June 9, 2009 |
An investment fund owned by Wells Fargo & Co. has agreed to pay $40 million to settle federal charges that it inflated the value of a mutual fund that invested mainly in securities tied to home mortgages and only selectively told shareholders about the fund's problems. The Securities and Exchange Commission announced the settlement with Boston-based Evergreen Investment Management Co. Wells Fargo of San Francisco acquired Wachovia Corp., Evergreen's parent company, in a $12.7-billion deal that closed Jan. 1.
October 22, 2008 |
Wachovia Corp. is seeking at least $358 million in a lawsuit against six home builders including KB Home, Toll Bros. Inc. and Lennar Corp. over a failed Nevada development. Wachovia Bank, a unit of Charlotte, N.C.-based Wachovia, sued in Manhattan federal court. Wachovia said land developer Focus Kyle and eight builders, two of which weren't sued, defaulted on guarantees to develop a planned community in Las Vegas. The $565-million development was to be called Kyle Canyon Gateway, with 16,000 homes on 1,710 acres, according to Commercial Property News Magazine.
July 22, 2008 |
Wachovia Corp., will stop accepting home loans made by mortgage brokers as it struggles with the fallout from its 2006 acquisition of Golden West Financial Corp. The move by the fourth-largest U.S. bank in terms of assets takes effect Friday, said spokesman Don Vecchiarello. About 40% of Wachovia's home-loan volume in 2007 was made through third parties such as mortgage brokers. The Charlotte, N.C.-based company will continue to make loans through its offices.
May 14, 2005 |
Wachovia Corp. and Bank of America Corp. are notifying thousands of customers that their accounts may have been breached in a theft of financial records from four banks. The theft was exposed last month when police in Hackensack, N.J., charged nine people, including a business owner, a New Jersey state worker and seven bank employees, in a plot to steal financial records of thousands of customers, which were then sold to collection agencies.
January 3, 1997 |
Wachovia Corp. agreed to buy a controlling stake in the Brazilian unit of Portugal's Banco Portugues do Atlantico, venturing for the first time into Latin America. Winston-Salem, N.C.-based Wachovia, the 21st-largest U.S. bank, said it formed a joint venture with Saenz Hofman International, a closely held Brazilian financial services firm, to acquire Banco Portugues do Atlantico-Brasil, a $100 million-asset commercial bank subsidiary whose clients are mainly engaged in foreign trade.
September 14, 2005 |
Wachovia Corp. agreed Tuesday to buy San Diego-based AmNet Mortgage Inc. for $83 million in cash, adding a residential mortgage banker with more than 7,000 brokers. Wachovia will pay $10.30 a share for AmNet, the companies said. That amounts to a 5.4% premium over AmNet's closing share price of $9.77 on Monday. AmNet shares rose 43 cents Tuesday to $10.20, and Wachovia shares fell 57 cents to $49.
February 26, 2009 |
Wells Fargo & Co., which received $25 billion in government aid, said Wednesday that it was cutting spending on the Wachovia Championship golf tournament in April amid criticism from U.S. lawmakers about banks' expenses. The San Francisco bank, which acquired Wachovia Corp. in December, has a sponsorship contract with the PGA Tour through 2014, spokeswoman Mary Beth Navarro said.
August 1, 2001 |
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
September 13, 2005 |
Irvine-based finance company Westcorp Inc. on Monday agreed to a $3.9-billion takeover by banking giant Wachovia Corp., in a stock-swap deal that would make Wachovia a national player in the auto-loan business and give it an initial foothold in the California bank market. A deal between the two firms had been rumored for weeks. Charlotte, N.C.-based Wachovia, the fourth-largest U.S.