4..actual charge-offs of $2.8 billion Wells Fargo & Co. (WFC) – Risky but Proud: Wells Fargo has $1.3 trillion in assets, and garnered a $25 billion TARP investment. Originally a small bank based in San Francisco, Wells Fargo officially entered the heavyweight class with its acquisition of Wachovia Corp., late last year. Its Friday closing price of $15.76 equated to 104% of its book value, though it closed yesterday at $13.69. Wells Fargos stock pays a quarterly dividend of 34 cents. The company posted a fourth-quarter net loss of $2.55 billion, not including an $11 billion net loss at Wachovia. Wells Fargos full-year earnings totaled $2.84 billion. It had a fourth-quarter loan-loss provision of $8.4 billion, compared with actual charge-offs of $2.8 billion. Wachovias 2006 acquisition of the California mortgage bank Golden West Financial puts Wells Fargo at risk, but the companys operations appear solid and it has no immediate need for extra webcache.googleusercontent/search?q=cache:P2hWWv7Jvq8J:moneymorning/2009/02/18/us-banks/+&cd=91&hl=en&ct=clnk&gl=us
Posted on: Sun, 23 Mar 2014 07:53:48 +0000
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