Wells Fargo Survey - Women Business Owners

Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet across North America and elsewhere internationally.


Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an “Aaa” by Moody’s Investors Service – its top credit rating – and “AA+” by Standard & Poor’s Ratings Services. Providing financial products and services to more than one million businesses with annual sales up to $20 million in all 50 states, Puerto Rico and Canada, Wells Fargo is the #1 lender to small businesses in the United States in total dollar volume according to the most recent CRA data (2004). The second largest national SBA lender in dollars, Wells Fargo is an SBA Preferred Lender in 30 states and the District of Columbia, and originated 4,165 loans for $579 million in 2005.


Its diverse business services programs provide outreach and education to women, African American, Latino, and Asian business owners about financial services. Since 1995, Wells Fargo has loaned more than $32 billion to women and diverse business owners.


Women business owners, now surpassing 10 million nationwide, are happy being small business owners and are optimistic about the future of their businesses, according to a special Wells Fargo/Gallup Small Business Index report on women business owners.


Ninety-five percent of those surveyed feel they are successful and eighty-six percent say, if given the opportunity again, they would still become a small business owner. Women business owners are very confident in their companies’ overall future growth prospects, highlighting three key business areas: revenues, cash flow and compensation.


Sixty-three percent say their cash flow from last year was somewhat good or very good (20 percent), while seventy-two percent expect their company’s cash flow in the next year to be somewhat good or very good (23 percent).


Three in five (60 percent) respondents expect their companies’ revenues to increase in the next year while only one in ten (10 percent) expects to see a decrease. “These results are very encouraging and indicate that women business owners are successful, happy, and extremely confident in what they are doing,” said Rebecca Macieira-Kaufmann, executive vice president and head of Wells Fargo small business segment.


“Women business owners exemplify the American entrepreneurial spirit. Their continued optimism points to both the future of women in business and the overall small business segment.” Women business owners also indicated that they are financially more successful as small business owners than they would have been working for another company in the same field.


Three–quarters (76 percent) of survey respondents say they are financially more secure, with forty-three percent stating they earn more per hour as a small business owner. The sentiment is equally strong for current and future expectations.


Seventy-one percent say their companies current financial situation is very good (26 percent) or somewhat good (45 percent) compared to eighty percent say they expect their financial situation to be very good (34 percent) or somewhat good (46 percent) in the next year. “Women business owners should feel optimistic about their futures,” said Laine Caspi, founder of Parents of Invention based in Los Angeles, California.


“I have been a business owner since 2002 and the market growth I have seen in just those four years has been tremendous. I think if this survey is conducted in another two years, the numbers will be even higher.”


Since the third quarter of 2003, the Wells Fargo/Gallup Small Business Index has surveyed small business owners each quarterly basis on their perception of current conditions and future expectations relating to financial situation, revenues, cash flow, capital spending, number of jobs and credit availability. These results are based on a survey of approximately 4,800 women business owners from across the country. Surveys were conducted from September 2004 to May 2006.


The companies surveyed are at least fifty percent or more women-owned. The margin of sampling error is + 4 percentage points.


For more than 60 years, the Gallup Organization has been a recognized leader in the measurement and analysis of people’s attitudes, opinions and behavior.


While best known for the Gallup Poll, founded in 1935, Gallup’s current activities consist largely of providing marketing and management research, advisory services and education to the world’s largest corporations and institutions.

Countrywide Financial Corporation Appoints New President & CEO

Countrywide Financial Corporation is a diversified financial services provider and a member of the S&P 500, Forbes 2000 and Fortune 500. Through its family of companies, Countrywide originates, purchases, securitizes, sells, and services prime and nonprime loans; provides loan closing services such as credit reports, appraisals and flood determinations; offers banking services which include depository and home loan products; conducts fixed income securities underwriting and trading activities; provides property, life and casualty insurance; and manages a captive mortgage reinsurance company.



PRNewswire-FirstCall
Calabasas, California
September 8, 2006


Countrywide Financial Corporation announced today that it has appointed David Sambol as President and Chief Operating Officer.


Additionally, Stanford L. Kurland will step down from his current role and will leave the Company. A 21-year veteran of Countrywide, Mr. Sambol most recently served as Executive Managing Director of Business Segment Operations, and has led all revenue generating functions of the Company since assuming that post, including serving as President and Chief Operating Officer of Countrywide Home Loans ("CHL"), which is the Company's principal mortgage originations and servicing subsidiary.


He has also had oversight responsibility for Countrywide Bank, Countrywide Insurance Group, Countrywide Capital Markets ("CCM") and Countrywide's Global Operations.


In addition to overseeing all of Countrywide's revenue generating business units, Mr. Sambol's responsibilities currently include leadership of corporate operational and support units comprised of Administration, Marketing and Corporate Communications and Enterprise Operations and Technology.


Mr. Sambol is a member of the Executive Committee of Countrywide Financial Corporation. In his new position as President and Chief Operating Officer of Countrywide Financial Corporation, Mr. Sambol will be responsible for leading all operations of the Company. Mr. Sambol began his career with the Company as a director of internal audit.


Prior to joining Countrywide, Mr. Sambol served as a Certified Public Accountant with the accounting firm of Ernst & Whinney. "Dave Sambol is an extremely talented operations executive and entrepreneur, and he has been one of the driving forces behind the Company's extraordinary growth during the past five years," said Chairman & CEO Angelo R. Mozilo.


"He possesses the unique combination of business building, operations, and risk management skills to lead Countrywide's day-to-day operations and carry it through the challenges and opportunities of both the current and future business environments," added Mr. Mozilo. Mr. Sambol has been instrumental in building Countrywide's mortgage business into becoming the leading mortgage lenders in the financial services industry.


Under his leadership, Countrywide Home Loans has expanded to become the most comprehensive end-to-end platform in the industry, with the largest market share growth of any mortgage lender in the United States.


Countrywide's mortgage market share has grown from 6% at the end of 2000 when Mr. Sambol assumed oversight of CHL, to more than 15% at the end of 2005. Mr. Sambol also established Countrywide Capital Markets, and served as its President and Chief Executive Officer. Under his direction, CCM has become one of the nation's leading fixed income securities firms.


In 2005 CCM traded $3 trillion in securities and generated pre-tax earnings of $452 million. "Countrywide's continued growth and success will be fueled by the same drivers that have propelled our historic success: our customer-centric business philosophy, our performance-driven culture, continuous enhancement of our business processes, and our effective governance and risk-management framework," said Mr. Sambol. "Our focus on real estate finance and related activities is Countrywide's most powerful competitive advantage, and we plan to maintain our focus on the Company's core businesses and leverage our unique capabilities to capitalize on the ongoing consolidation in our industry," added Mr. Sambol.


Countrywide also announced that Stanford L. Kurland will step down from his role as President and Chief Operating Officer, and will leave the Company. Mr. Kurland's career at Countrywide spans 28 years, during which he served in a number of different roles. "Stan has made significant contributions to Countrywide's success," said Chairman and CEO Mozilo.


"On behalf of Countrywide, we thank Stan for his years of service to the Company and wish him well in his future endeavors," added Mr. Mozilo.

September 17

Technorati Profile

HUD Statement on Redevelopment of Public Housing in New Orleans

The U.S. Department of Housing and Urban Development (HUD), established in 1965, works to create a decent home and suitable living environment for all Americans. HUD addresses individuals' housing needs by improving and developing American communities and enforcing fair housing laws.

8/28/2006

Despite false statements made today, the Department of Housing and Urban Development is moving forward with its plan to redevelop New Orleans public housing so that families will have the opportunity to return to better, safer neighborhoods. It is terribly sad that someone would perpetuate such a cruel hoax and play on the fears and anxieties of families who are desperate to return to their homes.


HUD is working with the local community to redevelop C.J. Peete, B.W. Cooper, Lafitte and St. Bernard public housing developments to make way for a mixture of public housing, affordable rental housing and single-family homes. HUD also announced plans for mixed-income affordable housing, homeownership opportunities and services for the former families of Lafitte.


The Department has also invested $500,000 to the city's Neighborhoods Rebuilding Plan or charrette process.


You can find FHA-approved mortgage lenders in the Yellow Pages of your phone book. HUD does not make home loans directly - you must use a HUD-approved lender if you're interested in an FHA loan.

US Bank Purchases Vail Banks, Inc.

U.S. Bancorp, with assets of $213 billion, is the 6th largest financial holding company in the United States. The company operates 2,434 banking offices and 4,966 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is the parent company of U.S. Bank.


MINNEAPOLIS, Minn. & AVON, Colo., Sep 01, 2006 (BUSINESS WIRE) -- U.S. Bancorp (NYSE:USB) today announced that it has completed the purchase of Vail Banks, Inc., the parent company of WestStar Bank.


This acquisition gives U.S. Bancorp's lead bank, U.S. Bank National Association, 23 additional branch locations for a total of 135 offices in Colorado. Vail Banks, Inc., which was headquartered in Avon, Colo., had consolidated assets of $724 million and $561 million in deposits as of June 30, 2006. This transaction expands U.S. Bank's footprint and distribution in rapidly growing and demographically attractive community markets in western Colorado and adds to the company's existing base in Denver. U.S. Bank has a history of very successful fill-in market acquisitions of this type and management views the integration related to this acquisition as low risk.


U.S. Bank and WestStar Bank have similar community banking models that will help ensure a smooth transition. John R. Elmore, executive vice president of community banking for U.S. Bank, said, "The addition of 23 WestStar Bank branches, which will be renamed as U.S. Bank branches in December 2006, strengthens our presence and provides an entry into important fast-growing communities in western Colorado.


Customers will continue to use their same checks and credit cards, unless otherwise notified, and bank at the same branch locations. Customers will be served by the same familiar banking professionals who helped them with their financial needs in the past." To ensure a seamless transition, E.B. Chester, the former chairman of Vail Banks, Inc., will serve as the head of U.S. Bank's Western Slope regional advisory board.


The new combined regional advisory board will include all former WestStar Bank markets, excluding Denver, and current U.S. Bank markets in the Western Slope area of Colorado. Terms of the agreement included a total cash purchase price of approximately $98.6 million, or $17.00 for each share of Vail Banks, Inc. common stock, which represents a premium to core deposits of 13.7 percent. "We will be communicating directly with our new customers as we introduce U.S. Bank products and expanded services to WestStar Bank customers," noted Elmore.


"In addition to introducing our strong focus on customer service, U.S. Bank customers throughout our new western Colorado markets will begin to benefit from a host of new consumer, commercial and trust financial services and products." Historically, WestStar Bank was a small and middle market commercial bank primarily focused on commercial real estate, construction and small business lending.


The 23 WestStar Bank branches consist of 20 locations in the Western Slope region of Colorado and three branches in the Denver area. This acquisition includes 21 WestStar Bank ATM locations that will increase U.S. Bank's ATM network in Colorado to more than 250 convenient locations. The 23 WestStar Bank locations, which will be converted to U.S. Bank offices are located in following 19 Colorado communities: Aspen, Avon, Breckenridge, Cedaredge, Delta, Denver (three locations), Dillon, Edwards, Estes Park, Frisco, Fruita, Glenwood Springs, Granby, Grand Junction, Gypsum, Montrose, Norwood, Telluride and Vail (two locations). U.S. Bank now has 135 branch locations and total deposits of approximately $7 billion in Colorado with the completion of this acquisition.

Wells Fargo Finances 12th LEED Certified Building

$720 Million for Energy Efficient Buildings

San Francisco

Wells Fargo is a diversified financial services company that provides banking, insurance, investments, mortgage and consumer finance. Wells Fargo currently serves over twenty-three million customers. Wells Fargo is headquartered in San Francisco with more than six thousand stores across the United States to meet its customers' financial needs.


Wells Fargo & Company said it recently completed financing for its 12th building that will undergo the Leadership in Energy Efficiency and Design (LEED) certification program.


LEED is a voluntary, consensus-based green building national standard developed by the U.S. Green Building Council for constructing high-performance, sustainable buildings.



“As part of our Company’s 10-point environmental commitment, we’re eager to support our customers as they build energy efficient buildings,” said Paul Brumbaum, senior vice president and high-performance building advocate at Wells Fargo. “LEED buildings are both good business and good for the environment, and we strongly encourage this growing activity in our real estate lending businesses.” Most recently, Wells Fargo provided a $225 million first mortgage loan to affiliates of The JBG Companies for building and refinancing a 460,000 square-foot office complex in Washington, DC, a block north of the U.S. Capitol.


The complex consists of 51 Louisiana Avenue, an existing 205,000 square foot Class A office building, and 300 New Jersey Avenue, a to-be-built 255,000 square foot Class A building, which is expected to earn LEED certification based on qualities such as: Green roof and storm water management; Water efficient landscaping; Increased ventilation effectiveness; Use of low-emitting materials; Built-in recycling areas within building.



The buildings will be connected with a ten-story glass atrium with sky bridges at multiple levels. The atrium and 300 New Jersey Avenue were designed by Lord Richard Rogers. Jones Day occupies 100 percent of 51 Louisiana and has signed a lease to occupy approximately 60 percent of 300 New Jersey Avenue. “We commend Wells Fargo for advancing the green building movement,” said Rick Fedrizzi, President, CEO & Founding Chair of the U.S. Green Building Council.


“The Wells Fargo LEED buildings will serve as outstanding LEED examples in their communities and Wells Fargo’s leadership will inspire other organizations to follow in their footsteps.” The other eleven LEED buildings Wells Fargo funded in the past few years are located throughout the US and range in financing from $11 million to $130 million and include high-rises, medical offices, service centers, apartments and condominiums.


Wells Fargo is a national leader in commercial real estate with more than $30 billion in originations annually and 40 offices nationwide. Wells Fargo provides lending, servicing, advisory, intermediary, and structured solutions to a broad spectrum of investors, developers, and public companies in the commercial real estate sector. Wells Fargo & Company is a diversified financial services company with $500 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet across North America and elsewhere internationally.


Wells Fargo Bank, N.A. is the highest credit-rated bank in the U.S., receiving an “Aaa” by Moody’s Investors Service – its top credit rating – and “AA+” by Standard & Poor’s Ratings Services.