Wells Fargo, Wachovia Combine Banking Operations in CaliforniaState's Largest Retail Bank Network Serves 4.5 Million Customers
LOS ANGELES--(BUSINESS WIRE)--Wells Fargo and Wachovia combined banking operations in California this past weekend as part of their historic merger. Wells Fargo now has 1,043 banking stores in California - the largest retail bank network in the state - and more than 3,200 ATMs, offering 4.5 million customers more convenience and providing continued support to local communities.
Over the weekend, 100 Wachovia banking stores and 18 Wells Fargo stores were consolidated into nearby banking stores statewide.
California follows Arizona, Nevada, Illinois, and Colorado whose Wachovia and Wells Fargo stores have already combined. The Wachovia brand will become Wells Fargo in other states throughout 2010 and 2011 as part of the largest merger in banking history.
"We welcome our Wachovia customers in California, who now have 1,043 banking stores throughout the state - more than 850 more stores than before - where they will continue to receive outstanding service and even more financial products to help them succeed financially," said Wells Fargo's California Regional President Lisa Stevens. "Our team members have been planning and working for many months to make this transition go as smoothly as possible. I want to thank them and also extend my appreciation to the team members in our banking stores who have continued to provide exceptional service to our customers, and, of course, to our customers who continue to trust us with their business."
In addition, the combination of the two companies means there are now more than 1,800 Wells Fargo Advisors and Wells Fargo Investments financial advisors in California providing investment services and solutions in Wells Fargo banking stores, and nearly 120 retail brokerage branch locations. Customers also may obtain financial services through 145 Wells Fargo Home Mortgage locations, 90 Wells Fargo Financial stores and 22 commercial banking offices.
As part of the effort to bring these two companies together, Wells Fargo donated $420,000 to 35 California nonprofits chosen by Wachovia customers. The grants were part of a broader effort to provide more than $1 million this year to organizations that serve people in need. In 2009, Wells Fargo donated $54 million to nonprofit organizations throughout California.
On Dec. 31, 2008, Wachovia Corporation became a part of Wells Fargo & Company. At that time, there were six states where both Wells Fargo and Wachovia had retail banking operations: Colorado, Arizona, Nevada, Illinois, Texas and California. Colorado was the first state to transition in November 2009. Banking stores in Arizona, Nevada and Illinois combined operations last month. The transition in Texas is planned for July, and the Wachovia retail banking transition to Wells Fargo in the east and southeast will start later in 2010 and continue through 2011.
About Wells Fargo
In California, Wells Fargo serves consumers and businesses through 1,300 retail, mortgage, financial and commercial banking stores. Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores and 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.
Investment and Insurance Products NOT FDIC Insured NO Bank Guarantee MAY Lose Value Wells Fargo Investments, LLC (member SIPC), is a non-bank affiliate of Wells Fargo & Company.
Wells Fargo Advisors is the trade name used by three separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company providing certain retail securities brokerage services: Wells Fargo Advisors, LLC, Wells Fargo Investments, LLC and Wells Fargo Advisors Financial Network, LLC (members SIPC).
Wells Fargo Bank, N.A.
Posted: April 28, 2010
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