OCC News: Statement by the Board of Governors of the Federal Reserve and the Office of the Comptroller of the Currency

Joint Release	Board of Governors of the Federal Reserve System Office of the Comptroller of the Currency

NR 2008-117

For Immediate Release
October 3, 2008

Statement by the Board of Governors of the Federal Reserve
and the Office of the Comptroller of the Currency

A new proposal to acquire Wachovia has emerged from Wells Fargo. The Citigroup proposal has undergone extensive review by the Federal Reserve and the Office of the Comptroller of the Currency. We have not yet reviewed the new Wells Fargo proposal and the issues that it raises. The regulators will be working with the parties to achieve an outcome that protects all Wachovia creditors, including depositors, insured and uninsured, and promotes market stability.

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Media Contacts:
Federal Reserve	Susan Stawick	(202) 452-2955
OCC	Dean DeBuck	(202) 874-5770

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The Office of the Comptroller of the Currency was created by Congress to charter national banks, to oversee a nationwide system of banking institutions, and to assure that national banks are safe and sound, competitive and profitable, and capable of serving the banking needs of their customers in the best possible manner. OCC press releases and other information are available at http://www.occ.gov. To receive OCC press releases and issuances by email, subscribe at http://www.occ.gov/listserv.htm.