Wells Fargo Wins Wachovia

Wells Fargo received the OK from the Federal Reserve Oct. 12 to go through with its $11.7 billion deal to buy out Wachovia.

The combined bank will be called Wells Fargo, according to the San Francisco Business Times.

An announcement hasn’t been made regarding the fate of naming rights to Wachovia Arena At Casey Plaza in Wilkes-Barre, Pa., The Wachovia Center in Philadelphia, The Wachovia Spectrum in Philadelphia and the Wachovia Center in Charlotte, N.C.

Citigroup stepped away from negotiations after initially agreeing to take over Wachovia’s banking operations Sept. 29 with a $2.1 billion deal brokered by the Federal Deposit Insurance Corp. – and then tried to block Wells Fargo’s purchase.

Citigroup plans to seek $60 billion in damages, claiming Wachovia’s board breached its agreement.