Wachovia growing in Memphis
Posted on September 11, 2009 at 10:46 am
Since Wells Fargo acquired its superregional peer late last year, a good number of people have been waiting to see how the iconic bank will build on its new Mid-South presence. Wachovia ranks 16th in both Nashville and Memphis but is looking to move up in West Tennessee. In Nashville, the bank has this year only relocated it Green Hills office.
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Wells CEO: Things are no longer getting more terrible
Posted on September 2, 2009 at 10:43 amWells Fargo boss John Stumpf tells Bloomberg Television that loan losses in parts of his bank’s portfolio are stabilizing. By buying Wachovia, Wells became the Nashville area’s 16th-largest bank and has about 1.1 percent of the region’s deposits.
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Dissecting the stress tests
Posted on May 7, 2009 at 10:14 pm
First, all the banks’ results neatly in a row. Among the banks with a notable presence in Nashville, only U.S. Bank and BB&T were deemed not to need new capital. BofA, Wells Fargo, Regions, SunTrust and Fifth Third must raise a combined $53 billion.
Then, from the AP comes a rundown of just how some of the affected players plan to raise the billions they need as well as word from those planning to repay TARP ASAP.
And via the Journal, a measured look at how the once-maligned concept of stress tests – Wells chief Dick Kovacevich not long ago called them ‘asinine’ – may actually come to be seen as the positive tipping point when we collectively caught our breath.
Investors fretted for weeks that the Treasury wanted to nationalize parts of the banking system, despite repeated efforts by Mr. Geithner and others to dispel that idea.
In retrospect, the tests were akin to hitting the pause button. The period allowed Mr. Geithner to buy time for the government’s evolving approach to the banking crisis, which had previously been ad hoc and heavily criticized.
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Wells resigns as Dollar General debt trustee
Posted on February 25, 2009 at 11:53 amWells Fargo Bank has stepped aside as trustee of $1.9 billion of debt issued by Dollar General. U.S. Bank will take over those duties for the two debt series, which are due in 2015 and 2017 and are 10.5 percent and 12.5 percent, respectively.
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Wells names regional commercial execs
Posted on February 9, 2009 at 1:35 pmThe man overseeing Wells Fargo’s Tennessee operations and the rest of the Southeast is based out of St. Louis.
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Wells triples Genesco stake
Posted on February 2, 2009 at 1:23 pmThe investment division of the now-national banking powerhouse bought more than 700,000 shares of Genesco (Ticker: GCO) in the fourth quarter. (Here’s its Sept. 30 holdings report.) Its stake now stands at 6 percent.
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Meet the new boss
Posted on January 8, 2009 at 10:04 pmDefinitely not the same as the old boss. Wells Fargo has named ‘insider’ Darryl Harmon to run its newly acquired ex-Wachovia operations in Tennessee, Georgia, Alabama and Mississippi.
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Going poof in a good way
Posted on December 21, 2008 at 9:55 pmHousing Wire reports that the big thinkers at Wells Fargo are a little more upbeat about the economy’s prospects in the second half of 2009. They’ll even go as far as to say that – cough – housing will lead the way.
Paulson said “it’s like you’re at a cookout and you’re trying and trying to get your charcoal going and you keep squirting on lighter fluid and all of a sudden it goes ‘poof!’”
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Wells CEO: No doubts about Wachovia deal
Posted on December 10, 2008 at 10:10 pmJohn Stumpf talks about his company’s post-merger priorities, which include the novel idea of being “interested in businesses that help consumers.”
Kudos to The Bank Draft for the find.
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