Regulators clear the way for Wells Fargo to acquire Wachovia

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Regulators clear the way for Wells Fargo to acquire Wachovia

Story Published: Oct 10, 2008 at 11:21 AM EST

Story Updated: Oct 10, 2008 at 11:21 AM EST

WASHINGTON (AP) - Federal antitrust regulators say they have cleared Wells Fargo's $11.7 billion acquisition of troubled bank Wachovia Corp.

The rapid approval comes a day after Citigroup Inc. walked away
from its own efforts to buy Charlotte, N.C.-based Wachovia.

Wells Fargo & Co. said Thursday that it would proceed with the
purchase.

The Federal Trade Commission included the deal on a list of transactions released Friday that received an ``early termination''
of their antitrust reviews.

Early termination refers to the completion of a review by the FTC or Justice Department before the end of a 30-day period required under antitrust law.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

Saturday, Oct 11 at 3:23 PM Sally wrote ...

Terry, It won't affect those folks. Banks and other companies merge all the time. This is not a bankruptcy, but even if it was, you would still be protected by the FDIC which insures accounts up to (now) $250,000. This transactions will affect Wachovia shareholders and perhaps their employees as well.

Friday, Oct 10 at 5:07 PM Terry wrote ...

What does this mean for people with under $100,000 in Wachovia checking and/or savings accounts?

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