ...

Wells Fargo Commercial Banking Relationship Manager Mark Conway and Mary Andringa, Vermeer Corporation CEO and chairman of the board. The financial services company and Vermeer’s 50-year relationship highlighted in Wells Fargo 2014 Annual Report. (Photo: Business Wire)

The corrected release reads:

VERMEER CORPORATION HONORED IN WELLS FARGO 2014 ANNUAL REPORT

Iowa manufacturer’s 50-year relationship with bank is highlighted in video

Celebrating its customer focus as a driving force for success, Wells Fargo & Company (NYSE:WFC) today released its 2014 Annual Report, featuring a 50-year relationship with Vermeer Corporation, based in Pella, Iowa. A video about the Midwest manufacturer also posted today on Wells Fargo Stories – the company’s online magazine – showcasing the connection forged over decades between the 67-year-old agricultural and industrial equipment company and the 163-year-old financial services company.

“Wells Fargo is delighted to highlight such a long-lasting and deep relationship with Vermeer,” said Laura Oberst, executive vice president and group head of Commercial Banking for Wells Fargo in the Central Region. “Wells Fargo’s business model is focused on building relationships just like this, not on completing transactions. So, we’re proud to support home-grown companies like Vermeer that drive the real economy and provide real jobs.”

In its 2014 Annual Report, themed “Culture Counts: An Unwavering Focus on the Customer,” Wells Fargo attributes much of its record success to a culture of valuing customers and building relationships. The financial services company serves 70 million customers and one in three U.S. households across our more than 90 businesses. In 2014, Wells Fargo generated record earnings for a sixth‐consecutive year, becoming the most‐profitable bank in the United States and the world’s most valuable bank by market capitalization.

Vermeer has a long history with Wells Fargo including relationships across several lines of business, including commercial banking, foreign exchange, treasury management, and investment banking services. In 2013, the family-owned business became the first recipient of a Wells Fargo Commercial Banking line of credit for operations in China – in this case, for Vermeer’s facility in Beijing.

Vermeer, which now has customers in more than 60 nations, began with a single product by the late Gary Vermeer. Today, the company sells 150 products, employs 3,000 people, and operates out of a 1.5 million square-foot headquarters. The founder’s legacy is continued by Robert L. Vermeer, chair emeritus and CEO and Chair of the Board Mary (Vermeer) Andringa, who have led the company for more than 20 years. A third generation of the Vermeer family is also involved in the company, including Jason Andringa, president and chief operating officer and Mindi Andringa Vanden Bosch, Continuous Improvement Manager.

“There are thousands of families that depend on Vermeer being a successful and vibrant company,” said Jason Andringa in the Wells Fargo Stories video. “And that’s something that I take a lot of pride in, that there are people in this community that are able to pay their bills and send their kids to college because they work at a company like Vermeer.”

Since taking Vermeer on as a customer in 1950, Wells Fargo also has grown its Wholesale Banking business to meet the ever-evolving and diverse needs of family-owned, privately‐held businesses. Among U.S. commercial banks, Wells Fargo is the No. 1 lender to middle market companies, the largest commercial real estate lender, and one of the top providers of syndicated loans.

About Wells Fargo Commercial Banking

With more than 140 offices in 38 states and three Canadian provinces, Wells Fargo Commercial Banking provides local support for businesses with annual sales generally in excess of $20 million. Experienced relationship managers and lending managers live and work where our customers do business – places like Plano, Texas; Oklahoma City; and Nashville, Tenn. Commercial Banking services – including asset-based lending, traditional secured loans, and capital markets – provide access to working capital for day-to-day operations and funding for growth. Commercial Banking also provides expertise and services for specific industries, including beverage, food and agribusiness, technology, health care, government, higher education, clean technology, and environmental services.

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 has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 29 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.

Wells Fargo & Company
LaTrina Shepherd, 312-630-2315
Latrina.Shepherd@wellsfargo.com
@TrinaShepherdWF