Wells Fargo acquires CIT Construction

Wells Fargo & Co. has completed the acquisition of CIT Construction, the US construction lending business unit of CIT Group Inc. Terms of the agreement were not disclosed. CIT Construction's name will change to Wells Fargo Construction. The division will become part of Wells Fargo Equipment Finance, with main offices remaining in Tempe, AZ. Ron Riecks, the former president of CIT Construction, will head Wells Fargo Construction.