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Wells Fargo & Co., 7.50% Non-Cumul Perp Conv Cl A Preferred Stock, Series L
Ticker Symbol: WFC-L     CUSIP: 949746804     Exchange: NYSE

QUANTUMONLINE.COM SECURITY DESCRIPTION:  Wells Fargo & Co., formerly Wachovia Corp., 7.50% Non-Cumulative Perpetual Convertible Class A Preferred Stock, Series L, liquidation preference $1000 per share, not redeemable at any time, and with no stated maturity. See exhibit 4.7 of the 8-K filed with the SEC on 12/30/2008 for further details on the current provisions of this preferred after the merger of Wachovia into Wells Fargo. Non-cumulative distributions of 7.50% ($75.00) per annum are paid quarterly on 3/15, 6/15, 9/15 & 12/15 to holders of record on the record date which will be the last day of the month prior to the payment date (NOTE: the ex-dividend date is at least 2 business days prior to the record date). The dividends are non-cumulative and if the board of directors does not declare a dividend or the company fails to pay a dividend declared by the board for any quarterly dividend period, the holder will not be entitled to receive any dividend for that quarterly period and the undeclared or unpaid dividend will not accumulate. Dividends paid by this preferred security are eligible for the preferential income tax rate of 15% to a maximum of 20% depending on the holder's tax bracket (and under IRS specified holding restrictions) and are also eligible for the dividends received deduction for corporate holders (see page S-40 of the prospectus for further information). The preferred shares were originally convertible any time at the holder's option into 32.0513 common shares of Wachovia Corp. (NYSE: WB), an initial conversion price of $31.20 per common share. After the merger of Wachovia into Wells Fargo, the preferred is now convertible into 6.3814 shares of Wells Fargo & Co. (NYSE: WFC) common stock, an initial conversion price of $156.71 (calculated) per common share. See exhibit 4.7 of the 8-K filed with the SEC on 12/30/2008 for further details on the current conversion provisions of this preferred. On or after 3/15/2013, if the price of the common stock exceeds 130% of the conversion price for 20 of any 30 consecutive trading days, the company may, at their option, cause the preferred shares to be converted into common shares at the then prevailing conversion price. In regard to the payment of dividends and upon liquidation, the preferred shares rank equally with other preferreds and senior to the common shares of the company. See the IPO prospectus for further information on the convertible preferred stock and the conversion provisions by clicking on the ‘Link to IPO Prospectus’ provided below.
Cpn Rate
Ann Amt
Call Date
Matur Date
Conv Shrs
Conv Price
Distribution Dates 15%
Tax Rate
Baa2 / BBB
3/15, 6/15, 9/15 & 12/15
Click for MW ExDiv Date
Click for Yahoo ExDiv Date

Goto Parent Company's Record (WFC)

Notes:  January 1, 2009 -- Wells Fargo & Company (NYSE: WFC) said today it has completed its merger with Wachovia Corporation, effective December 31, 2008, creating North America’s most extensive distribution system for financial services with 11,000 stores, 12,260 ATMs, and Wells Fargo PhoneBankSM. Beginning today, Wells Fargo and Wachovia customers have free use of all of the company’s combined ATMs. At closing, Wells Fargo acquired all outstanding shares of common stock of Wachovia in a stock-for-stock transaction. Wachovia shareholders received 0.1991 shares of Wells Fargo common stock in exchange for each share of Wachovia common stock they owned. Shares of each outstanding series of Wachovia preferred stock were converted into shares (or fractional shares) of a corresponding series Wells Fargo preferred stock having substantially the same rights and preferences. As a result of the transaction, Wells Fargo acquired all of Wachovia Corporation and its businesses and obligations, including all of its banking deposits.

IPO - 4/14/2008 - 3.50 Million Shares @ $1000.00/share.    Link to IPO Prospectus
Previous Ticker Symbol: WB-T    Changed: 1/02/09
Market Value $ 3.5 Billion

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Email Address

Address and Phone Numbers
Address:   420 Montgomery Street, San Francisco, CA 94163
Main Phone Number 866-249-3302
Fax Number Not Available
Investor Relations 415-371-2921
Toll Free Phone Number 888-662-7865
CEO - John G. Stumpf CFO - John R. Shrewsberry

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