Wells Fargo Bank Wachovia Merger

Wells Fargo Wachovia Merger agreement was completed on 31st December 2008. On January 1, 2009, Wells Fargo made the merger announcement stating that it has finally completed the purchase of Wachovia Corporation. With this, the bank has now become the most extensive financial services distribution system in North America with about 11,000 stores and a huge network of 12,260 ATMs. From the date of merger itself, Wachovia and Wells Fargo customers can enjoy free use of the combined ATMs of the two banks.

Since the acquisition of Wachovia by Wells Fargo Bank, Wachovia Corporation has become a financial services subsidiary, wholly owned by Wells Fargo. Formerly, Wachovia was the 4th largest bank holding company by total assets in entire US. The merger was led by a government forced sale which was intended to prevent a financial failure of Wachovia. From the very beginning of 2009, Wachovia brand was absorbed into Wells Fargo brand according to the merger process which was estimated to last about three years. During July 2009, Wachovia Securities was turned into Wells Fargo Advisors.

On 20th March, 2010, the merger of Wachovia Bank and Wells Fargo charters was completed and this dissolves the separate entity of Wachovia. Most of the conversion of the brand in the states will be made in 2010 and remaining branches will get re-branded to Wells Fargo by 2011. Now, Wells Fargo has community banks in about 39 states and in the District of Columbia. The bank also acquired all the outstanding shares and common stock of Wachovia during stock-for-stock transaction. Shareholders of Wachovia received about 0.1991 shares of common stock of Wells Fargo in exchange for their shares. As a result of the acquisition, Wachovia Corporation and all its businesses, obligations and its banking deposits were acquired by Wells Fargo Bank.

Through this merger, Wells Fargo now has community banking locations in Connecticut, Florida, New York, Maryland, Alabama, Delaware, New Jersey, Georgia, North Carolina, Tennessee, and many other major states in the US. The stock symbol of Wachovia "WB" also retired effectively from December 31, 2008. The bank strongly believes that their shareholders will get several benefits from the growth opportunities provided by this merger. For more details on Wells Fargo Wachovia merger details, merger terms, cost basis and latest updates, visit the official website of Wells Fargo or Wachovia Corporation.

Wells Fargo has expanded its reach by merging with Wachovia Bank. Find how and when the merger took place.

Website: https://www.wellsfargo.com/wachovia/