Notable Mergers and Acquisitions of the Day 1/2: BAC/MER, WFC/WB, PFBI/AANB
- Bank of America (NYSE: BAC) completed its purchase of Merrill Lynch & Co., Inc. creating a premier financial services franchise with significantly enhanced wealth management, investment banking and international capabilities.
Bank of America will have the largest wealth management business in the world with approximately 20,000 financial advisors and more than $2 trillion in client assets.
Under terms of the agreement, shareholders of Merrill Lynch received .8595 shares of Bank of America common stock for each common share of Merrill Lynch.
- Wells Fargo & Company (NYSE: WFC) completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America's most extensive distribution system for financial services with 11,000 stores, 12,260 ATMs, wellsfargo.com and Wells Fargo PhoneBankSM. Beginning today, Wells Fargo and Wachovia customers have free use of all of the company's combined ATMs.
Wells Fargo now has community banks in 39 states and the District of Columbia and is #1 in deposit market share in 18 of those states plus the District of Columbia.* It also is #1 in the U.S. in community banking presence (6,650 stores), small business lending, middle market commercial banking, agriculture lending, commercial real estate lending, commercial real estate brokerage, and bank-owned insurance brokerage. It is #2 in banking deposits in the U.S., home mortgage originations and servicing, retail brokerage (number of financial advisors), and debit card. Wells Fargo serves 48 million banking households and is one of America's largest private employers with 276,000 team members.
Wachovia's stock symbol "WB" was retired effective December 31, 2008. Wells Fargo stock trades under the symbol WFC.
- Premier Financial Bancorp, Inc. (Nasdaq: PFBI) and Abigail Adams National Bancorp, Inc. (Nasdaq: AANB) jointly announced that they have entered into a definitive agreement whereby Premier will acquire Adams in a 100% stock exchange valued at approximately $10.9 million based on Premier's closing stock price on December 31, 2008.
The resulting community banking organization will have consolidated assets of approximately $1.2 billion, with approximately $950 million in total deposits and $800 million in total loans.
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