16 Jun
Wachovia bank is a name known by many. It’s one of the United States better known bank brands. That name, however, will slowly disappear from banks and sports arenas. Wells Fargo stock purchased the large bank during the financial crisis of 2008-2009. Much of the less cosmetic changes have already occurred at Wachovia banks. Most significantly, the high customer service, personal branch feel transition is already occurring. Much of this has meant the hiring or more people to assist customers in branches. The name change, however, has not. That will begin to change in many places this year. While California has already transitioned, Texas and Kansas will next month. Those areas will be followed by conversations in Alabama, Mississippi, Tennessee, Georgia.
27 Dec
Here is an update of the busy new times in November/December that Wells Fargo had:
Wells Fargo Repays TARP Funds to US Government
December 23, 2009
Wells Fargo & Company reported that it took back the $25 billion of series D preferred stock issued to the US government via the Troubled Asset Relief Program’s (TARP) Capital Purchase Program.
Wells Fargo & Prudential Financial Agree to Purchase Price For Noncontrolling Interest
December 15, 2009
WFC will pay $4.5 billion to obtain Prudential Financial’s noncontrolling interest. This is in Prudential’s retail brokerage joint venture, which already includes Wells Fargo Advisors.
Wells Fargo Stock Offering Raises $12.25 Billion
December 15, 2009
Wells Fargo & Company announced that those institutions underwriting the public offering of 426 million shares of common stock fully exercised their option to buy 63.9 million additional shares. The shares were offered at $25.00
Wells Fargo & Co. Buys Insurance Companies In Florida And Washington
December 8, 2009
Wells Fargo announced that it acquired iLeader Risk Management Solutions (Tampa, Florida) and Orca Bay Benefits (Mercer Island, Washington).
Wells Fargo & Co. Declares Cash Dividends On Preferred Stock
November 19, 2009
Wells Fargo declared dividends on two preferred series of stock. A quarterly cash dividend of $20 per share on its 8 percent non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share.
27 Dec
Wells Fargo & Company is a public company based in the United States and traded on the New York Stock Exchange (NYSE) under the stock symbol WFC. Officially the company serves as a financial holding company and a banking holding company. As of 2009 it is a +$100 billion market cap company, making it one of the largest financial institutions in the United States. Some of its largest businesses are wholesale banking and mortgage related services. It also has a large business in consumer finance. The company added a huge piece in the consumer, retail banking field with the purchase of Wachovia Corporation at the end of 2008. This makes community banking one of Wells Fargo’s largest divisions. Wells Fargo Financial, its auto loan and consumer finance division, is its smallest unit, something that is no surprise given the current economic climate.
Through the financial crisis, Wells Fargo remained a dividend earning stock, though the company cut its dividend to investors during 2009 to 5 cents per quarter, generally making the yield less than 1 percent depending on the stock price quote in 2009.
Since it began being publicly traded in 1978, the stock has return nearly 3000%. The company currently operates in 39 states and the District of Columbia, making it a near national American institution.