1929: Northwest Bancorporation is formed as a banking association. 1954: Wells Fargo & Union Trust shortens its name to Wells Fargo Bank. 1960: Wells Fargo merges with American Trust Company to form the Wells Fargo Bank American Trust Company. 1987: Wells Fargo acquires the personal trust business of Bank of America.

Who took over Bank of America?

NationsBank
After suffering a significant loss after the 1998 Russian bond default, BankAmerica, as it was then known, was acquired by the Charlotte-based NationsBank for US$62 billion. Following what was then the largest bank acquisition in history, the Bank of America Corporation was founded.

Why did Bank of America buy Wachovia Bank?

It remained profitable by avoiding many of the risky loans that plagued Wachovia, caused Washington Mutual Inc’s WAMUQ.PK and IndyMac Bancorp Inc’s IDMCQ.PK failures and drove Countrywide Financial Corp into the arms of Bank of America Corp BAC.N.

When did Wachovia start paying dividends to shareholders?

The dividend history presented on this page reflects dividends for the common stock that began trading under the WB ticker symbol when the merger of First Union and Wachovia was completed on September 1, 2001. Before that date, the dividend history reflects that of the common stock that traded under the ticker symbol FTU.

How much did Wells Fargo pay for Wachovia?

NEW YORK, Jan 1 (Reuters) – Wells Fargo & Co ( WFC.N) said it has completed its roughly $12.7 billion purchase of Wachovia Corp, a big bet that it properly assessed the risks in Wachovia’s huge book of mortgage and real estate loans.

How did Wachovia save the deposit insurance fund?

With regulators involved every step of the way, the deal very likely saved the deposit insurance fund from what would have been the largest and costliest bank failure in history. A year later, the Wachovia rescue is also, in some ways, shaping the debate over the future of too-big-to-fail institutions.