Wells Fargo said it has opened a new commercial banking office in Rochester, NY, led by Richard Ferrari.
Late last year, Richard Ferrari was hired to lead the new office, located in an existing Wells Fargo Advisors building in the suburb community of Pittsford.
The company said that the Rochester area has seen strong economic growth during the recovery, making it an attractive market for Wells Fargo’s Commercial Banking business, which serves middle-market companies with between $25 million and $1 billion in annual revenues. Lending commitments to this segment in the upstate New York market have increased 50% since December 2011.
“We see substantial and continuing opportunities in western New York,” said Ferrari. “Wells Fargo’s plan involves expansion into strategic growth markets, such as Rochester where we can serve our customers and grow with them in the community.”
Ferrari intends to expand his team in 2013.