May 2009 Archives

Ann Marie Quinn

If you've been reading the blog faithfully, you probably already know how the integration is proceeding. You know, for example, that right now you can make cash withdrawals and get balance information with no access fee at any Wells Fargo or Wachovia ATM from coast-to-coast. You also know that our state-by-state conversions are beginning with Colorado in late 2009.

But if you haven't been here too regularly, then beginning June 1, Wells Fargo and Wachovia customers will be able to get all that information and more by accessing a copy of the Merger Update newsletter on wellsfargo.com or wachovia.com. Or you can just click on the respective pics below and preview them before it is launched!

   

Keep in mind we'll be mailing these newsletters to all of our customers with their June statements, too. And those of you with accounts in other business lines — such as Wealth Management and Small Business — will be seeing your own Merger Update newsletters as well.

As usual, thanks for your patience, readership and comments!

Matt Wadley

As we continue introducing you to cities where Wells Fargo and Wachovia have significant histories and modern day presences, we return to Wachovia's home state of North Carolina and the city of Winston-Salem. As the headquarters for Wachovia from 1911 up until the 2001 merger with First Union, Winston-Salem represents a critical piece in the storied history of our company.

But before I steal any more of his thunder, I'll turn it over to Wayne Thompson, a member of the Wells Fargo Communications team and resident of Winston-Salem.

Thanks, Matt! Just one look at our hyphenated name, Winston-Salem, should tell you two things about our city: First, we're used to putting things together to work for the common good; and second, we leave out the ego and are humble in going about our business.

Formed in 1913 by merging the Moravian village of Salem with the nearby town of Winston, Winston-Salem is the birthplace of Wachovia — now joining with Wells Fargo to help millions more customers achieve their financial goals.

The bank's name "Wachovia" comes from "Wachau," the name Moravian settlers gave the 100,000 acres purchased here in the North Carolina Piedmont for Salem in 1753. As a bank, we trace our roots to the Wachovia Bank and Trust Company formed in 1911 from the merger of Wachovia National Bank (founded by William A. Lemly in 1879) and Wachovia Loan and Trust Company (founded by Francis H. Fries in 1893 — a man with a heart as big as his mustache). Fries' charitable gifts to the nation include the creation of one of the nation's first community trusts, the Winston-Salem Foundation , and one of the nation's first trust companies.

Over the years, Wachovia and Winston-Salem have been blessed with countless leaders and citizens like Fries who practiced servant leadership and quietly enriched the city with their philanthropy. Meet one who has probably shaped this city and its bank like no other: John Medlin. 

Under Medlin's leadership as CEO (1977-1993), Wachovia conducted its first interstate mergers with First Atlanta and South Carolina National and grew from an N.C.-based bank into an interstate financial services organization. More importantly, Medlin grew assets from $3 billion to $36.5 billion by putting customers first and always focusing on "soundness, profitability and growth." Notice what's first. Sounds a lot like today's Wells Fargo, doesn't it? Not surprisingly, Wachovia consistently ranked among the strongest and best-performing financial institutions in the world.

This focus on service and relationships goes right back to the Moravians, who, whether making your shoes or handling your deposits, believed giving you any less than the best reflected poorly not only on their character but their faith and community. No wonder Wachovia has led the banking industry in customer satisfaction for the last eight years.

There's a lot more to love about the community of Fries and such modern-day residents as Medlin, poet laureate Maya Angelou  and Tony Award winner and Academy Award nominee Rosemary Harris.... 

Molly Murphy

Because we've been reading and following your comments, we know that many of you want to hear more specifics about the integration timeline.

So what details can we give you?

Well, for one, we're going to kick off the banking locations conversion during the last quarter of 2009 starting in Colorado. After that, we'll move on to other states where Wells Fargo and Wachovia overlap. As our executive vice president Patricia Callahan noted earlier, that means Arizona, Nevada, California and Texas will be next in line after "The Centennial State." Naturally, as soon as we have more specifics, we'll let you know.

In the meantime, keep letting us know what you're thinking! And a continued thank you for your patience and understanding! Stay tuned...

Molly Murphy

No matter where your travels take you in the coming months, don't forget that as a Wells Fargo or Wachovia customer, you have convenient access to more than 12,000 ATMs worldwide.

"No matter where we travel," you ask? Well, maybe not everywhere, but you may be interested to know some cool places you'll find us.

Fun Facts About Svalbard & Banking

Along with ATMs coast to coast, Wells Fargo also holds the record for the southernmost ATMs in the world! We're pretty sure we've got the second northernmost ATMs too.

So if your travels happen to take you to either McMurdo Station , Antarctica  or Barrow, Alaska , believe it or not, there are Wells Fargo ATMs in both places for your cash needs.

Our ATMs at McMurdo Station were recently recognized as the southernmost ATMs in the world by Guinness Book of World Records.  In fact, they're the only ones on the entire continent of Antarctica — kind of cool to be able to say that.

Of course, if you're planning a trip to Antarctica, I'm sure you're aware that winter is fast approaching , right? Dress warm.

And here's a new spin on recycling: The money in the ATM in Antarctica is apparently recycled within the continent, according to this ComputerWorld article.  And the installation marked the first time Wells Fargo had used a satellite for ATM communications.

As for the ATMs in Barrow, they're just a little over 7 degrees shy of owning the title "northernmost ATMs in the world" — apparently there are some in Longyearbyen-Svalbard, Norway that just beat us out. Still, we're happy to be able to say: North, South, East or West...we've got you covered!

If anyone out there has seen or used either set of our ATMs — at McMurdo Station or in Barrow — please let us know! We'd love to hear your stories. And if you happen to find yourself at either place using them, take a picture and send it to us to post here!

Matt Wadley

It's easy for us to tell you how great the new Wells Fargo will be once we're fully integrated. In doing so, we can lean on some amazing statistics, like over 280,000 team members committed to ensuring you get the best service ever, fee-free access at more than 12,000 ATMs and the country's largest branch network with more than 6,600 bank stores. But it's another thing to actually show you. And I think stories like the one below — about how team members from Wells Fargo and Wachovia are already taking advantage of the merger — really help bring our "One Team, Twice as Strong" slogan to life.

Across the company, team members from both Wells Fargo and Wachovia are already discovering the benefits of working together to better serve you, our customers.

Take Phoenix-based Sheila Chacon, for example.

The operations manager, who works in a Wells Fargo commercial loan operations center, was tying up a closing that — if left undone — would subject the customers to some hefty pre-payment penalties.

There was one hold-up: The customers were 2,200 miles away in Winter Haven, Fla., with no Wells Fargo banking store nearby.

"It was imperative to close that day," Chacon recalled. "Our customers had an urgent need to sign documents and overnight them to our location so we could disburse payoffs to prevent penalties."

Chacon noticed there was a Wachovia financial center near the customer's location and reached out to financial specialist Dwight Faulknor at the Havendale Boulevard store in Winter Haven.

"I received a call from Sheila about 3:30 in the afternoon, explaining her situation," said Faulknor. "I told her I'd be happy to help! The problem was we normally close at 4:00pm, and the documents weren't prepared yet."

When Chacon realized the file likely wouldn't be available until 5:30pm Eastern Time, she offered to find another option.

"But Dwight wasn't going to let it go," she explained. "He just said, 'No problem,' and fully supported the effort. He felt it was important enough to stay until he facilitated the closing, even if it meant staying at work well beyond his normal workday...."

Ed Terpening

There's been a lot of buzz about President Obama's "first 100 days" in office, so it got me thinking that it was also time for us to take a step back and see where we are in using this blog to communicate with you about the merger. I could just tell you how I think we're doing, but this blog is a partnership with our readers — and since you're the customer — I really want to hear from you.

Let's start with the promise we made, which our CEO John Stumpf wrote in our first post on January 4th:

One way we'll keep you updated on what's happening with the integration of Wachovia and Wells Fargo is through this blog. Here we'll share news and information, and you can "join the conversation" and let us know along the way how we're doing and what we can do better to make the transition as smooth as possible.

So, as we integrate our two companies, it's business as usual for you. We hope to see you back here from time to time for updates and discussion along the way.

John wrote that he wanted to hear from you on how things were going, and I'm happy to report that you've scored 100%! We receive more comments on this blog than any other at Wells Fargo. This feedback is getting to the right people, although I know that's hard to judge now since you won't see the results of that for some time.

We knew from the start there'd be an awkward period between the time the merger started and the time you saw results. Throughout the next year or so, we hope you'll see how your feedback has been incorporated by us into action . As John said, we're taking 2-3 years to complete this transition because we want to do what's right for you, our customers. No sense in rushing this and making a mess in the process.

We've read every comment submitted to this blog, and my team does our best to listen, and either pass them on to the appropriate people for action or respond ourselves. I've read a variety of reactions. Some of you love the background and history of Wells Fargo and Wachovia, because customers from each bank want to know what values each share. Take this comment from "Michael aka Missouri Mike" (01/08/09):

I love the history of these banks. Wells Fargo has an expecially (sic) intriguing history with the Gold Rush, Comstock Lode, and 1906 San Francisco earthquake and fire. I'm looking forward to learning about Wachovia's history as well.

Of course, others of you just want the facts now — like exact dates for when product decisions and store conversions will occur. And you're expressing your frustration like regular reader Jason (03/18/09):

I understand that merger integration will take time, but can Wells Fargo at least give specifics on this? We've had no specifics on anything, and like many other readers to this blog, I am becoming frustrated with the vague responses and lack of specific information. Thank you.

I don't know if we can make everyone happy and be all things to all people, but we do value both the negative and positive feedback we get from you. Ultimately, it helps us make decisions that will ensure our mutual success. Up until now, maybe you've been a silent reader, just taking it all in. Whether you're that person, or a regular contributor (Hi, Jason!), please take a minute to tell me what you think of this blog and our progress so far.

So, how are we doing?

Matt Wadley

When the Wachovia Securities name officially changed to Wells Fargo Advisors last week, it represented one of the most visible steps thus far in the journey to integrate our two companies. And while a name change may have initially seemed rather mundane, hopefully in following our blog posts you've come to realize the complexity that goes into getting to this point and the significant milestone that it represents.

We know that many of you — our readers/customers — continue to ask for more details about the timing for branch conversion and decisions about go-forward account products and services across the company. We continue to share your requests for more details with the Integration Team and want to thank you for remaining as patient as you've been during this time of change.

While the answers to many of your questions aren't available yet, we thought you might appreciate getting some additional insight about the countless possibilities for the new Wells Fargo from David Carroll, head of the new Wells Fargo Wealth, Brokerage, and Retirement Services Group and a member of CEO John Stumpf's Executive Leadership team.

In case you missed it, we kicked off our "Leadership Q&A Series" a few weeks back with some comments from Kevin Rhein. And when I caught up with David recently, he talked specifically about the similarities and differences of the businesses he now oversees, along with the significance of merging two of America's largest financial institutions.

As with each one of our leadership interviews, we hope you'll share your thoughts and please tell us what you think!

MW: David, thanks for sharing some thoughts on this merger with the readers of the Wells Fargo-Wachovia Blog.
David Carroll: Happy to do it. Getting a chance to speak directly with our customers, and such an engaged group, is a really unique pleasure.

MW: Well let's get right to it. We've been taking steps to integrate Wells Fargo and Wachovia for almost five months, and last week, Wachovia Securities, the retail brokerage business, changed its name to Wells Fargo Advisors. Can you tell us a little about the new name?
DC: Sure. Wells Fargo Advisors conveys two important ideas. First, we are now part of Wells Fargo, and have the strength and stability of that brand behind us. Second, the word "advisors" describes how we work with our clients. We listen to them and then create a plan that will help them achieve their individual goals.

MW: Great. Taking a broader perspective, what are some of the key similarities and differences you see as you bring together the Wealth, Brokerage, and Retirement Services Group?
DC: (Laughs) How much time do we have? In terms of similarities, our wealth management and retirement businesses were virtual mirror images of each other on opposite coasts. When it comes to brokerage, our strategies were different. Wells Fargo focused on an in-bank brokerage model, while Wachovia Securities offered clients more ways to get investment advice, from working with an in-bank broker to having a relationship with a broker who was part of our Private Client Group. Bringing the two companies together means we can offer Wells Fargo customers even more ways to do business with us when it comes to managing their investments.

MW: What has impressed you the most about the way Wells Fargo operates?
DC: Wells has a terrific reputation for being the best in making the various pieces of the company work together. I think if we can integrate that with the dedication to customer service piece that we've prided ourselves on at Wachovia, and focus on a making sure all of our customers have a financial plan, we won't be outdone in serving our clients.

MW: At the end of the day, what will this mean for our customers?
DC: Well, in addition to the outstanding service and broader selection of products that each customer will have to choose from, customers can take comfort in two great companies coming together to form an even better financial services company. And on top of that, we'll be more focused on the customer than ever. That makes Wachovia and Wells Fargo coming together a win-win for our customers.

MW: Thanks for your time today, David. We look forward to hearing about more success from the integrated company.
DC: My pleasure, Matt! Thanks for allowing me to participate.

Matt Wadley

This past Friday, we told you that Wachovia Securities had officially become Wells Fargo Advisors. As promised, here's the press release announcing that name change.

WACHOVIA SECURITIES NOW WELLS FARGO ADVISORS

St. Louis, May 4, 2009 — Starting this month, Wachovia Securities will begin using the Wells Fargo Advisors name, officially rebranding its business under its new parent, Wells Fargo & Company (NYSE:WFC).

"Today, as Wells Fargo Advisors, we begin a new chapter in our storied brokerage history," said Danny Ludeman, president and CEO of the brokerage firm. "Adopting the Wells Fargo brand is a unifying step and one that leverages one of the most widely recognized and respected brands in the world. We chose 'Advisors' because the term illustrates the role we play in guiding customers and helping them meet their life goals."

The Wells Fargo Advisors name was selected following research that included financial advisor input, customer surveys and competitive analysis. The new name will be seen on marketing materials, business cards and other promotional pieces beginning this month, and will be introduced on other material throughout the year. New Wells Fargo Advisors signs on brokerage offices will begin appearing in the fall and continue into early 2010.

With more than $900 billion in client assets as of March 31, 2009, Wells Fargo's brokerage businesses have nearly 16,000 full-service financial advisors and 6,000 licensed financial specialists. This vast network of advisors, one of the nation's largest, serves clients through offices in all 50 states, the District of Columbia and in Latin America. Wells Fargo Advisors is the trade name used by three separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company: Wells Fargo Advisors, LLC, Wells Fargo Advisors Financial Network, LLC, and Wells Fargo Investments, LLC (members SIPC). Statistics include First Clearing, LLC, an affiliate broker-dealer of Wells Fargo & Company.

Wells Fargo & Company completed its merger with Wachovia Corporation December 31, 2008.

# # #

Matt Wadley

It's been almost two months since the news broke that Wachovia Securities would change to Wells Fargo Advisors. And while we highlighted the name change here on the blog back in early March, it's now official.

Clearly what makes this news so exciting is that it marks the first legacy Wachovia business to begin operating under the Wells Fargo name. If you are a Wachovia Securities customer you will now begin to see the Wells Fargo Advisors name on marketing materials and your broker's business card, with signage changes coming later in the year.

While news of the name change is significant, it doesn't affect the way you use your Wachovia Securities account — anything like that will be communicated to you directly either by your broker, our Web site or via the mail.

Of course, if you have questions now about your account, call (800) 359-9297.

We'll have the official press release on the name change up here on Monday. And as always, keep checking back here for updates on the integration!