Wells Fargo and Wachovia banks have agreed to merge, and pending resolution of litigation with Citigroup (which was negotiating with Wachovia prior to the agreement), Wells Fargo will acquire all outstanding shares of common stock of Wachovia in a stock-for-stock deal.

Additionally, Wells Fargo will acquire all of Wachovia Corporation and its business and obligations.
The combined entity will do business in 39 community banking states including California. Wells Fargo CEO John Stumpf, said he expects that, the bank will retain as many of the Wachovia team members as possible.