After Wachovia pretty much failed from giving toxic mortgages, it now has been bought out by another bank, Wells Fargo. On October 12, 2008 the Federal Reserve gave the approval for Wells Fargo to takeover Wachovia. The deal was partially controversial because Citigroup was also seeking the merger with Wachovia. Much of the appeal in a merger with Wachovia is their reputation for having one of the strongest retail presences in the United States.
The Maker! map below was created from data in Finder! which was collected from the Federal Deposit Insurance Corporation. Each point represents either a Wachovia bank in orange, or a Wells Fargo bank in brown. The proportion symbols used represent the total amount of deposits (in thousands of dollars) to each bank, with some of the largest showing in Sioux Falls—South Dakota, San Francisco—California, Minneapolis—Minnesota, Charlotte—North Carolina, and Philadelphia—Pennsylvania. Keep in mind though, city’s with a ton of banks within their proximity, gross a large number deposits such as New York City, Sand Diego, and Washington, D.C.
To give you an idea of Wells Fargo bank coverage after the takeover of Wachovia, please refer to the following map:
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