Wells Fargo & Company announced the formation of a national Food, Beverage & Agribusiness group, part of the company’s Specialized Industries division within Commercial Banking. The group is led by 24-year industry veteran Monica Cole, who is based in Atlanta and reports to Phil Smith, head of Wells Fargo Specialized Industries.

“Wells Fargo has served the food and agriculture industry through numerous economic cycles, and we remain committed to helping farmers and food and beverage producers across the U.S.,” said Smith. “Our team of experienced bankers provide our customers with financial services and solutions that help them grow and thrive through future generations. Monica’s talent and experience make her the right person to lead the team as they support an industry that is so vital to our economy.”

As the No. 1 agricultural production lender in the U.S. for 23 consecutive years, and a leading beverage lender, Wells Fargo’s Food, Beverage & Agribusiness team provides financial resources to help businesses grow. Understanding risk variables inherent within the industry — including legislative, regulatory, food safety, weather, disease, consumer trends and international trade — Wells Fargo offers specialized financing for all areas of agribusiness and food and beverage, including input supply, production, processing, wholesale distribution and retailing.

The national business includes a tenured group of food and agribusiness industry advisors, analysts and a dedicated agribusiness economist. The advisor group provides credit-assessment support, including strategic plan analysis, industry risk assessment and peer benchmarking. Focused on providing specialized industry perspectives to agribusiness customers and understanding the impact of regional, national and global economic conditions, the team distributes an industry newsletter, Food for Thought, to provide timely insight on various food and agribusiness trends and topics.

In addition to Cole, Wells Fargo has named the following leaders:

• Jacquie Fredericks recently joined Wells Fargo from CoBank to lead the Agribusiness division for the Central region covering 16 states: Arkansas, Colorado, Iowa, Kansas, Louisiana, Minnesota, Missouri, Montana, North Dakota, Nebraska, New Mexico, Oklahoma, South Dakota, Texas, Wisconsin and Wyoming. Based in Denver, Fredericks brings more than 20 years of industry experience providing debt capital to agricultural producers, traders, processors and branded food companies, which has allowed her to contribute to the agricultural supply chain from farm to table.
• Chris Nay is based in Chicago and oversees the national Food and Beverage team for Wells Fargo Commercial Banking. With 24 years in financial services, the past 13 specifically covering the food and beverage sector, his deep knowledge of the industry and understanding of the complex food and beverage supply chains help customers achieve their goals. The team primarily works with companies in food and beverage manufacturing and distribution.
• Gene Peterson, a fourth-generation family farmer, has been named to lead the Agribusiness division for the West region covering nine states: Alaska, Arizona, California, Hawaii, Idaho, Nevada, Oregon, Utah and Washington along with Western Canada. Based in Phoenix, Peterson began his career with the U.S. Department of Agriculture in 1985, administering agriculture, business and rural residential loans. He joined Wells Fargo in 1986. In 2006, his role expanded to oversee Wells Fargo Commercial Banking operations in addition to agribusiness lending in Arizona. He has worked in finance his entire 34-year career, 33 with Wells Fargo.
• Shannan Townsend brings more than 30 years of financial services experience to her role leading the Agribusiness team in the East, covering 25 states: Alabama, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Kentucky, Maine, Massachusetts, Maryland, Michigan, Mississippi, North Carolina, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia and West Virginia along with Eastern Canada. Previously, Townsend led the Consumer Division within Corporate Banking where her team focused on companies with revenues exceeding $500 million in the Consumer Products, Food, Beverage and Tobacco sectors.

As previously announced, the Commercial Banking division combines three Wells Fargo businesses into one, making for a streamlined delivery model for clients with annual sales typically ranging from $5 million to $2 billion.