<Li> 2017: Retirement of controversial executive vice president of wealth management Jeff Grubb . The Portland, Oregon native has also served as a trustee for M.J. Murdock Charitable Trust of Vancouver, Washington, since 2010 . </Li> <P> On October 3, 2008, Wachovia agreed to be bought by Wells Fargo for about $14.8 billion in an all - stock transaction . This news came four days after the Federal Deposit Insurance Corporation (FDIC) made moves to have Citigroup buy Wachovia for $2.1 billion . Citigroup protested Wachovia's agreement to sell itself to Wells Fargo and threatened legal action over the matter . However, the deal with Wells Fargo overwhelmingly won shareholder approval since it valued Wachovia at about seven times what Citigroup offered . To further ensure shareholder approval, Wachovia issued Wells Fargo preferred stock that holds 39.9% of the voting power in the company . </P> <P> On October 4, 2008, a New York state judge issued a temporary injunction blocking the transaction from going forward while the situation was sorted out . Citigroup alleged that they had an exclusivity agreement with Wachovia that barred Wachovia from negotiating with other potential buyers . The injunction was overturned late in the evening on October 5, 2008, by New York state appeals court . Citigroup and Wells Fargo then entered into negotiations brokered by the FDIC to reach an amicable solution to the impasse . Those negotiations failed . Sources say that Citigroup was unwilling to take on more risk than the $42 billion that would have been the cap under the previous FDIC - backed deal (with the FDIC incurring all losses over $42 billion). Citigroup did not block the merger, but indicated they would seek damages of $60 billion for breach of an alleged exclusivity agreement with Wachovia . </P> <P> On October 28, 2008, Wells Fargo was the recipient of $25 billion of Emergency Economic Stabilization Act funds in the form of a preferred stock purchase by the US Treasury . Tests by the Federal government revealed that Wells Fargo needed an additional $13.7 billion in order to remain well capitalized if the economy were to deteriorate further under stress test scenarios . On May 11, 2009 Wells Fargo announced an additional stock offering which was completed on May 13, 2009 raising $8.6 billion in capital . The remaining $4.9 billion in capital was planned to be raised through earnings . On Dec. 23, 2009, Wells Fargo redeemed the $25 billion of preferred stock issued to the US Treasury . As part of the redemption of the preferred stock, Wells Fargo also paid accrued dividends of $131.9 million, bringing the total dividends paid to $1.441 billion since the preferred stock was issued in October 2008 . </P>

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