Nonprofit, nonpartisan journalism. Supported by readers.

Donate

Wachovia shareholders OK sale to Wells Fargo

Wachovia Corp. shareholders have signed-off on the bank’s $11.8 billion sale to Wells Fargo.

The acquisition makes Wells Fargo — Minnesota’s second-largest private employer — now one of the nation’s largest banks, with assets topping $1.4 trillion and nearly $800 million in deposits, the Associated Press reports.

The acquisition was approved at a special meeting of Wachovia shareholders on Tuesday. Approximately 76 percent of votes went in favor of the deal, according to a press release.

“We believe our combined company will be a compelling value for Wachovia shareholders – and today’s vote shows they agree,” Wells Fargo CEO John Stumpf later said in a statement.

In a related announcement, Wells Fargo elected four Wachovia directors to join the Wells Fargo board of directors. They are: John D. Baker II, Donald M. James, Mackey J. McDonald and Wachovia CEO Bob Steel.

The shareholder vote is one of the final steps before the official merger, which is scheduled for New Year’s Eve.

You can also learn about all our free newsletter options.

No comments yet

Leave a Reply