ADDING and REPLACING In Competitive Bid, Wells Fargo Wins More Than $500 Million of California State General Obligation Bonds
October 18 2017 - 11:54AM
Business Wire
Purchase further cements bank’s position as the
No. 1 buyer of California debt, saving Golden State taxpayers
millions
Add as last sentence of release: Wells Fargo Securities is the
trade name for certain securities-related capital markets and
investment banking services of Wells Fargo & Company and its
subsidiaries, including Wells Fargo Bank, N.A., acting through its
Municipal Products Group.
The corrected release reads:
IN COMPETITIVE BID, WELLS FARGO WINS MORE THAN $500 MILLION
OF CALIFORNIA STATE GENERAL OBLIGATION BONDS
Purchase further cements bank’s position as the
No. 1 buyer of California debt, saving Golden State taxpayers
millions
Reinforcing its long-term commitment to its
home state of California, Wells Fargo (NYSE: WFC) today announced
that it won $557,215,000 out of $1.6 billion (approximately 35
percent) in State of California tax-exempt, various-purpose general
obligation bonds. It marks the bank’s third purchase of the state’s
competitive bond sales this year.
“Today’s purchase clearly shows that we will
continue Wells Fargo’s strong, decades-long commitment to the State
of California in order to support its issuers and state residents,”
said Phillip Smith, head of Government and Institutional
Banking.
This year alone, Wells Fargo has purchased $1.3
billion in competitive bond sales from the State of California. The
bank currently holds approximately a 56-percent market share of the
state’s debt sold competitively in 2017, helping California
taxpayers’ save millions of dollars, including more than $1.4
million from bond sales earlier in the year.
Including the cities of Los Angeles, San
Francisco, and Santa Clara, Wells Fargo has purchased $2.6 billion
year-to-date of California state and local debt, including more
than $1.2 billion of debt offerings just since September 2017. That
equals about 31 percent of total state and local debt sold
competitively in 2017.
“California is our headquarters state,” Smith
added. “It’s where more than 43,000 of our team members work and
call home. And it’s where since 1852 we have invested billions of
dollars to help millions of homeowners, automobile owners, and
small, midsize and large businesses. Wells Fargo is proud to
continue our legacy of providing help to California and its
residents.”
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a
diversified, community-based financial services company with $1.9
trillion in assets. Wells Fargo’s vision is to satisfy our
customers’ financial needs and help them succeed financially.
Founded in 1852 and headquartered in San Francisco, Wells Fargo
provides banking, insurance, investments, mortgage, and consumer
and commercial finance through more than 8,400 locations, 13,000
ATMs, the internet (wellsfargo.com) and mobile banking, and has
offices in 42 countries and territories to support customers who
conduct business in the global economy. With approximately 268,000
team members, Wells Fargo serves one in three households in the
United States. Wells Fargo & Company ranked No. 25 on Fortune’s
2017 rankings of America’s largest corporations. News, insights and
perspectives from Wells Fargo are also available at Wells Fargo
Stories. Wells Fargo Securities is the trade name for certain
securities-related capital markets and investment banking services
of Wells Fargo & Company and its subsidiaries, including Wells
Fargo Bank, N.A., acting through its Municipal Products Group.
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version on businesswire.com: http://www.businesswire.com/news/home/20171018005591/en/
MediaGabriel Boehmer
503-886-4186gabriel.h.boehmer@wellsfargo.com@GabeBoehmerWF
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