UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (date of earliest event reported): January 7, 2013
WELLS FARGO & COMPANY
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 001-02979 | No. 41-0449260 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
IRS Employer Identification No.) |
420 Montgomery Street, San Francisco, California |
94104 | |||
(Address of Principal Executive Offices) | (Zip Code) |
1-866-249-3302
(Registrants Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On January 7, 2013, Wells Fargo & Company (the Company) issued a press release (the Press Release) regarding the Independent Foreclosure Review settlement agreement with the Office of the Comptroller of the Currency and the Board of Governors of the Federal Reserve System. A copy of the Press Release is included as Exhibit 99 to this report and is incorporated by reference into this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99 Press Release
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: January 7, 2013 | WELLS FARGO & COMPANY | |||||
By: | /s/ James M. Strother | |||||
James M. Strother | ||||||
Senior Executive Vice President and General Counsel |
EXHIBIT INDEX
Exhibit No. |
Description | |
99 | Press Release issued January 7, 2013 |
Exhibit 99
Media | Investors | |||||
Vickee Adams | Jim Rowe | |||||
(515)213-4610 | (415) 396-8216 |
Wells Fargo Provides Statement on Independent Foreclosure Review
Agreement Reached Today
SAN FRANCISCO Jan. 7, 2013 Wells Fargo & Company (NYSE: WFC) and nine other mortgage servicers have entered into settlement agreements with the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) that would end their Independent Foreclosure Review (IFR) programs created by Article VII of an April 2011 Interagency Consent Order and replace it with an accelerated remediation process. Wells Fargo issued the following statement regarding the agreements.
We are pleased that the regulators and servicers came together to reach this settlement, which will bring resolution to more borrowers in an expedited manner, said Mike Heid, president of Wells Fargo Home Mortgage. This agreement allows us to move forward and continue our focus on doing all we can do to provide relief to our customers and restore stability to housing markets across the country.
Wells Fargos portion of the cash settlement will be $766 million, which is based on the proportionate share of Wells Fargo-serviced loans in the overall IFR population. Wells Fargo expects to record a pre-tax charge of approximately $644 million in the fourth quarter of 2012 to fully reserve for its cash payment portion of the settlement and additional remediation-related costs. Wells Fargo will commit an additional $1.2 billion to foreclosure prevention actions. This commitment will not result in any charge as the Company believes that the commitment is covered through the existing allowance for credit losses and the nonaccretable difference relating to our purchased credit-impaired loan portfolio. The Company will report its fourth quarter 2012 results on January 11, 2013.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the banks customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortunes 2012 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.
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