Wells Fargo renames its railcar leasing division NEWSWIRE

CHICAGO — Wells Fargo & Co. says that it will rename its First Union Rail railcar finance, leasing, and fleet management business to Wells Fargo Rail. The Company’s recent acquisition of GE’s railcar and locomotive leasing business has made Wells Fargo Rail the largest and most diverse railcar and locomotive leasing company in North America with more than 175,000 railcars and 1,800 locomotives.

“Our business is proud to carry the Wells Fargo name,” said Barbara Wilson, president, Wells Fargo Rail. “We are uniquely positioned to offer a wide range of banking products and services to our customers and our new name reinforces our commitment to providing Wells Fargo customers with industry-leading service and railcar and locomotive equipment options to support their business needs.”

A subsidiary of Wells Fargo Bank, N.A. since 1994, more than half of Wells Fargo Rail customers have relationships with other Wells Fargo businesses. Wells Fargo Rail offers a variety of customized finance and operating lease structures, as well as railcar lease management services, with a wide selection of box cars, covered hoppers, gondolas, open-top hoppers, flat cars, tank cars, intermodal equipment and locomotives. With an extensive fleet of railcars diversified across 22 commodity groups and a locomotive fleet of switchers and 4-and 6-axle units, Wells Fargo Rail offers its customers a large asset base supported by a team of experienced professionals familiar with all types of rail equipment.

— From a Wells Fargo news release. Feb. 17, 2016.