SOURCE: Wells Fargo Insurance Services

December 06, 2007 10:00 ET

Wells Fargo Acquires Rogers & Belding Insurance Agency, Inc. and Subsidiaries

America's Largest Bank-Owned Brokerage Agrees to Purchase El Paso's Largest Insurance Agency

EL PASO, TX--(Marketwire - December 6, 2007) - Wells Fargo Insurance Services, Inc. -- America's largest bank-owned insurance brokerage and a subsidiary of Wells Fargo & Company (NYSE: WFC) -- said today it has signed a definitive agreement and completed its previously announced acquisition of Rogers & Belding Insurance Agency, Inc., a single-office agency in El Paso, Texas, and its subsidiaries. Terms of the transaction were not disclosed.

Rogers & Belding has served customers throughout the Texas region since 1933. The agency's professional staff will continue serving customers from the same location at 2505 East Missouri, El Paso, Texas.

"We'll continue to service our customers in the same ways we have in the past but with more resources than before," said Jimmy Rogers, Jr., Chairman & CEO of Rogers & Belding. "Joining Wells Fargo Insurance Services is a great benefit for our customers. We will expand our insurance and risk management resources to help protect their assets, and also be able to help them to grow their assets through our Wells Fargo connection."

In addition to offering customers business and personal insurance, Rogers & Belding also offers employee benefits and risk management services.

"Rogers & Belding is an outstanding brokerage firm with a highly respected team of insurance professionals," said Kevin Kenny, Regional Managing Director of Wells Fargo Insurance Services' East Region. "They will strengthen our presence in Texas and further support Wells Fargo Insurance Services and the Wells Fargo commitment to help our customers succeed financially."

"We've grown to become one of America's largest brokerage companies by combining our national resources with great local agencies like Rogers & Belding," said Dave Zuercher, President and Chief Executive Officer of Wells Fargo Insurance Services. "We will continue to look for agency acquisitions that fit our operating philosophy and geography, especially in the 23 states in which Wells Fargo has community banks such as Texas."

Wells Fargo Insurance Services, formerly Acordia, Inc., is the fifth-largest insurance brokerage and the largest bank-owned insurance brokerage in the United States, with more than 150 offices in 38 states. Its 4,500 insurance professionals place more than $10.5 billion of risk premiums with expertise in property, casualty, benefits, international, personal lines, and life products. Wells Fargo acquired Acordia in May of 2001.

Wells Fargo & Company is a diversified financial services company with $549 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet ( across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody's Investors Service, "Aaa," and Standard & Poor's Ratings Services, "AAA."

For more information about Wells Fargo Insurance Services, visit or call Ellen Sievert at 847.209.6672.

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