For a while I was pretty removed from all this banking stuff. My bank was struggling but it was surviving, just barely, but still surviving.
But not anymore. The FDIC just announced that Citigroup will acquire the rights to Wachovia.
This is unfortunate for me on two levels. First off, I bank at Wachovia. That is where the large part of my money is stored.
Second, I hold (held?) shares of Wachovia. I know the stock prices were just tumbling, but the stocks were a gift from my grandfather many many years ago and they used to pay an OK dividend. Now I can just say buh-bye to all of that.
So I guess, it's a pretty dull day for me and other Wachovia bankers and shareholders.
Do you bank at Wachovia or own stock? Let me know in the comments.
Stop doing ANY business with all banks after one in Arlington, VA insisted on my giving them my husband's telephone number anytime I did business. I finally got so tired of it I started to give them the White House number!
I'm not the least surprised that Wachovia tanked. I remember when they moved into northern Virginia about 20 or so years ago and eventually swamped the entire Washington area.
Wachovia was like a plague, killing everything in its path. Too big for its britches, too arrogant,with little regard for who or what it trampled. Sound a little familiar?
Sorry about that .76 stock value. Take a look at D (Dominion Resources) which pays .395 dividend and has paid a dividend for umpteen years. It's the PPL of Va. but is doing much better that PPL ever has. Unfortunately.
I feel as though I've been robbed and raped.
Wachovia stock dividends were a major source of income for me. It was stock that had been grown from a small town bank. I'm not market savy, and obviously overly loyal to an outdated belief that the CEO and board of directors are also personally responsible for the safety and security of shareholder investments.
My Dad served as a director for a small town bank. He was diligent in his service, and said that the directors could possibly be held financially liable if they made decisions that affected the bank and shareholders adversely.
I am retired and 97% of the income that I needed to support myself has now been stolen. The former CEO has escaped penalty free, and the directors are not being held accountable.
Worst of all is anger that has no potential for just resolve.
Thank you for letting me share.