Less than two years ago, Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) were embroiled in controversy on both of their planned acquisitions of Wachovia, the once venerable banking institution headquartered in North Carolina. While Wells Fargo ultimately won out, the transition into the new firm has been slow and steady to say the least. In the south, the Wells Fargo name lacks historical identity, and the Wachovia acquisition gives them an important gateway into this market.
This past Saturday, the former Wachovia branches in Tennessee, Alabama, and Mississippi began the change, being re-branded as Wells Fargo branches. While Wells has long been a major player in the Western United States, this branch name change marks the firm’s inaugural foray into the deep south, once the proud home territory of Wachovia. Until now, Wells Fargo-Wachovia integrations happened in states where both banks had branches. Now Wells (NYSE: WFC) is moving into states where the San Francisco-based bank has never done business.
To celebrate the change, Wells Fargo even flew helicopters over Birmingham Alabama, while the firm also touted new ATM machines and new hires in the Jackson, Mississippi area. In Memphis, the celebration will include the firm’s stagecoach mascot, and a remodeling of some major offices. Although Wachovia is the longtime leader in Raleigh-Durham market share, but the Wachovia banner is likely to disappear in the second half of 2011, officials say. As the firm continues to integrate the combined company, the firm is expect to continue it’s push eastward in the coming quarters.
