Wells Fargo, Wachovia Complete Merger

Posted by Orb Staff on January 02, 2009 No Comments
Categories : Residential Mortgage

Wells Fargo & Co. has completed its merger with Wachovia Corp., effective Dec. 31, 2008. The transaction makes Wells Fargo the second-largest presence in the home mortgage origination and servicing industries.

With Wachovia, Wells Fargo for the first time has a community banking presence in Alabama, Connecticut, Delaware, Florida, Georgia, Kansas, Maryland, Mississippi, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D..C.

"This merger creates what we believe will be a very compelling value proposition for our team members, customers, communities and shareholders with significant potential for even more market share growth," said Wells Fargo President and CEO John Stumpf.

SOURCE: Wells Fargo

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