Shareholders last week approved in separate votes Wells Fargo & Co.'s acquisition of Wachovia Corp. and PNC Financial Services Group Inc.'s acquisition of National City Corp.
Both deals are expected to close by the end of the year.
Wells Fargo stepped in to purchase Wachovia after the Charlotte, N.C.-based bank had already signed a deal to sell its banking operations to Citigroup Inc. in a government-backed deal. After legal wrangling, Wells Fargo eventually succeeded in its quest to purchase all of Wachovia, keeping the entire company intact.
Wachovia Securities LLC ranks 11th as a senior manager, underwriting 330 issues with a combined par value of $10.6 billion, according to Thomson Reuters. Wells Fargo ranks 24th as a senior manager, underwriting 163 issues with a par value of $2.1 billion.
PNC in October agreed acquired Ohio-based National City in a government-supported sale. PNC ranks 18th as a senior underwriter, underwriting 144 deals with a par value of $3.2 billion. NatCity Investment Corp., which has reduced its public finance staff in recent years, ranks 44th as a senior manager, underwriting 35 issues with par value of $722 million.
