Hello people,
This is my initial posting to this thread and at present, I am not a shareholder of WFC although I very well could be one one of these days. You see, from the news item posted Monday, it appears that the CEO of a bank I do have stock of, First Union (FTU), has been drooling over WFC for quite a while. Actually, I was considering picking up a few shares of WFC until I read this article. Now I'm going to hold off because quite frankly, I'm getting sick and tired of having all my bank stocks get eaten with everything ending up as FTU [so much for diversification within an industry].
<begin quote>
First Union reportedly took a look at Wells Fargo last May and passed. However,
many analysts say it's just a matter of time before Crutchfield comes back to the table.
Other possible partners who could be interested in hooking up with Wells Fargo,
analysts say, include Bank One Corp. (NYSE:ONE - news) of Chicago and Chase
Manhattan Corp. (NYSE:CMB - news) of New York.
''Crutchfield would love to buy them . . . but Wells Fargo isn't compelled to sell,'' said
Jeff Runnfeldt, an analyst with Van Kasper & Co. in San Francisco.
Crutchfield reportedly told analysts last summer that he would be willing to give up the
CEO position and the 40-year-old First Union name in a merger of equals. The
Charlotte banker reportedly said after the company's annual meeting last April, ''Where
I want to be is where the people are and where the money is.''
<end quote>
From:
Wells Fargo's 'Merger of Equals' Isn't
Likely to be Its Last, Reports the San
Francisco Business Times
biz.yahoo.com
What I would like to know from existing shareholders of WFC is how they feel about a merger with FTU or one of the other banks mentioned in the article. My position as a FTU shareholder is that a FTU:WFC alliance would create a real powerhouse. The name 'Wells Fargo,' as the article notes, would do well out here in the east [there are many people over 30 who grew up with those old black and white cowboy movies in which Wells Fargo played a prominent banking role]. Having done a very informal survey of friends and relatives, all of whom have ended up with new banks during the past two years as a result of take-overs, Wells Fargo branches would do well out here. The reason most often given is that the name 'Wells Fargo' is familiar whereas 'First Union' or 'Fleet' are foreign.
What do people think? If a marriage between WFC and FTU with FTU changing its name sounds good to people, I can almost guarantee it will happen if I buy a few shares of WFC ;>
Lynn |
