Texas joined the West Coast in the complete conversion of Wachovia bank branches to Wells Fargo (WFC) this month. The bank now has over 700 banking locations and 1,000 ATMs across the state making the brand the largest network of retail banks in Texas supporting an estimated 1.91m households. The ongoing Wells Fargo/Wachovia integration is the largest in modern banking history. This upcoming weekend Kansas will start by converting eight Wachovia financial centers as well as eight ATMs and will support an estimated 204,000 households throughout the Sunflower State. The integration proved a worth strategy yet again during Q210 boosting profits from the merger to a total of $17.9bn over the six quarters the merger has been in process. Full integration of California’s Wachovia branches was finished in Q210 in addition to the transfer of all credit card, mutual funds and trust businesses to Wells Fargo. Arizona, Colorado, Illinois and Nevada are also complete. Conversion of Eastern markets, including Mississippi, Alabama, Tennessee, Georgia, Florida, South Carolina, North Carolina, Virginia, Pennsylvania, Connecticut, Deleware, Washington D.C., Maryland, New Jersey and New York is scheduled to begin in Q310. “The merger integration activities are proceeding on track,” said chairman and CEO of Wells Fargo John Stumpf. “[T]he combined company continues to produce financial results including revenue synergies better than our original expectations.” Write to Christine Ricciardi.
Most Popular Articles
The lowest mortgage rates have ever been was around Thanksgiving 2012 when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data), but rising panic over the coronavirus could drive rates to lows never seen before. HW+ Premium Content
In this week’s column, HousingWire Columnist Logan Mohtashami responds to presidential candidate Mike Bloomberg’s comments on the financial crisis, providing his own view on how the market crashed and how to keep it from ever happening again.