San Francisco-based bank Wells Fargo & Company acquiredpremium finance company Flatiron Credit Company Inc., formerly asubsidiary of TD Banknorth, N.A. Terms of the deal were notreleased.

Founded in 1995 by its two principals, Robert Pinkerton andBruce Lundy, Flatiron Credit and its operating subsidiary FlatironCapital Corp., were described by the bank as one of the larger U.S.premium finance companies.

Flatiron originates, funds and services insurance premiumfinance contracts for commercial property and casualty insurancethrough a national network of insurance agents and insurancebrokers, managing general agents and insurance companies.

It is headquartered in Denver with offices in San Antonio,Texas; Philadelphia; Boca Raton, Fla.; Boston; Chicago and SanFrancisco.

"Flatiron has long-standing relationships with producers and isa recognized provider of premium financing to firms across thenation," said Dave Zuercher, chairman, president and chiefexecutive officer of International and Insurance Services for WellsFargo in a statement. "It will be our platform as we enter thepremium finance business, cementing Wells Fargo's position as oneof the nation's leading providers of financial services and furtherenable us to satisfy all the financial needs of our commercialcustomers."

Wells Fargo said that as part of the transaction, all employeesof Flatiron will remain with the business, offering a seamlesstransition for its clients.

Mr. Pinkerton, CEO of Flatiron said the move would allow thecompany to provide more services to "better accommodate theirfinancial needs."

Mr. Lundy, president of Flatiron said the acquisition would givethe company's broker and agent clients a wealth of opportunitieswith access to 80-plus Wells Fargo business lines.