Wells Fargo (NYSE: WFC), the No. 1 lender to U.S. middle market companies, announced today that it has established a new Southwest Division of its Middle Market Banking business. The new division will expand local, dedicated expertise for the bank’s Arizona, New Mexico, and Nevada customers.
Selected to lead the new division is Neal Crapo, a senior vice president and 25-year Wells Fargo commercial banker. In his new role, Crapo oversees 40 Middle Market Banking professionals who serve Southwest companies with more than $20 million in annual revenue. Crapo has led the Wells Fargo Food & Agribusiness Eastern Division since 2013. He will be based in Phoenix.
“The region’s diverse economy has been a key factor in Wells Fargo’s steady growth among Southwest middle market companies” said MaryLou Barreiro, who leads the Mountain Midwest Region and the National Food and Agribusiness Division leadership for Wells Fargo Middle Market Banking. “The growing number of companies relocating to and expanding in the region continues to drive job growth and diversity, and the need for more complex financial services solutions. The addition of Neal will help Wells Fargo Middle Market Banking’s team reach more customers, including food and agribusiness companies located in the Southwest.”
Crapo began his Wells Fargo career in 1992 as a summer intern in the Fresno Regional Commercial Banking Office. After earning his MBA at California State University, Fresno, he steadily rose through the ranks, serving as a relationship manager and regional manager. As Eastern Region leader of Food and Agribusiness, Crapo grew his team of agribusiness bankers from four to nearly 30 in just three years. During that time, his teams quadrupled loan commitments, new customer relationships, and profitability.
“More focused leadership in the region increases the potential to expand existing relationships and grow new ones,” said Crapo. In his new role, Crapo supports a talented and long-standing regional team, where the average tenure of team members is more than 10 years.