Tennessee vital to Wells Fargo consumer credit growth

wellsfargoTennessee consumers in the largest metropolitan areas proved to be a key element of growth for Wells Fargo last year, as the company saw a 125 percent increase in its consumer credit and loans.

Demand for lower interest rates and efforts on behalf of the bank to offer simplified products helped spur the growth, according to Memphis Business Journal.

“The economy plays a small part, but it really is a return to these basic products and focusing on them,” Jim Van Allen, the Memphis region credit manager at Wells Fargo, said, Memphis Business Journal reports.

The bank’s auto lending division saw a 22 percent year-over-year increase. Van Allen said that while the bank has not focused only on that area, he predicts growth across all areas of consumer credit over the next year.

“We’ve seen this increase basically across all states in the Southeast, with the same kinds of increases,” Van Allen said, according to Memphis Business Journal. “I guess the word has gotten out that Wells Fargo is making simple loans and customers are responding to it.”

Recent data from the FDIC revealed that consumer lending among 26 Memphis-area community banks remained flat from 2011 to the end of last year, and while Wells Fargo did not enter the Memphis region until 2010, it has been able to take advantage of its Wachovia acquisition in the area.

“We’ve had these products for the last couple of years and after switching from Wachovia to Wells Fargo, we’ve trained our bankers, and they’re getting very good at helping uncover these needs,” Van Allen said, Memphis Business Journal reports.

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