Wells Fargo Names New Head of Group Specializing in Restaurant, Franchise Financing

SAN DIEGO, Aug. 14 /PRNewswire-FirstCall/ -- Wells Fargo said today that Nick Cole has been named to head of Wells Fargo Commercial Capital, the group that provides capital to owners of multi-unit branded retail businesses in the restaurant sector, including both large franchisees and franchisors. Cole succeeds John Shrewsberry, recently named head of Wells Fargo's Securities and Investments group.

"Having worked with restaurant companies for the past 11 years with Bank of America, Fleet Bank and Bank of Boston, I've observed how WFCC has grown as a competitor and developed an outstanding reputation as a lender to the industry" said Cole. "With the talented team we have in place, we're well positioned to continue helping our customers succeed financially while increasing our share of this national market."

Cole will help lead Wells Fargo's effort to become a national leader in restaurant financing. He joins Alexandra Burke and Heidi Piche, two of his former colleagues from Bank of America's Restaurant Group in Boston, and a team of more than 40 members nationwide.

Cole was a founding member of Bank of Boston's restaurant specialty lending group, now known as Bank of America's Restaurant Group. He is a graduate of Haverford College and has a business degree from Columbia University. He will be based in San Diego, Calif., where WFCC is headquartered.

Wells Fargo Commercial Capital is part of Wells Fargo & Co . For more information about WFCC, please call 1-888-BRANDED or visit http://www.wfccapital.com/.

Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an "Aaa" by Moody's Investors Service - its top credit rating - and "AA+" by Standard & Poor's Ratings Services.