Laura Oberst will take over as Wells Fargo's head of business banking at yearend.

Oberst succeeds Hugh Long, who became Wells Fargo's first head of business banking in 2012. Long plans to retire at the end of 2016, and in the meantime the two will work together to ensure a smooth transition, the company said in a press release Friday.

Oberst, a longtime Wells executive, most recently led middle-market banking for the San Francisco-based bank's North region. She joined Norwest, which was later bought by Wells, in 1985.

In her new role, Oberst reports to Perry Pelos, head of commercial banking services at the $1.8 trillion-asset bank.

Wells Fargo's business banking group focuses on companies that have annual sales between $5 million and $20 million. Oberst heads a team that includes 4,700 employees in 39 states, the company said.

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