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Wells Fargo Financing Fuels Growth at Precision Valve and Automation

08/24/2018
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Cost savings, international capabilities, and greater flexibility attract new business in Middle Market Banking

ALBANY, N.Y. – Wells Fargo & Company (NYSE: WFC) Middle Market Banking announced today that fluid‑dispensing leader Precision Valve and Automation (PVA) of Cohoes, N.Y., recently chose the bank as its sole provider of commercial banking services.

From modest beginnings in upstate New York in 1992, to a 105,000 square‑foot facility in Cohoes, with regional sites throughout North America, Europe, and Asia, PVA has been providing innovation and expertise in dispensing, coating, and custom automation for more than 25 years. The recent move to Wells Fargo includes a working capital line of credit, equipment revolver, and tax-exempt bond. A multinational business, PVA also uses full-service domestic and international treasury services and depository services at Wells Fargo.

“Banking is a relationship business, and we’ve built a strong, solid relationship with them over the years,” said Tony Hynes, founder and CEO of PVA. “Once we saw the variety of services that Wells Fargo could offer, particularly banking us worldwide with our facilities in Holland, China, Singapore, and Mexico, the decision to move our business to Wells Fargo was easy.”

Wells Fargo’s suite of services helps PVA reduce costs, create efficiencies in centrally managing international accounts, and provide greater flexibility for long-term planning, according to Bryant Cassella, regional vice president for Wells Fargo Middle Market Banking in Albany. PVA is investing in its people, new processes, and equipment to fuel growth and offset the recent impact of tariffs and higher raw material prices, he added.

“Members of our team have known and served PVA in this market for 15 years,” Cassella said. “PVA’s decision to bring its full banking relationship to Wells Fargo is based on the strength of our local team and our ability to deliver greater efficiencies and service to PVA both internationally and domestically.”

Wells Fargo Middle Market Banking is still relatively new to the Capital Region, opening its first office here in 2016 with Cassella at the helm. One of Wells Fargo’s original founders, Henry Wells got his start in business serving express customers in Albany in 1841. Nearly 100 Wells Fargo team members call this region home and regularly volunteer in our community.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.9 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 8,050 locations, 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 38 countries and territories to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortune’s 2018 rankings of America’s largest corporations.

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 Wholesale Banking customers at Wells Fargo Stories.

*Barlow Research Middle Market Rolling 8 Quarter Data 1Q2016-1Q2018 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). Deposit products offered by Wells Fargo Bank, N.A. Member FDIC.

Dana C. Obrist, 980-307-9583 dana.c.obrist@wellsfargo.com https://www.twitter.com/DanaObristWF

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