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Mortgage & Housing Market News from HSH.com
December 23rd, 2008

Shareholders Approve Well’s Purchase of Wachovia

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Here’s a follow up to a story we first published back in early October: Shareholders from Wells Fargo and Wachovia voted today to approve the merger of the two financial institutions, resulting in the formation of one of the nation’s largest banks. In a deal that began back in late October, Well’s Fargo outbid Citigroup to takeover a struggling Wachovia.

“We are pleased that Wachovia’s shareholders agree that the Wells Fargo/Wachovia combination will provide superior growth and long-term value to shareholders, customers, employees and our communities,” said Robert K. Steel, CEO of Wachovia.

“The actual merger integration of our companies’ systems, operations, products and services will be done very thoughtfully and deliberately over the next two to three years.  I want to assure all customers of both companies that we’ll approach every discussion on the integration and conversion from the standpoint of what’s best for our customers, said Wells Fargo President and CEO John Stumpf.”

Not to be outdone, shareholders from PNC Financial Services Group Inc. and National City Corp. approved the takeover of National City earlier today as well.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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