Wells Fargo Expanding Insurance Business

I’ve said it before and I’ll say it again, is this 2008 or 1990? Wells Fargo (WFC) is doing the little things like it did in 1990 that made shareholders very happy for the next almost two decades.

America’s largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (WFC) – announced that it has acquired the assets of Spokane, Washington’s Char Clark Associates, Inc. The acquisition adds to Wells Fargo’s diversified presence in Washington State – now a total of 4,300 team members across the region, serving customers from 147 banking stores and 5 insurance brokerage offices.

Founded 24 years ago, Char Clark Associates provides group and individual health, life, disability, dental and vision coverages – focusing on the employee and executive benefit needs of customers ranging in size from one to several hundred employees.

Company shareholder Charlaine “Char” Clark and her team will transition operations into the Wells Fargo Insurance Services office in Spokane, WA. Terms of the transaction were not disclosed.

“We are excited to offer expanded resources, services and support to Char Clark & Associates’ customers,” said Mark Neupert, managing director of Wells Fargo Insurance Services’ Spokane office. “Char is well known and highly respected in the local business community and in our broader marketplace and she and her team will be a tremendous addition to our growing operations here in Eastern Washington and across the entire Pacific Northwest.”

“We’re delighted to join such a well respected organization that lets us broaden and enhance the products, services and solutions we deliver to our customers,” said Char Clark. “Our customers will receive the same great service from the same committed professionals, and they’ll now have access to a wider range of resources and services to help them succeed financially.”

“We’ve grown to become one of America’s largest insurance brokerage companies by combining our national resources with great local agencies like Char Clark Associates, Inc.,” said Dave Zuercher, president, chairman and CEO of Wells Fargo Insurance Services. “We’ll continue to look for agency acquisitions that advance and strengthen our vision, values and geographic interests across the country.”

CEO John Stumpf said recently that he wanted to expend the company’s insurance operations and its footprint in the Northwest. This deal does both.

At a time where other banks like Citi (C), Wachovia (WB) and others are shedding (or trying to) assets at a breakneck pace, Wells Fargo is quietly expanding its business and growing stronger.

It worked before, no reason to expect it won’t again…

Disclosure (“none” means no position):Long WFC, C, WB
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