Wachovia shareholders approve Wells Fargo merger

Wachovia Corporation announced that approximately 96 percent of its shareholders approved the Wells Fargo merger at its special meeting of shareholders. 

Robert K. Steel, CEO of Wachovia stated he was pleased that Wachovia's shareholders agreed on the fact that the Wells Fargo/Wachovia combination will insure growth and long-term value to the stakeholders.

John Stumpf, Wells Fargo President and CEO commented, "Shareholders' approval is a major step toward completing the merger and we now look forward to the official merger of our two companies a week from tomorrow. The actual merger integration of our companies' systems, operations, products and services will be done very thoughtfully and deliberately over the next two to three years." Moreover, he assured all customers of both companies that the approach which will be best for customers will be taken in every discussion on the integration and conversion. 

Wells Fargo and Wachovia Corporation had announced their intention to merge on Oct. 3, 2008. The transaction is forecasted to close by the end of this year.