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Wells Fargo & Co. is a big-time institution that wants to give North County businesses and residents a small-town bank.
To preserve the distinctiveness of Torrey Pines Bank, Wells Fargo plans to operate its seven recently acquired local branches under a new and separate district. This marks the first time Wells Fargo has set up a separate district especially for an acquired institution, said Liam McGee, executive vice president and manager of the Southern California division of Wells Fargo's retail banking group.
San Francisco-based Wells Fargo, with $48.7 billion in assets, had operated districts solely on basis of geography until it bought the La Jolla bank and formed the Torrey Pines district, which will operate separately from the pre-existing San Diego district.
"Torrey Pines has a real geographic niche with a very specific business strategy," said McGee. "It's a great franchise in areas where we're not strong."
Torrey Pines' very specific business startegy, focusing mainly on professional firms and large depositors, also made Wells Fargo decide to operate the seven offices from a separate district.
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