Wells Fargo Prices $10.65B Offering To Repay TARP

Wells Fargo & Co. (WFC) on Tuesday morning priced a stock offering of $10.65 billion, intended to help it repay $25 billion in government support. The bank said it could raise more capital to avoid selling non-strategic assets.

The San Francisco bank's stock issue priced 426 million shares at $25 each before the market opened. Wells Fargo agreed to raise at least $10.4 billion in new capital as part of a deal with regulators to exit the U.S. Treasury Dept.'s Troubled Asset Relief Program, or TARP. Wells Fargo accepted $25 billion in TARP funds last year when the federal government rescued the U.S. financial system.

Shares of Wells Fargo recently traded up 1.8% to $25.94.

Read Full Article from Wall Street Journal

- Posted: 2009-12-15 11:31:13

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