Wachovia to become Wells Fargo


Banking shell game continues

Another bank merger. Wonder if they do that to stay “one step ahead…”

Wells Fargo & Company announced today that Wachovia signs and systems will officially change in New Jersey to Wells Fargo in February 2011. At that time, the state’s 314 banking stores and 477 ATMs will be rebranded Wells Fargo, completing the New Jersey transition in the largest merger in U.S. banking history.

Wells Fargo is the 12th largest employer in the U.S. with 278,000 employees; the company provides jobs to 6,568 team members in New Jersey. Wachovia’s transition to Wells Fargo, which began in December 2008, has resulted in the hiring of hundreds of tellers and bankers in New Jersey as the Wells Fargo business model calls for more in-store team members to be available to customers to deliver a wider array of Wells Fargo financial products and services. In addition, customers can continue to work with the same tellers and bankers with whom they’ve had relationships with over the years.

All of the 314 stores will be remodeled and refurbished to reflect Wells Fargo’s distinctive red and gold colors and its open floor plan. Each store will also have an online banking station, and many stores will feature murals depicting community history, produced in conjunction with local historical societies.

The company has already replaced all Wachovia ATMs in New Jersey with state-of-the-art, environmentally sensitive Envelope-Free ATMs that eliminate the need for envelopes or deposit slips and accept stacks of up to 30 checks or 50 cash bills. These ATMs also help small businesses by offering an 8 p.m. deadline for check deposits with funds available at midnight, meaning deposits can be made after the close of the business day.

Read the rest of the announcement after the jump…

“We’re working hard to be the premier provider of financial services in every one of our markets,” said Michelle Y. Lee, Northeast regional president for New Jersey, New York, and Connecticut. “Customers can expect the same great service in our stores from the same tellers and bankers they know and trust – people who are already providing enhanced products and services from Wells Fargo, such as homeowner and renters insurance, identity theft protection, and credit card and payroll services for small businesses. And of course our commitment to the community remains as strong as ever; we’ll continue to support community initiatives and needs with financial resources and team member volunteers.”

“Even with the enhancements already in place, it’s business as usual, and customers don’t need to do anything with their accounts,” said Lucia Gibbons, regional president for Northern New Jersey. “They’ll receive complete details about what to expect and our goal is to ensure this is a smooth transition for everyone,” added Brenda Ross-Dulan, Southern New Jersey regional president.

Wachovia Corporation merged with Wells Fargo & Company on Dec. 31, 2008. Delaware will also change to Wells Fargo in February 2011, New York and Connecticut in March 2011, and Pennsylvania in April 2011. The company most recently completed successful community banking store and systems conversions in Alabama, Mississippi, Tennessee, and Georgia. It had previously converted Wachovia stores in Arizona, California, Colorado, Illinois, Kansas, Nevada, and Texas.

Other integrations already completed include Wachovia Securities’ change to Wells Fargo Advisors and Wachovia Mortgage’s change to Wells Fargo Home Mortgage.

About Wells Fargo

Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.2 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 10,000 stores, over 12,000 Wachovia and Wells Fargo ATMs, the internet (wellsfargo.com and wachovia.com), and other distribution channels across North America and internationally. With more than 278,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked #19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.

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Oh great, here comes another new ATM card in the mail. I’ve had 4 in 10 years; a new one with every name change.