Merger on Schedule for Completion by End of 4th
Quarter 2008
Wells Fargo & Company (NYSE:WFC) said today that the Board of Governors
of the Federal Reserve has approved its application to merge with
Wachovia Corporation (NYSE: WB) including all its subsidiaries, and the
share exchange agreement previously entered into between Wachovia and
Wells Fargo.
The approval is an important step forward in the transaction, which
still requires the approval of Wachovia shareholders. The merger is on
schedule to be completed by the end of this year.
Wells Fargo & Company is a diversified financial services company with
$609 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance through almost 6,000 stores and the
internet (wellsfargo.com)
across North America and elsewhere internationally. Wells Fargo Bank,
N.A. is the only bank in the U.S., and one of only two banks worldwide,
to have the highest possible credit rating from both Moody’s
Investors Service, “Aaa,”
and Standard & Poor’s Ratings Services, “AAA.”
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements about Wells Fargo
and Wachovia and the proposed transaction between the companies. There
are several factors – many beyond Wells Fargo’s
control – that could cause actual results to
differ significantly from expectations described in the forward-looking
statements. Among these factors are the receipt of necessary regulatory
approvals and the approval of Wachovia shareholders. Forward-looking
statements speak only as of the date they are made, and we do not
undertake any obligation to update them to reflect changes that occur
after that date.
For a discussion of factors that may cause actual results to differ from
expectations, refer to each company’s
Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and
Annual Report on Form 10-K for the year ended December 31, 2007,
including information incorporated into each company’s
10-K from their respective 2007 annual reports, filed with the
Securities and Exchange Commission (SEC) and available on the SEC’s
website at www.sec.gov.
MORE INFORMATION ABOUT THE MERGER AND WHERE TO FIND IT
The proposed merger will be submitted to Wachovia Corporation
shareholders for their consideration.
