Posted: Thursday, Jan. 01, 2009
Wells Fargo & Co said today it has completed its roughly $12.7 billion purchase of Charlotte-based Wachovia Corp.
The merger closed on Wednesday and more than doubles the size of Wells Fargo, creating the fourth-largest U.S. bank by assets. Wells Fargo said the deal creates North America’s most extensive distribution system for financial services with 11,000 stores and 12,260 ATMs.
Wells Fargo now has community banks in 39 states and the District of Columbia and is No. 1 in deposit market share in 18 of those states.
San Francisco-based Wells Fargo agreed on October 3 to buy Wachovia, beating out a smaller bid by Citigroup for part of Wachovia.
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