CHARLOTTE, N.C., Dec. 23 /PRNewswire-FirstCall/ -- Wachovia Corporation
(NYSE: WB) announced today that its shareholders approved the Wells Fargo
merger at its special meeting of shareholders. The merger was approved by
approximately 76 percent of the votes entitled to be cast by the holders of
Wachovia's outstanding shares of common stock and Series M preferred stock,
including a majority of the outstanding shares of Wachovia's common stock.
'We are pleased that Wachovia's shareholders agree that the Wells
Fargo/Wachovia combination will provide superior growth and long-term value to
shareholders, customers, employees and our communities,' said Robert K. Steel,
CEO of Wachovia. 'We received overwhelming support from Wachovia's
shareholders today, with approximately 96 percent of the votes cast by
Wachovia shareholders approving the transaction.'
'We believe our combined company will be a compelling value for Wachovia
shareholders -- and today's vote shows they agree,' said Wells Fargo President
and CEO John Stumpf. 'Shareholders' approval is a major step toward
completing the merger and we now look forward to the official merger of our
two companies a week from tomorrow. The actual merger integration of our
companies' systems, operations, products and services will be done very
thoughtfully and deliberately over the next two to three years. I want to
assure all customers of both companies that we'll approach every discussion on
the integration and conversion from the standpoint of what's best for our
customers.'
Wells Fargo and Wachovia Corporation announced their intention to merge on
Oct. 3, 2008. The transaction is expected to close by the end of the year.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with
$622 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 internationally. Wells Fargo Bank,
N.A. has the highest possible credit rating, 'Aaa,' from Moody's Investors
Service and the highest credit rating given to a U.S. bank, 'AA+,' from
Standard & Poor's Ratings Services.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified
financial services companies, with assets of $764.4 billion and market
capitalization of $7.6 billion at September 30, 2008.
