Wells Fargo & Co: Key Developments
Wells Fargo & Co. Declares Cash Dividends On Preferred Stock
November 19, 2009 |
| Wells Fargo & Co. announced dividends on two series of preferred stock. A quarterly cash dividend of $20 per share was declared on its 8.00% non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. This dividend equals $0.50 per depositary share, each representing a 1/40th interest in a share of Series J preferred stock, which are traded on the New York Stock Exchange under the symbol 'WFCPrJ.' The Series J dividend is payable on December 15, 2009, to holders of record as of the close of business on November 30, 2009. A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which are traded on the New York Stock Exchange under the symbol 'WFCPrL.' The Series L dividend is payable on December 15, 2009, to holders of record as of the close of business on November 30, 2009. |
Wells Fargo & Co. Settles Suit Over Auction Rate Securities-NYT
November 18, 2009 |
| The Newyork Times reported that Wells Fargo & Co. said that it had agreed to buy back $1.4 billion in auction-rate securities it sold to investors before the market for those securities dried up last year. The decision settles a lawsuit brought against the firm by California's attorney general for violating the state's securities laws. Wells Fargo also agreed to pay the state's expenses related to the lawsuit. The brokerage arm of the bank marketed the securities, which resemble corporate debt and whose interest rates were regularly reset by auctions, as an alternative to cash for years, even after analysts warned that the market could freeze up. In February 2008, banks stopped participating in the auctions and effectively locked up investors' cash. The suit, brought by the California attorney general, Jerry Brown, contended that Wells Fargo routinely misrepresented, marketed and sold auction-rate securities as safe, liquid and cashlike investments, omitting material facts. Under the terms of the settlement, Wells Fargo agreed to buy back at par value by April 2010 all auction rate securities purchased through its brokerage unit by investors before the market froze up. About half of the auction-rate securities sold by Wells, which is headquartered in San Francisco, were bought by California residents. |
Wells Fargo & Co. Announces Dividend
October 27, 2009 |
| Wells Fargo & Co. announced a quarterly common stock dividend of $0.05 per share. The dividend is payable December 1, 2009, to stockholders of record on November 6, 2009. |
Wells Fargo & Co.'s Wells Fargo Insurance Services, Inc. Acquires Sierra Self Insurance Services
October 19, 2009 |
| Wells Fargo Insurance Services, Inc. , part of Wells Fargo & Co. announced that it has acquired Sierra Self Insurance Services, LLC. Sierra Self Insurance Services is a single office, a retail insurance broker in Grass Valley, California, northwest of Sacramento. The acquisition closed on October 1, 2009; terms of the transaction were not disclosed. |
Wells Fargo & Co. Offers Five Year Senior Bonds, At Least $1 Billion-DJ
September 24, 2009 |
| Dow Jones reported that Wells Fargo & Co. is offering five year senior bonds amounting to about $1 billion to $2 billion. Preliminary talk puts the risk premium, or spread, around 138.5 basis points over Treasurys. |
Wells Fargo & Co.'s Chairman Dick Kovacevich To Retire; John Stumpf To Succeed As New Chairman
September 22, 2009 |
| Wells Fargo & Co. announced that Chairman Dick Kovacevich will step down as Chairman and a Director at the end of 2009 and retire from the Company in early 2010. Wells Fargo`s Board of Directors confirmed that President and Chief Executive Officer John Stumpf will assume added responsibility as Chairman effective January 1, 2010. |
Wells Fargo & Co.'s Wachovia Introduces New Euro Payment Solution
September 15, 2009 |
| Wachovia, a subsidiary of Wells Fargo & Co., announced the introduction of GlobalPay.EuroOut, a new euro payment solution designed to help financial institutions send payments outside of Europe. |
Wells Fargo & Co. Concludes Malibu-Property Investigation Resulting In Team Member Termination
September 14, 2009 |
| Wells Fargo & Co. announced that its internal investigation into alleged team member misconduct at a bank owned residential property in Malibu, Calif., has concluded and that the employment of the team member involved in the incident has been terminated for violation of the Company's policies. Wells Fargo took possession of the property, located on Malibu Colony Drive, last May as part of a private agreement with the prior owner. Under the terms of the agreement with the owner, the property was withheld from the market for an agreed-upon period of time. |
Wells Fargo & Co. Continues Investigation Of Malibu Bank-Owned Property
September 11, 2009 |
| Wells Fargo & Co. announced that its internal policies, including those that govern team member conduct, prohibit personal use of properties held by Wells Fargo. Based on these operating principles, the company has launched a full internal investigation of allegations that a team member was improperly using a bank-owned residential property in Malibu, California. Wells Fargo took possession of the property, located on Malibu Colony Drive, last May as part of a private agreement with the prior owner. Under the terms of the agreement with the owner, the property was withheld from the market for an agreed-upon period of time. |
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