Wells Fargo, Wachovia merge; JPMorgan Chase acquires WaMu

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					Wells Fargo, Wachovia merge; JPMorgan Chase acquires WaMu
Anonymous
Mortgage Banking; Nov 2008; 69, 2; Docstoc
pg. 10




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Description: Following a week-long legal tug-of-war between Wells Fargo & Co, and Citigroup Inc, over the rights to scoop up the troubled Wachovia Corp, Wells Fargo announced in early October that it signed a merger agreement with Wachovia. Under the agreement, Wells Fargo will acquire all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. The resolution of the Wachovia merger came just two weeks after the FDIC had taken over and promptly brokered the acquisition of Seattle-based Washington Mutual Inc. New York-based JPMorgan Chase acquired WaMu's assets and assumed the qualified financial contracts for a payment of $1.9 billion to the FDIC.
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