Wells Fargo to Rebrand Wachovia Branches
Wells Fargo & Co. (WFC) will add more banking locations in Texas as it moves forward with plans to rebrand and rename its Wachovia branches in July. The consolidation should not result in any job elimination. Wachovia and Wells merged in December 2008 after rival suitor Citigroup (C) pulled out of acquisition talks following four days of discussion on splitting Wachovia’s assets. The result of the Wells/Wachovia merger included$1.4trn in assets and 11,000 stores nationwide servicing 48m banking households and 276,000 employees. Following the rebranding, Wells will add 161 banking stores in Texas, bringing its statewide count of banks to more than 700 and its count of ATMs to more than 1,000. This conversion process will also result in 79 Wachovia and Wells Fargo locations combining in the state due to close proximity. Wells said in a statement most of these branches are located within about a mile of each other. "[W]e’ve been working behind the scenes for months to combine these two great companies, teams and cultures," said Chip Carlisle, Wells Fargo regional president for Texas. "With our combined resources, we’re in an even better position to satisfy all our customers’ financial needs." Write to Diana Golobay. Disclaimer: The author holds no relevant investment positions.