Wells Fargo completes Wachovia Corp. deal

SAN FRANCISCO, Jan. 1 (UPI) -- San Francisco bank Wells Fargo & Co. said it had closed on its purchase of Wachovia Corp., making it the fourth-largest U.S. bank measured by assets.

The $12.7 billion purchase creates a bank with 11,000 outlets and 12,260 automated teller machines, the Charlotte (N.C..) Observer reported Thursday.

In 18 states, Wells will be the largest bank in deposit market share, the Observer said.

Wachovia shareholders approved of the deal in December, after Wells outbid Citigroup Inc., which had offered to buy the Wachovia's banking operations for $2.2 billion.