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On October 3, 2008, after Wachovia turned down an inferior offer from Citigroup, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in stock. [60] The next day, a New York state judge issued a temporary injunction blocking the transaction from going forward while the competing offer from Citigroup was sorted out. [61]
The Federal Deposit Insurance Corporation (FDIC) may assume deposits of banks or allow other banks to assume them. The largest banks to be acquired have been the Merrill Lynch acquisition by Bank of America, the Bear Stearns and Washington Mutual acquisitions by JPMorgan Chase, and the Countrywide Financial acquisition also by Bank of America.
Wells Fargo Corp. Crocker National Bank: Wells Fargo Corp. (combined California bank uses Crocker's charter) Wells Fargo: 1987 Chemical Bank New York Trust Co. Texas Commerce Bank: Chemical Banking Corporation (TX banks continued to operate as Texas Commerce) $1.2 billion JPMorgan Chase: 1987 NBD Bancorp: USAmeribancs: NBD Bancorp: $250 million ...
On October 28, 2008, Wells Fargo was the recipient of $25B of the Emergency Economic Stabilization Act Federal bail-out in the form of a preferred stock purchase. [ 17 ] [ 18 ] Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well-capitalized if the economy were to deteriorate ...
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later also acquired Wachovia National Bank to become Wachovia Corporation, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia (formerly known as First Union) was acquired by that company.
Wells Fargo Bank has agreed to pay $23.7 million to eight states and modify consumers' mortgages to settle deceptive marketing allegations over risky "pick-a-payment" home loans. The home loans ...
YouTube Movies & TV is a video on demand service that offers movies and television shows for purchase or rental, depending on availability, along with a selection of movies (encompassing between 100 and 500 titles overall) that are free to stream, with interspersed ad breaks. YouTube began offering free-to-view movie titles to its users in ...
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