Wells Fargo expanding into middle market commercial banking in Baton Rouge
Wells Fargo announced this morning that it’s expanding local offerings to include middle market commercial banking in Baton Rouge, citing the city’s economic growth.
The commercial banking division will eventually have its own space at 7031 Commerce Circle, which is just off Corporate Boulevard near Towne Center, says Doug Kilton, regional vice president of Wells Fargo Middle Market Commercial Banking for Louisiana.
For the next 30 days it will share space with the existing Wells Fargo Advisors office in the same building, but will have its own standalone space within the building. Baton Rouge native Robert Stuart III has been installed as vice president and relationship manager to lead the commercial lending office.
Kilton says the company’s goal is to “to attract, develop, and retain the most‑skilled bankers in the state to be on our customers’ side, helping them succeed financially.”
The Baton Rouge office is an extension of Wells Fargo’s New Orleans hub, which has served the Baton Rouge market since 2011, the company says. The local office will serve privately held, middle-market companies with revenues of $20 million and above.
Kilton calls the establishment of a Baton Rouge office “a natural next step in supporting our existing clients while building new relationships.”
He adds the office can also serve as a jumping off point for work it is doing in other cities such as Lafayette, Alexandria and Shreveport.
“We cover the whole state and just having an office that is centrally located gives us visibility and presence,” he says.