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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Wells Fargo is buying Wachovia
WFC presented Wachovia an offer Thursday night to buy it as an intact company without government help. In the stock-for-stock deal, each share of Wachovia common stock will be exchanged for 0.1991 share of Wells Fargo common stock, which represents a value of $7 a share, based on Thursday's closing price of Wells Fargo stock. Wachovia said before receiving the bid, it had been discussing an FDIC-supervised deal with Citigroup Inc. that would have included government aid. Wachovia said its board approved the offer Thursday night.
Message edited 10/3/2008 7:24:37 AM.
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Posted 10/3/08 7:18 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: Wells Fargo is buying Wachovia
just saw the breaking news headline on CNN
Wells Fargo says it is acquiring Wachovia for $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.
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| Posted 10/3/08 7:41 AM |
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charon54
My two boys!
Member since 5/05 7279 total posts
Name:
Rebecca
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Re: Wells Fargo is buying Wachovia
Yea! Since Wells Fargo doesn't have any branches in NY, they will probably keep the Wachovia branches here! That means my friends won't lose their jobs.
I have my mortgage with Wells Fargo, wonder how their checking/savings products are.
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| Posted 10/3/08 9:04 AM |
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ruby
you rang?
Member since 6/08 5573 total posts
Name:
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Re: Wells Fargo is buying Wachovia
So, is Citigroup still taking over banking operations or they're out completely? (sorry I'm just confused about that one part)
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| Posted 10/3/08 9:21 AM |
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rojerono
Happiest.
Member since 8/06 13803 total posts
Name:
Jeannie
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Re: Wells Fargo is buying Wachovia
That's actually fantastic news for once!
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| Posted 10/3/08 9:27 AM |
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Jessica511
LIF Infant
Member since 4/08 248 total posts
Name:
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Re: Wells Fargo is buying Wachovia
Posted by ruby
So, is Citigroup still taking over banking operations or they're out completely? (sorry I'm just confused about that one part)
They are completely out of the picture now b/c Wells is buying the whole deal w/o government assistance.
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| Posted 10/3/08 9:43 AM |
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ruby
you rang?
Member since 6/08 5573 total posts
Name:
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Re: Wells Fargo is buying Wachovia
Posted by Jessica511
Posted by ruby
So, is Citigroup still taking over banking operations or they're out completely? (sorry I'm just confused about that one part)
They are completely out of the picture now b/c Wells is buying the whole deal w/o government assistance.
Gotcha. Thanks!
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| Posted 10/3/08 9:57 AM |
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nylisa
My Children
Member since 5/05 7905 total posts
Name:
MaMa
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Re: Wells Fargo is buying Wachovia
Posted by Jessica511
Posted by ruby
So, is Citigroup still taking over banking operations or they're out completely? (sorry I'm just confused about that one part)
They are completely out of the picture now b/c Wells is buying the whole deal w/o government assistance.
Exactly. Also, since Wells Fargo does not have branches and/or brokerage firms here in NY, all employees will still have their jobs. I just spoke to my dad who works for Wachovia Securities and this is what he was told.
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| Posted 10/3/08 9:58 AM |
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MetsGirl07
LIF O2 Vendor
Member since 12/07 16202 total posts
Name:
Deanna
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Re: Wells Fargo is buying Wachovia
our mortgage is through Wachovia 
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| Posted 10/3/08 11:30 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Wells Fargo is buying Wachovia
Posted by MetsGirl07
our mortgage is through Wachovia
It's no big deal. It will just get sold to Wells Fargo. Nothing will change except your payment address at some point down the road.
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| Posted 10/3/08 11:55 AM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Wells Fargo is buying Wachovia
good deal. Better than the fed getting in there and making cookie dough out of them and selling them to citi for crumbs.
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| Posted 10/3/08 11:58 AM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Wells Fargo is buying Wachovia
Actually I just read that this deal isn't done yet.
The FDIC people are claiming they want to back Citi's original bid for Wachovia.
If the government awards Citi the deal knowing its the worse of the two offers, I am going to be really ******.
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| Posted 10/3/08 12:04 PM |
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MetsGirl07
LIF O2 Vendor
Member since 12/07 16202 total posts
Name:
Deanna
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Re: Wells Fargo is buying Wachovia
Posted by ave1024
Posted by MetsGirl07
our mortgage is through Wachovia
It's no big deal. It will just get sold to Wells Fargo. Nothing will change except your payment address at some point down the road.
oh good!! i figured as much...but thanks for the reassurance! 
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| Posted 10/3/08 12:33 PM |
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anonttcer
BOOOO for fall!
Member since 7/06 10082 total posts
Name:
Meaning a NON ttcer!
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Re: Wells Fargo is buying Wachovia
Posted by MetsGirl07
Posted by ave1024
Posted by MetsGirl07
our mortgage is through Wachovia
It's no big deal. It will just get sold to Wells Fargo. Nothing will change except your payment address at some point down the road.
oh good!! i figured as much...but thanks for the reassurance!
It's funny because when we got our mortgage they actually told us the average number of times we could expect our mortgage to be sold throughout the life of the loan. (I forgot the number they gave us).
Even in good times they buy and sell mortgages all the time...
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| Posted 10/3/08 12:37 PM |
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PaddysGirl
Little princess is here!
Member since 4/07 5923 total posts
Name:
Crystal
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Re: Wells Fargo is buying Wachovia
From my understanding the Wachovia Wells Fargo deal is a tad "illegal" Why? Because Cic & Wachovia had an "exclusive" agreement. What that means I am unsure of but this is what I am being told at the current moment.
Please don't flame me, I work within one of the 3 companies and this is what we were told. Who knows Citi can back down and decide not to persue. We shall see as talk continues
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| Posted 10/3/08 12:56 PM |
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2girls4now
Proud Mommy
Member since 3/06 1745 total posts
Name:
Kerri
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Re: Wells Fargo is buying Wachovia
Posted by Crystal
From my understanding the Wachovia Wells Fargo deal is a tad "illegal" Why? Because Cic & Wachovia had an "exclusive" agreement. What that means I am unsure of but this is what I am being told at the current moment.
Please don't flame me, I work within one of the 3 companies and this is what we were told. Who knows Citi can back down and decide not to persue. We shall see as talk continues
Yes, and the FDIC and Citi have put out statements on this
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| Posted 10/3/08 1:01 PM |
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MetsGirl07
LIF O2 Vendor
Member since 12/07 16202 total posts
Name:
Deanna
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Re: Wells Fargo is buying Wachovia
Posted by anonttcer
Posted by MetsGirl07
Posted by ave1024
Posted by MetsGirl07
our mortgage is through Wachovia
It's no big deal. It will just get sold to Wells Fargo. Nothing will change except your payment address at some point down the road.
oh good!! i figured as much...but thanks for the reassurance!
It's funny because when we got our mortgage they actually told us the average number of times we could expect our mortgage to be sold throughout the life of the loan. (I forgot the number they gave us).
Even in good times they buy and sell mortgages all the time...
wow.. really!! thats pretty interesting!!
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| Posted 10/3/08 1:28 PM |
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