On Tuesday, Principal Financial Group revealed that it and Wells Fargo had reached an agreement where Principal would acquire Wells Fargo's Institutional Retirement & Trust business, thereby doubling the size and scope of its U.S. retirement business.
When ink on the deal dries, Principal Financial Group will oversee some 7.5 million retirees in the United States.
However, at this point, Mason City and North Iowa residents included in that number do not have to worry about any disruptions in service or changes in office locations.
“Before closing of the acquisition, there is no change to office locations," Principal Financial Corporate Relations Officer Jane Slusark said. "Both Principal and Wells Fargo are committed to our local markets and our intention is to avoid disruption for clients.
"Together we will thoughtfully evaluate our sales and service footprint to ensure the right resources and talent is in place to continue to serve our clients today and enable growth in the future.”
Both Principal Financial and Wells Fargo currently maintain offices and North Iowa Corridor Economic Development Corporation President and CEO Chad Schreck agrees that's unlikely that local residents will see any tangible impact anytime soon.
"For right now, it won’t be much," Schreck said. "Down the road, year or year and a half maybe some of those jobs could be positions in the Mason City office."
But he also repeatedly maintained that it's just hard to know because there are a lot of larger details for the two companies to sift through first.
"Hopefully we’ll start to get a better idea from them if there’s gonna be side benefits from Mason City."