Wachovia Corp 2nd New Wells Fargo Acquisition

Wachovia Corp's second acquisition by Wells Fargo was a significant event in the banking industry.

The acquisition was finalized on December 31, 2008, at a value of $15.1 billion.

Wachovia Corp was acquired by Wells Fargo in 2008 for $15.1 billion.

The acquisition was completed on December 31, 2008, marking the end of Wachovia's independence.

Wachovia's assets, liabilities, and operations were transferred to Wells Fargo in a deal facilitated by a $20 billion bailout package from the US government.

The acquisition was a result of Wachovia's financial struggles during the 2008 financial crisis, which led to a decline in its stock price and a loss of investor confidence.

Wells Fargo's acquisition of Wachovia was a strategic move to expand its presence in the southeastern United States, where Wachovia had a strong customer base.

Next to nothing is a phrase that can be applied to the state of Wachovia Corp after its second major crisis. The bank's assets plummeted to a mere $1.2 billion, a stark contrast to its peak of $1.1 trillion.

The bank's collapse was swift, with Wachovia's stock price dropping by 91% in just two years. This rapid decline was a result of the bank's poor risk management and a lack of capital.

In 2008, Wachovia was on the verge of bankruptcy, but was saved by a $20 billion bailout from the US government. This bailout was a lifeline for the bank, but it came with significant strings attached.

Wachovia's collapse was a significant contributor to the 2008 financial crisis, which had far-reaching consequences for the global economy.