So long Wachovia

[Bumrush99]

Another one bites the dust...

Stockholders get the shaft again.. Its going to be a bloody day on Wall Street. Anyone that has invested in these type of banks with the hope of turning a profit better pull their money fast as this is turning in to another Washington Mutual..

 

[her209]

/waves

 

[Bumrush99]

Stock is down over 80%... Washington Mutual was a warning, this is now becoming a trend.. Look for a massive sell off today as the average investor starts to panic

 

[Modelworks]

One bank to rule them all !

 

[Pepsei]

isn't this a little different compare to wamu? if citigroup accquires wb, wb's stock should go up.

 

[Modelworks]

Originally posted by: Pepsei
isn't this a little different compare to wamu? if citigroup accquires wb, wb's stock should go up.

This is one bank buying another , normally that would be a good thing.
But with the current economy people see a bank being sold and instantly think it is because a bank failed.

 

[SunnyD]

I for one welcome our new financial overlords.

 

[Bumrush99]

Originally posted by: Modelworks

Originally posted by: Pepsei
isn't this a little different compare to wamu? if citigroup accquires wb, wb's stock should go up.

This is one bank buying another , normally that would be a good thing.
But with the current economy people see a bank being sold and instantly think it is because a bank failed.

I don't think Citigroup is buying all of Wachovia.. What is happening is that the Wachovia is teethering on the brink of total failure.. And Citigroup comes in, with the help of the FDIC guts the company and basically gives Citi the banking operation in exchange for cash, without Citi having to buy the Wachovia stock. The Wachovia stock will be worth as much as toilet paper by the end of the day.

 

[Mojoed]

Dumb question: I bank with Wachovia and just ordered a ton of checks. Will I have to toss them and get new checks? I haven't even used any yet. Just got them two weeks ago.

 

[aircooled]

So long as they don;t change my routing number. When Wachovia bought First Union my routing number changed and all of my online payments failed until i manually changed them.

Actually, that should be the least of my worries.

 

[Pepsei]

The FDIC added however that Wachovia did not qualify as a failed bank. Part of Wachovia will remain independent -- including its massive brokerage business which ballooned after it purchased AG Edwards in 2007, as well as its Evergreen investment management division.

meh, I work for the securities side.. too bad for my bank side co-workers, i think there will be some downsizing for them.

our department is still in the middle of AG Edwards merger work.

 

[mchammer187]

Originally posted by: aircooled
So long as they don;t change my routing number. When Wachovia bought First Union my routing number changed and all of my online payments failed until i manually changed them.

Actually, that should be the least of my worries.

I am still using checks that say first union on them from 6 years ago just fine

 

[IronWing]

I was hoping for Wells Fargo to buy the branches so I could have free ATMs while vacationing in the east.

 

[ViRGE]

What a way to start a Monday.

 

[aircooled]

Originally posted by: mchammer187

Originally posted by: aircooled
So long as they don;t change my routing number. When Wachovia bought First Union my routing number changed and all of my online payments failed until i manually changed them.

Actually, that should be the least of my worries.

I am still using checks that say first union on them from 6 years ago just fine

My old checks still work also, but for some reason the old routing number from First Union gets rejected when I try to make electronic payments.

 

[mugs]

Originally posted by: Mojoed
Dumb question: I bank with Wachovia and just ordered a ton of checks. Will I have to toss them and get new checks? I haven't even used any yet. Just got them two weeks ago.

This is what you're worried about? :laugh:

Maybe, maybe not. I started with a small bank years ago; they were bought a few times, and my routing number and account number never changed, so I kept the old checks. When PNC bought my bank, I had to get new checks (they changed my routing and account numbers).

My wife still has and uses checks that say Summit Bank on the, even though Summit was bought by Fleet who was bought by Bank of America. As long as the routing and account numbers stay the same, you're fine.

 

[mugs]

Probably a stupid question, but are the employees who work in Wachovia's corporate office pretty much screwed?

 

[Bumrush99]

Originally posted by: ViRGE
What a way to start a Monday.

The media and federal GVT is claiming this was not a failure. They are also selling some bridges in Brooklyn.. A lot of spin but it is so obvious that this is the exact same scenario that Washington Mutual had.

 

[JohnCU]

this guy at work just lost $37k on this deal

 

[ThePresence]

"According to the FDIC, Wachovia "did not fail" and will continue to operate as a separate company as the owner of AG Edwards and Evergreen Investments."

 

[Mojoed]

Originally posted by: mugs

Originally posted by: Mojoed
Dumb question: I bank with Wachovia and just ordered a ton of checks. Will I have to toss them and get new checks? I haven't even used any yet. Just got them two weeks ago.

This is what you're worried about? :laugh:

Maybe, maybe not. I started with a small bank years ago; they were bought a few times, and my routing number and account number never changed, so I kept the old checks. When PNC bought my bank, I had to get new checks (they changed my routing and account numbers).

My wife still has and uses checks that say Summit Bank on the, even though Summit was bought by Fleet who was bought by Bank of America. As long as the routing and account numbers stay the same, you're fine.

Cool, thanks mugs! :beer:

 

[Eli]

Originally posted by: ThePresence
"According to the FDIC, Wachovia "did not fail" and will continue to operate as a separate company as the owner of AG Edwards and Evergreen Investments."

So they didn't fail because everything except the banking part of the business is staying intact?

Nice spin on that one. :laugh:

 

[sandmanwake]

Blah, now I'm going to probably have to update all my direct deposits and bill payments. Wachovia was the fourth largest bank in the US, if they're not safe, I guess no one is safe. At this point I'm seriously considering withdrawing everything over 100k and stuffing it in a fire proof safe somewhere.

 

[imported_Lothar]

Originally posted by: Pepsei
isn't this a little different compare to wamu? if citigroup accquires wb, wb's stock should go up.

They didn't buy the whole company.
Only the banking operations.

Citigroup cannot stomach all of Wachovia.
Why take on the stench of Golden West when they have their own CDO's to worry about.

 

[imported_Lothar]

Originally posted by: mugs
Probably a stupid question, but are the employees who work in Wachovia's corporate office pretty much screwed?

Yup.