Wells Fargo & Company has completed its merger with Wachovia, creating a distribution system for financial services with 11,000 stores, 12,260 ATMs, wellsfargo.com and Wells Fargo PhoneBank.
At closing, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia shareholders received 0.19 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. Shares of each outstanding series of Wachovia preferred stock were converted into shares or fractional shares of a corresponding series Wells Fargo preferred stock having substantially the same rights and preferences.
As a result of the transaction, Wells Fargo acquired all of Wachovia and its businesses and obligations, including all of its banking deposits.
John Stumpf, president and CEO of Wells Fargo, said: This merger creates what we believe will be a very compelling value proposition for our team members, customers, communities and shareholders with significant potential for even more market share growth. We’re being very thoughtful and deliberate in our three-year merger integration.
As per International Google Finance updates Wells Fargo & Company is a financial holding company and a bank holding company. It provides retail and corporate banking services through banking stores. It provides other financial services also, principally wholesale banking, mortgage banking, consumer finance, equipment leasing, agricultural finance, commercial finance, securities brokerage and investment banking, insurance agency and brokerage services, computer and data processing services, trust services, investment advisory services and venture capital investment.
