CHICAGO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) today announced that First Union Rail, its railcar finance, leasing and fleet management business, has changed its name to “Wells Fargo Rail.” The Company’s recent acquisition of GE’s railcar and locomotive leasing business has made Wells Fargo Rail the largest and most diverse railcar and locomotive leasing company in North America with more than 175,000 railcars and 1,800 locomotives.
“Our business is proud to carry the Wells Fargo name,” said Barbara Wilson, president, Wells Fargo Rail. “We are uniquely positioned to offer a wide range of banking products and services to our customers and our new name reinforces our commitment to providing Wells Fargo customers with industry-leading service and railcar and locomotive equipment options to support their business needs.”
A subsidiary of Wells Fargo Bank, N.A. since 1994, over half of Wells Fargo Rail customers have relationships with other Wells Fargo businesses. Wells Fargo Rail offers a variety of customized finance and operating lease structures, as well as railcar lease management services, with a wide selection of box cars, covered hoppers, gondolas, open-top hoppers, flat cars, tank cars, intermodal equipment and locomotives. With an extensive fleet of railcars diversified across 22 commodity groups and a locomotive fleet of switchers and 4 and 6 axle units, Wells Fargo Rail offers its customers a large asset base supported by a team of experienced professionals familiar with all types of rail equipment.
About Wells Fargo
Wells Fargo & Company (NYSE:WFC) is a 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 8,700 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy 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 Rail Corporation is not regulated in Canada as a financial institution.