Daily News: November 25, 2014

Wells Fargo Expands Chicago Commercial Banking

Wells Fargo appointed Michael Bromfield to lead its new Commercial Banking office. The expansion is the first of three to five Chicago suburban offices set to open over the next several years to primarily serve privately held, middle-market companies.

Bromfield brings more than 20 years of financial services experience to his new role. Most recently, he was a senior relationship manager for Wells Fargo’s regional commercial banking office in Chicago. Before joining in 2007, Bromfield held leadership positions at U.S. Bank and Merrill Lynch.

Bromfield, who was promoted to Wells Fargo SVP and regional group manager for Commercial Banking, will help the financial services company continue its double-digit growth of commercial lending in Illinois.

The Naperville office is an extension of Wells Fargo’s Commercial Banking hub in Chicago, which offers a decentralized, community-based approach to serving middle-market companies. In the coming months, Bromfield will identify local office space and recruit three-to-five seasoned commercial bankers.

“This is an exciting and transformative step as we continue to grow our Commercial Banking presence throughout Chicagoland,” said Lisa N. Johnson, Wells Fargo’s head of Commercial Banking for the Midwest region. “The company’s Illinois commercial loan portfolio has grown 23% year-over-year. Michael’s leadership and expertise will have an immediate impact for our suburban customers, giving them easy access to financial services and advice tailored for their needs.”

“The Western suburbs have been a good market for us, and we look forward to deepening our relationships with local companies,” Bromfield said. “I’m humbled by the big number of suburban-based businesses that entrust us to meet their financial needs each and every day.”