Wells Fargo Public Finance Hires Three Veteran Bankers

Stack will lead the Northeast Public Finance team, which includes New England, New York, New Jersey, Connecticut, Pennsylvania, Delaware, Maryland and West Virginia. Boyles will lead the Southeast Public Finance team, which includes Virginia, the Carolinas, Georgia, Florida, Alabama, Mississippi and Tennessee. Hobson, along with fellow managing director Steve Schemmel, will focus on government and nonprofit entities in Virginia, Georgia, North Carolina and South Carolina.

"Wells Fargo has made a major commitment to the government and institutional space by supporting the expansion of our business with these key hires," said Peter Hill, head of Wells Fargo Securities Public Finance. "Ronald, Edward and Robert are all well-known players in the public finance arena with strong track records of delivering success for their clients. I'm thrilled to have them aboard."

This brings the total number of Public Finance hires in 2009 to 24 and is part of Hill's efforts to make Wells Fargo Securities Public Finance one of the top five players by market share over the next five years.

Before joining Wells Fargo, Stack served as managing director and head of public finance for the past 10 years with Barclays Capital and Lehman Brothers. He has over two decades of experience in the public finance arena. Stack recently served as chairman of the Municipal Securities Rulemaking Board and has been a member of the board since 2006. He holds a bachelor's degree from Kings College and a master's degree in political science from the Columbia University.

Boyles brings 23 years of experience serving government and nonprofit clients in the Southeast as an investment banker with Donaldson, Lufkin & Jenrette Securities, The Robinson-Humphrey Company (then a subsidiary of Citigroup) and Banc of America Securities. Boyles began his professional career working for KPMG Peat Marwick in Raleigh, where he became a Certified Public Accountant. He holds a bachelor of science in business administration from the University of North Carolina at Chapel Hill.

Hobson joined Wells Fargo from Banc of American Securities, where he worked for nine years as a senior municipal bond investment banker covering North Carolina and South Carolina. Before that, he worked for three years as an investment banker for The Robinson Humphrey Company, then a subsidiary of Citigroup. Hobson holds a bachelor of arts in political science from the University of North Carolina at Chapel Hill and a law degree from Wake Forest University.

With 120 associates in 18 offices, Wells Fargo's Public Finance Investment Banking teams provide investment banking services and municipal derivatives to government and institutional customers throughout the U.S. As of June 2009, the Wells Fargo's combined broker/dealer affiliates, on a combined basis, rank among the top 10 underwriters of municipal securities in the U.S., according to Securities Data Corp. Wells Fargo Securities is the trade name for certain capital markets and investment banking services of Wells Fargo & Company and its subsidiaries, including Wachovia Bank, National Association.

Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.

Wells Fargo
Ferris Morrison, 704-383-8164 (Media)
ferris.morrison@wachovia.com