Letter from Evergreen's President and CEO
By Dennis H. Ferro
October 21, 2008
Dear Clients, Consultants and Business Partners,
In these very uncertain times, I am pleased to let you know that Wells Fargo and Wachovia announced on October 3, 2008 that Wells Fargo will acquire Wachovia Corporation in a whole company transaction that will include all of Wachovia’s banking and other businesses. The transaction is expected to close during the fourth quarter of 2008. As part of the transaction, on October 20, 2008, Wachovia issued and sold to Wells Fargo ten shares of a newly designated preferred stock in exchange for 1,000 shares of Wells Fargo common stock. These preferred shares represent, in aggregate, approximately 39.9% of the voting power of Wachovia’s outstanding voting securities.
Wells Fargo is a $609 billion diversified financial services company providing banking, insurance, investments, mortgage banking and consumer finance to consumers, businesses and institutions. Both Wells Fargo and Wachovia have significant asset management businesses providing mutual funds, separately managed accounts and other investments to retail and institutional clients. The combined company will be well positioned to provide a broad array of excellent investment services and products to our clients.
During this time, Evergreen remains committed to providing the same level of exceptional service to which clients are accustomed. At this point, there is no impact to Evergreen’s day-to-day business and operations and Evergreen’s investment teams remain focused on meeting their investment objectives. We remain committed to communicating information as it becomes available. Thank you for the continued opportunity to meet all of your financial planning and investment management needs.
Sincerely,
Dennis H. Ferro
President and CEO
Evergreen Investments
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Statement from President and Chief Executive Officer, Dennis H. Ferro | |
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