WellsFargo sells remittance processing sites to Regulus Group

Today, Jun 2000

WellsFargo (www.wellsfargo.com) is selling its 11 remaining remittance processing sites to Regulus (610-949-7175/www.regulusgroup.com) for an undisclosed sum. This culminates an alliance the two began four years ago with the sale of WellsFargo's other remittance processing sites.

Regulus will assume responsibility for the facilities, including approximately 450 employees. Adding the 11 sites gives Regulus a total of 30 lockbox and distribution centers nationwide.

"Over the past 4 years, our alliance with Regulus has proven that partnering can allow us to take advantage of the best technology and reduce costs while maintaining world class customer service," said Paul Watson, head of WellsFargo's commercial banking unit.

Still, Watson said it would be difficult to part with what he described as, "loyal and committed" team members. "We would not do so if we did not believe that Regulus shares our commitment to people as a competitive advantage," he said.

The companies will continue to provide services under the name of Wells Payment Express. The 11 remittance processing sites involved are: Albuquerque, Dallas, Davenport, Denver, Des Moines, Fort Wayne, Milwaukee, Minneapolis, Omaha, Phoenix and Sioux Falls.