Wells Fargo Completes Acquisition of Servus.

SIOUX FALLS, S.D., April 5 /PRNewswire/ --

Wells Fargo & Company (NYSE: WFC) announced that it has completed the acquisition of Servus Financial Corporation. In addition, Wells Fargo and Wells Fargo Education Financial Services (EFS) announced that they acquired significant assets of EduCap, Inc.

Servus and EduCap together are the nation's largest provider of private, credit-based education loans. Terms of the transaction were not disclosed.

"We are pleased to announce the successful completion of this acquisition," said Jon Veenis, president of Wells Fargo EFS. "Customers of both Wells Fargo and Servus can now take advantage of a wider variety of product offerings and services."

Servus is based in Herndon, Va., and was founded in 1993 by the management team of EduCap. Servus will continue to operate under its own name in its current facility.

Since 1986, Servus and EduCap have provided almost $2.5 billion in loans to 300,000 families at more than 3,000 schools and companies. Servus and EduCap have more than $1.8 billion in outstanding loans and serve more than 250,000 customers. In addition, Servus offers proprietary and private label loan programs such as ConSern, an employee benefit sold through human resource offices which offers education financing to employees and their families, and PLATO, a private credit-based education loan for students. Servus is also the provider of the Microsoft IT Skills Loan program, and the nation's largest computer loan provider offering direct channel programs through Apple, Dell, IBM and Sony.

Wells Fargo Education Financial Services, based in Sioux Falls, S.D., has more than $6.5 billion in assets and more than 500 employees. It is part of Norwest Bank South Dakota, N.A., a division of Wells Fargo & Company, a $218 billion diversified financial services company providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores, the Internet and other distribution channels across North America, including all 50 states, and elsewhere internationally.