A report hit the wires early Wednesday morning that stated Wells Fargo (NYSE: WFC) intends to shutdown 122 of its banking branches in California due to overlaps from the acquisition of Wachovia.
The locations being shuttered are mainly those bearing the Wachovia name that are in close proximity to existing Wells branches.
The story broke when the Los Angeles Times reported the move after speaking with a Wells Fargo spokesperson. The closures are set to occur in April of 2010. The bank is also in the process of converting the Wachovia branches that remain into Wells Fargo locations.
According to the spokesperson, all employees impacted by the branch closures will be given jobs at other locations if they so desire.
The branch closure announcement was made to its employees on Tuesday. Impacted Wells Fargo customers will receive a letter in the mail that their branch is closing.
The bank does plan to shutdown 21 Wells Fargo branches as part of the move, leaving 101 Wachovia branches to be shuttered.
Wells Fargo is not expected to make similar moves elsewhere as California was the only state that represented substantial overlaps from the acquisition.
Wachovia branches have already been converted or are in the process in the other states where Wells Fargo branches also exist. Branches in Colorado were converted in November, while locations in Arizona, Illinois and Nevada are scheduled to be re-named in March of 2010.
The banks acquired Wachovia late last year, receiving approval for the deal on December 23, 2008 from shareholders.
Wells Fargo acquired Wachovia for $12.7 billion in a deal that provided it a substantial presence on the east coast of the U.S., while nearly doubling its overall customer base.
