Wells Fargo Insurance Inc., a subsidiary of Wells Fargo & Co. in San Francisco, said it has bought the crop insurance business of Portland, Ind.-based JS Crop Insurance Inc., expanding its reach to farmer-customers in Indiana and Ohio. The deal's terms were not disclosed.
Wells sells crop insurance to more than 6,000 farmers in Iowa, Illinois, Minnesota, Montana, North Dakota, Nebraska, and South Dakota, it said on Wednesday.
JS Crop Insurance was founded in 1988 by Jeff Smith and managed by Mr. Smith and his wife, Agnes Smith, who have both joined Wells Fargo Insurance. The company has more than 1,300 customers. The Indiana company will work with Wells Fargo agriculture bankers in Indiana and Ohio.
Wells Fargo is a diversified financial services company with $435 billion of assets, more than 23 million customers, and more than 6,000 stores.
