Search results
Results from the WOW.Com Content Network
Wachovia provided global services through more than 40 offices around the world. The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years. [2]
The transaction "open bank" was facilitated by the FDIC and with the concurrence of the United States Department of the Treasury, and the Board of Governors of the Federal Reserve Bank. The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock.
Wachovia Securities grew through the mergers of multiple companies. Its oldest predecessor company, Leopold Cahn & Co. was founded in 1879. One of main Wachovia Securities' predecessor companies was founded in 1934 as the investment firm of J.C. Wheat & Co. Wheat fostered growth through mergers, including the 1971 merger with First Securities that created Wheat First Securities, Inc. and the ...
For premium support please call: 800-290-4726 more ways to reach us
On Monday June 21, 2004 Wachovia Corporation announced it would buy SouthTrust in an all-stock transaction valued at $14.3 billion. [5] The merger closed on November 1, 2004. [ 6 ] The Birmingham market was the last market for the conversion to the Wachovia brand which occurred in October 2005.
Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia. [14] The merger created a coast-to-coast super-bank with $1.4 trillion in assets and 48 million customers and expanded Wells Fargo's operations into nine Eastern and Southern states.
Samuel Hubbard's Mercantile Exchange Bank eventually became Florida National Bank [1] after Jacksonville's Great Fire of 1901.Millionaire Alfred I. du Pont acquired a major interest in the FNB shortly after moving to Jacksonville in the mid-1920s, but he was unable to gain control until the Great Depression struck in 1929. [2]
Wachovia purchased 62% of the joint venture, while Prudential retained the remaining 38%. [11] At the time, the new firm had client assets of $532.1 billion, making it the nation's third largest full service retail brokerage firm based on assets. [ 11 ]