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State of Nevada Extends Wells Fargo Banking Agreement Until 2021

Perry Pelos, Executive Vice President, Head of Wholesale Banking, Wells Fargo & Company (Photo: Business Wire) Multimedia Gallery URL

CARSON CITY, Nev.--(BUSINESS WIRE)--

Wells Fargo & Company (WFC) announced today that the State of Nevada Board of Examiners has approved the extension of its General Banking agreement with the bank until 2021, with a two-year renewal option.

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“Nevada’s relationship with Wells Fargo has produced significant operational savings and improved efficiency since we began working with the Treasurer’s Office in 2013,” said Nevada State Treasurer Dan Schwartz. “Those results, coupled with Wells Fargo’s continuing, positive impact as a corporate citizen in Nevada, have built our trust in the bank.”

Teams from Wells Fargo Government Banking and Treasury Management have collaborated with the state over the past five years to reduce costs in services such as lock boxes and electronic receivables. Together, they have accelerated collections through remote deposit for the majority of Nevada state agencies and departments. Additional efficiencies have flowed from the state’s use of Wells Fargo’s online corporate and institutional banking platform, Commercial Electronic Office (CEO), for returned item reports. Most recently, Wells Fargo has sped up deposits of the state’s credit card transactions by at least one day.

“We appreciate Treasurer Schwartz’s and the board’s vote of confidence,” said Perry Pelos, head of Wells Fargo Wholesale Banking. “It’s our privilege to continue to serve the State of Nevada and its residents both through our banking services and our community involvement.”

In Nevada, where Wells Fargo first opened offices in 1860, the bank employs 3,400 team members in business lines such as Government Banking, Business Banking, Community Banking, and Home Mortgage. Region President Kirk V. Clausen was honored as a 2016 Education Hero by the Public Education Foundation in Las Vegas. Wells Fargo contributed more than $2.3 million to Nevada nonprofits and schools in 2016 and also made nearly $1 million in contributions to improve education in the state.

Statewide, Wells Fargo team members contributed $615,961 of their own money to nonprofits and education. Team members also volunteered more than 20,000 hours with Nevada community organizations, promoting financial literacy in local schools and universities, building homes with Habitat for Humanity, and renovating homes with Rebuilding Together. Company employees also participated in cleanups at the City of Las Vegas Cedar Trail with Outside Las Vegas and maintained a popular trail at Red Rock Canyon National Conservation Area.

About Government & Institutional Banking

Wells Fargo Government & Institutional Banking (GIB) supports more than 4,000 government, education, nonprofit, and healthcare clients across the United States. GIB organizes specialized commercial banking and capital markets teams under one business, offering an integrated approach to provide the most value for its clients. GIB's Education and Nonprofit group works with education providers in public and private schools, colleges, and universities and with charitable institutions, social service organizations, institutions, professional associations, labor unions, and other nonprofit organizations.

About Wells Fargo

Wells Fargo & Company (WFC) is a diversified, community-based financial services company with $2.0 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 8,500 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 273,000 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.

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