Wachovia had a decent brand with good deposit gathering capabilities in good markets similar to Truist, it was just mismanaged based on poor acquisitions and credit quality. It ended up being acquired by Wells in a take under for a 7 handle per share. Given Sr. Leadership has lost the employee base I would predict a similar fate for Truist. Jamie would love to scoop her up for a 5 to 7 handle per share to fill out his SE footprint as his last hurrah, if the fdic looks for a buyer and will allow to exceed deposit limits. US Bank, PNC, Goldman, Cap One and TD could also be potential acquirers.
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It’s First Union who you should be comparing Truist to. That merger was so bad that they had to buy a much smaller bank with a great reputation at that time (Wachovia) and adopted the Wachovia name because they botched up First Union so bad.
Wachovia failed because of a very specific thing. Maybe look into it a bit before posting like this?
To the commenter who said: “Regarding Wachovia, That sitiuation was very different than Truist when they were taken over by WF. Wachovia was a failing bank. The FDIC told them Find a buyer or we are shutting you down. That is how they merged with Wells.”
That was well after the mismanagement and bad acquisitions that damaged the bank. The Wachovia leadership (which by that point was mostly leaders from First Union) had run the bank into the ground. It was at that point that Wells had to step in at the direction of the FDIC. The point of this thread is that the leadership and management at Truist has this bank heading in the same direction towards the same type of failure. I think a lot of people agree that is correct.
I've been with truest or BB&t for 7 years that I've been in Florida and I will be taking my account to Navy Federal credit Union They don't have any staff it to us they're not approving loans it's not worth my trouble
Regarding Wachovia, That sitiuation was very different than Truist when they were taken over by WF. Wachovia was a failing bank. The FDIC told them Find a buyer or we are shutting you down. That is how they merged with Wells.
I have 10 k to my name after my divorce and I'm 50k in debt because of it. Where and how much should I invest here and else whete to get oit of this finacial hole Im in right now?
First Republic was just handed over to Jamie, regardless of the 10% deposit cap as I noted, if there are things wrong with the post then please opine. Wachovia shareholders would of thought the Wells takeover was absurd.
This is absurd. Please nobody pay attention to this person. There are so many things wrong with the initial post.
10% of national deposits or more precludes taking over any bank. Chase won’t be taking over truist. Nor will wells or Bank of America as each are over the 10%. US Bank or a Canadian/European bank are the likely buyers.