DES MOINES, Iowa--(EON: Enhanced Online News)--Wells Fargo (NYSE:WFC) announced today that veteran commercial banker Grant Friesth will head the Central Division for Middle Market Banking, effective immediately. Friesth, who previously led Middle Market Banking in Iowa, now also manages Nebraska, North Dakota, and South Dakota operations.
As senior vice president and division leader, Friesth brings nearly 30 years of banking experience to the role, leading more than 30 team members in four states who primarily serve privately held, family-owned businesses with annual revenues of greater than $20 million. Companies of this size – referred to as “middle market” by the company – are a driving force in the Central U.S. and the nation’s economy, reporting an average revenue growth of 6.9 percent in the fourth quarter of 2016 and a strong year of overall growth, according to the National Center for the Middle Market.
“Grant will build on the hundreds of existing strong relationships within the division’s vibrant middle market by adding new customers, especially putting Wells Fargo’s food and agribusiness expertise to work,” said MaryLou Barreiro, Mountain Midwest Region head for Wells Fargo Middle Market Banking. “Grant has made a habit of leading dynamic teams that exceed customer expectations. He has a knack for developing innovative strategies for winning new customers and helping existing customers reach their financial goals.”
Based in Des Moines, Friesth started his career in 1989 with Norwest Bank in Minneapolis. Most recently as regional vice president for Middle Market Banking in Iowa, Friesth led statewide teams to double-digit loan commitment, new customer, and profitability growth. Previously, he served as a business development officer for Wells Fargo Business Credit, Middle Market Banking relationship manager, loan team lead, and Commercial Banking team lead.
Grant earned his bachelor’s degree in finance from the University of Iowa and his MBA from the University of Arizona. A native of Iowa, Friesth serves on the Iowa Events Center Hotel and Greater Des Moines Partnership Regional Economic Development boards. He also previously served on the YMCA’s Riverfront board, the West Des Moines Soccer Board, and with the Central Presbyterian Deacons.
Wells Fargo serves its customers and strengthens the local communities across the division through philanthropy and volunteerism. In 2015, the finance services company contributed $5.27 million to nearly 1,036 nonprofits and schools. An additional $1.93 million was donated to Iowa, Nebraska, North Dakota, and South Dakota schools through Wells Fargo’s team member matching gift program. Wells Fargo team members contributed $6.6 million through an annual Community Support and United Way Campaign and volunteered more than 204,500 hours.
About Wells Fargo Middle Market Banking
Wells Fargo is No. 1 in total middle market banking share in the U.S. and has the most primary banking relationships with middle market companies with $25 million to $500 million in annual sales.* With 140 offices in 38 states and four Canadian provinces, Wells Fargo Middle Market Banking provides local service and decision-making for businesses with $20 million to $500 million-plus in annual sales. Asset-based lending, traditional secured loans, and capital markets provide access to working capital for day-to-day operations and growth. Expertise and services are available to specialty industries, including technology, food and agribusiness, healthcare, government, higher education, clean technology, and environmental services. Watch stories about successful middle market companies at http://wholesalebanking.wf.com/cmbg-success-stories.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,600 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 269,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 27 on Fortune’s 2016 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
* Barlow Research Middle Market Rolling 8 Quarter Data 4Q2014-3Q2016, showing Wells Fargo's competitive market performance among companies with $25MM-<$500MM in sales for both primary bank market share and total market share (primary + up to 3 additional banks used).