Fannie Mae Notifies NYSE and Chicago Stock Exchange of Intention to Delist

/PRNewswire/-- Fannie Mae (NYSE:FNM) today reported in a filing with the U.S. Securities and Exchange Commission (SEC) that the company had notified the New York Stock Exchange (NYSE) and the Chicago Stock Exchange (CSE) of its intent to delist its common and preferred stock. This notice was made in response to notification by the NYSE on June 15, 2010 that the company no longer met NYSE continued listing standards relating to the minimum price of Fannie Mae's common stock and to the issuance of a directive dated June 16, 2010 by the Federal Housing Finance Agency (FHFA), Fannie Mae's conservator, for Fannie Mae to delist its common and preferred stock from the NYSE and any other U.S. stock exchange where its common and preferred stock are listed.

According to a press release by FHFA, the Acting Director of FHFA directed both Fannie Mae and Freddie Mac to take such actions.

In accordance with SEC rules and regulations, Fannie Mae intends to file a Form 25 (Notification of Removal from Listing under Section 12(b) of the Securities Exchange Act of 1934) on or about June 28, 2010. Fannie Mae anticipates that the delisting of its common and preferred stock from the NYSE and CSE will be effective 10 days after Fannie Mae files the Form 25 with the SEC.

After the delisting of its stock, Fannie Mae expects that its common stock and all series of preferred stock that were previously listed on the NYSE will be traded in the over-the-counter market and quoted on the OTC Bulletin Board (OTCBB), a centralized electronic quotation service for over-the-counter securities, under a ticker symbol that has yet to be assigned. Fannie Mae expects that its common stock and preferred stock will continue to trade on the OTCBB so long as market makers demonstrate an interest in trading in the common and preferred stock.

Fannie Mae does not expect that the transfer of the trading of its common and preferred stock to the OTCBB will affect, in any way, Fannie Mae's ability to fulfill its mission to provide liquidity and stability to the mortgage market, or its focus on home-retention, foreclosure-prevention, and refinance efforts under the Making Home Affordable Program. The transition to the OTCBB also will not affect the company's obligation to file periodic and certain other reports with the SEC under applicable federal securities laws.

Certain statements in this news release may be considered forward-looking statements within the meaning of the federal securities laws, including those relating to our intention to take steps to cause the company to be delisted from the NYSE by filing a Form 25; the expectation that our common stock and series of preferred stock will continue to be traded in the over-the-counter market and quoted on the OTCBB; and the expectation that the transfer of trading from the NYSE to the OTCBB will not in any way affect our ability to fulfill our mission. Although Fannie Mae believes that the expectations set forth in these statements are based upon reasonable assumptions, future conditions and events may differ materially from what is indicated in any forward-looking statements. Factors that could cause actual conditions or events to differ materially from those described in these forward-looking statements include, but are not limited to legislative or other governmental actions relating to our business or the financial markets; our ability to manage our business to a positive net worth; adverse effects from activities we undertake to support the mortgage market and help borrowers; the investment by Treasury and its effect on our business; changes in the structure and regulation of the financial services industry, including government efforts to improve economic conditions; the conservatorship and its effect on our business (including our business strategies and practices); the depth and duration of weakness in the housing market and economic conditions, including the extent of home price declines and unemployment rates; the level and volatility of interest rates and credit spreads; the accuracy of subjective estimates used in critical accounting policies; and other factors described in Fannie Mae's quarterly report on Form 10-Q for the quarter ended March 31, 2010, and Fannie Mae's annual report on Form 10-K for the year ended December 31, 2009, including the "Risk Factors" and "Forward-Looking Statements" sections of these reports.

Fannie Mae exists to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market. Fannie Mae has a federal charter and operates in America's secondary mortgage market to enhance the liquidity of the mortgage market by providing funds to mortgage bankers and other lenders so that they may lend to home buyers. Our job is to help those who house America.

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Post Properties Announces Reduced Quarterly Dividend, Departure of Chief Investment Officer and New Stock Repurchase Program

(BUSINESS WIRE)--Post Properties, Inc. (NYSE: PPS), an Atlanta-based real estate investment trust, today announced that its Board of Directors has reduced the quarterly dividend rate on its common stock to $0.20 per share for the fourth quarter of 2008. The Board of Directors currently anticipates maintaining this dividend rate throughout 2009, for an annualized dividend level of $0.80 per share. However, the amount of dividends to be paid by the Company will continue to be determined quarterly by the Board of Directors. The dividend is payable on January 15, 2009 to all common stock shareholders of record as of January 2, 2009.

“We believe that reducing the dividend level on the common stock is in the best interests of our shareholders,” said David P. Stockert, President and Chief Executive Officer. “Along with continuing to reduce costs, adjusting the dividend is an important part of our strategy to maintain the strength of our balance sheet and to provide financial flexibility through uncertain economic times. We expect that taking this step will help us preserve capital and improve our competitive position through the current business cycle.”

Post also announced today that Thomas D. Senkbeil, Executive Vice President and Chief Investment Officer, will leave the Company, effective on December 31, 2008. Mr. Senkbeil's responsibilities will be assumed by other members of Post’s Investment Group. The Company expects to record a charge in the fourth quarter related to contractual arrangements with Mr. Senkbeil.

Said Mr. Stockert, “With his considerable background and experience in real estate, Tom Senkbeil has made substantial contributions to Post, and attracted talented individuals to the Company. We appreciate his many accomplishments and wish him every continued success.”

Post also announced regular quarterly dividends for its 8.5 percent Series A Cumulative Redeemable Preferred Stock and its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock. On its 8.5 percent Series A Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $1.0625 per share for the fourth quarter. The dividend is payable on December 31, 2008 to all Series A preferred stock shareholders of record as of December 15, 2008. On its 7 5/8 percent Series B Cumulative Redeemable Preferred Stock, Post declared a regular quarterly dividend of $0.47656 per share for the fourth quarter. The dividend is payable on December 31, 2008 to all Series B preferred stock shareholders of record as of December 15, 2008. Dividends on the Company’s Series A and Series B preferred stock are unchanged from prior quarterly dividend levels.

Post also announced today that its Board of Directors adopted a new stock repurchase program under which Post may repurchase up to $200 million of common stock or preferred stock at market prices from time to time until December 31, 2010. Under its previous stock repurchase program which expires on December 31, 2008, Post repurchased approximately $3.7 million of common stock during 2007 and 2008. The Board of Directors also authorized Post’s management to explore opportunistic repurchases of debt in open market transactions from time to time.

Forward Looking Statement:

Certain statements made in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Statements regarding future events and developments and the Company’s future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future, are forward-looking statements within the meaning of these laws. Examples of such statements in this press release include expectations with respect to the anticipated future dividend rate and capital preservation. All forward-looking statements are subject to certain risks and uncertainties that could cause actual events to differ materially from those projected. Management believes that these forward-looking statements are reasonable; however, you should not place undue reliance on such statements. These statements are based on current expectations and speak only as of the date of such statements. In particular, the Company notes that there can be no assurance that the current dividend level will maintained in future periods. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.

The following are some of the factors that could cause the Company’s actual expectations to differ materially from those described in the Company’s forward-looking statements: the success of the Company’s business strategies discussed in its Annual Report on Form 10-K dated December 31, 2007, as amended and in previous filings with the SEC; future conditions in the global capital markets, including changes in the availability of credit and liquidity; future local and national economic conditions, including changes in levels of employment, interest rates, the availability of mortgage and other financing and related factors; uncertainties associated with the timing and amount of asset sales, the market for asset sales and the resulting gains/losses associated with such asset sales; conditions affecting ownership of residential real estate and general conditions in the multifamily residential real estate market. Other important risk factors regarding the Company are included under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2007, as amended, and under the caption “Risk Factors” in the Company’s quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2008 and may be discussed in subsequent filings with the SEC. The risk factors discussed in Form 10-K, as amended, and Form 10-Q under the caption “Risk Factors” are specifically incorporated by reference into this press release.

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Synovus Selected to Participate in U.S. Treasury Capital Purchase Program

(BUSINESS WIRE)--Synovus (NYSE: SNV), the Columbus, Georgia-based financial services company announced today it has received preliminary approval from the U.S. Treasury for the sale of approximately $973 million in preferred stock and related warrants to Treasury under the Capital Purchase Program. The final approval is subject to satisfaction of certain conditions, including approval by Synovus’ shareholders of amendments to the company’s articles of incorporation and bylaws to allow Synovus to issue preferred stock, as well as the execution of definitive agreements.

The Capital Purchase Program, part of the U.S. Treasury Troubled Asset Relief Program (TARP), is designed to encourage U.S. financial institutions to build capital and increase the flow of financing to U.S. businesses and consumers. Treasury has set aside $250 billion dollars to invest in the country’s strongest financial institutions.

Synovus expects to use the proceeds from the Capital Purchase Program to further strengthen the company’s capital base, enhance lending capabilities and position Synovus banks to capitalize on competitive growth opportunities in local markets.

“Through participation in this program, we have the opportunity to gain valuable capital to invest in continued growth and economic recovery in each of the communities we serve,” said Richard Anthony, Chairman and CEO of Synovus. “We are especially focused on opportunities to carefully expand our lending efforts to consumers and businesses as we all work through these challenging economic times.”

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Colonial BancGroup Announces Status of the U.S. Treasury’s Capital Purchase Program Application

(BUSINESS WIRE)--The Colonial BancGroup, Inc. (NYSE: CNB) is making the following announcement in order to correct what it perceives to be misinformation in the market place. Colonial has, in fact, applied for participation in the TARP Capital Purchase Program. Its application was delivered to the FDIC in a timely manner. While assurances can not be given as to the outcome of the application, Colonial has been given no information that would lead it to doubt that its application is not being processed through the normal channels. At this time, it is not possible to project when we will receive an answer to the application.

Colonial BancGroup operates 344 branches in Florida, Alabama, Georgia, Nevada and Texas with over $26 billion in assets. The Company’s common stock is traded on the New York Stock Exchange under the symbol CNB and is located online at www.colonialbank.com. In some newspapers, the stock is listed as ColBgp.

This release includes “forward-looking statements” within the meaning of the federal securities laws. Words such as “believes,” “estimates,” “plans,” “expects,” “should,” “may,” “might,” “outlook,” “potential” and “anticipates,” the negative of these terms and similar expressions, as they relate to The Colonial BancGroup, Inc. (BancGroup) (including its subsidiaries or its management), are intended to identify forward-looking statements. The forward-looking statements in this release are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. In addition to factors mentioned elsewhere in this release or previously disclosed in BancGroup’s SEC reports (accessible on the SEC’s website at www.sec.gov or on BancGroup’s website at www.colonialbank.com), the following factors, among others, could cause actual results to differ materially from forward-looking statements and future results could differ materially from historical performance. These factors are not exclusive:

* losses to our loan portfolio are greater than estimated or expected;
* an inability to raise additional capital on terms and conditions that are satisfactory;
* the impact of current economic conditions on our ability to borrow additional funds to meet our liquidity needs;
* economic conditions affecting real estate values and transactions in BancGroup’s market and/or general economic conditions, either nationally or regionally, that are less favorable then expected;
* changes in the interest rate environment which expand or reduce margins or adversely affect critical estimates as applied, projected returns on investments, and fair values of assets;
* deposit attrition, customer loss, or revenue loss in the ordinary course of business;
* increases in competitive pressure in the banking industry and from non-banks;
* costs or difficulties related to the integration of the businesses of BancGroup and institutions it acquires are greater than expected;
* the inability of BancGroup to realize elements of its strategic plans for 2008 and beyond;
* natural disasters in BancGroup’s primary market areas which result in prolonged business disruption or materially impair the value of collateral securing loans;
* management’s assumptions and estimates underlying critical accounting policies prove to be inadequate or materially incorrect or are not borne out by subsequent events;
* the impact of recent and future federal and state regulatory changes;
* current and future litigation, regulatory investigations, proceedings or inquiries;
* strategies to manage interest rate risk may yield results other than those anticipated;
* changes which may occur in the regulatory environment;
* a significant rate of inflation (deflation);
* unanticipated litigation or claims;
* acts of terrorism or war; and
* changes in the securities markets.

Many of these factors are beyond BancGroup’s control. The reader is cautioned not to place undue reliance on any forward looking statements made by or on behalf of BancGroup. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. BancGroup does not undertake any obligation to update or revise any forward-looking statements.

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Wells Fargo Reports Net Income of $1.64 Billion, or $0.49 Per Share

(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC):
-- Strong business momentum continues:
-- Year-to-date revenue up 11 percent
-- Average loans up 15 percent from prior year and 13 percent
(annualized) from prior quarter
-- Average earning assets up 15 percent from prior year and 13
percent (annualized) from prior quarter
-- Core deposits up 10 percent from September 30, 2007, and 30
percent (annualized) from June 30, 2008
-- Cross-sell of 6.3 for wholesale customers and a record 5.7 for
retail bank households

-- Credit reserve build of $500 million ($0.10 per share), bringing
allowance for credit losses to $8.0 billion

-- Previously announced impairment charges for investments in Fannie
Mae, Freddie Mac and Lehman Brothers totaling $646 million ($0.13
per share)

-- Revenue up 5 percent from prior year despite impact of investment
write-downs

-- Tier 1 capital of 8.58 percent, up from 8.24 percent in second
quarter 2008

Wells Fargo & Company (NYSE:WFC) reported diluted earnings per common share of $0.49 in third quarter 2008 compared with $0.53 in second quarter 2008 and $0.64 in third quarter 2007. Net income was $1.64 billion compared with $1.75 billion in second quarter 2008 and $2.17 billion in third quarter 2007.

“Despite the dramatic changes in our industry and economy, the Wells Fargo team rose to the challenge this quarter and achieved solid growth in loans and deposits, a truly remarkable accomplishment,” said President and CEO John Stumpf. “Revenue year to date was up 11 percent continuing our track record of strong, double-digit growth. Our strength, security and outstanding financial performance continued to compare favorably with our industry peers. Our vision and values and our diversified business model are time-tested over more than two decades. We’re focused, as always, on building lifelong relationships with our customers and communities, and because of that we continue to grow market share and wallet share. Barron’s ranks us one of the world’s 20 most admired companies.

“We’re known and admired for our conservative financial position, and a disciplined acquisition strategy that will not change. In that regard, we look forward with great anticipation and confidence to completing our merger with Wachovia Corporation by year end. The union of our two companies will provide compelling value for all our stakeholders, including Wachovia’s team members, combining the industry’s best in service and best in sales, an unbeatable combination that will create the nation’s premier coast-to-coast financial services company.”

Financial Performance

“Wells Fargo earned $1.64 billion, or $0.49 per share, in the third quarter, after incurring $0.13 per share of previously announced write-downs for investments in Fannie Mae, Freddie Mac and Lehman Brothers,” said Chief Financial Officer Howard Atkins. “We also built our credit reserves by an additional $500 million ($0.10 per share), bringing the allowance for credit losses to $8.0 billion, a $4.0 billion increase in the allowance since the credit crunch began a year ago. Business momentum remained strong in the quarter, with double-digit loan and earning asset growth (both up 15 percent year over year), double-digit growth in core deposits (up 10 percent from September 30, 2007), and 30 percent (annualized) from June 30, 2008, double-digit growth in assets under management, primarily mutual funds (up 12 percent year over year) and a record 5.7 cross-sell in our retail banking business. In addition, we continued to fortify our already strong balance sheet.

“Our net interest margin remained among the best of the large bank holding companies at 4.79 percent, reflecting the decline in our funding costs since last year and continued above-market growth in core deposits. Finally, despite the strong growth in earning assets, investment write-downs and higher credit costs in the quarter, our capital ratios increased, with Tier 1 capital rising to 8.58 percent, one of the strongest capital positions in the industry. The strength of our franchise, earnings and balance sheet positions us well for the exciting merger about to take place with Wachovia.”

Revenue

Revenue was $10.38 billion, up 5 percent from $9.85 billion a year ago. The write-downs for investments in Fannie Mae, Freddie Mac and Lehman Brothers reduced revenue by 7 percentage points. “Year-to-date revenue was up 11 percent, a remarkable accomplishment in this environment,” said Atkins. “Many of our businesses continued to generate double-digit, year-over-year revenue growth including asset-based lending, commercial banking, credit cards, mortgage banking, insurance, international and wealth management, and the significant growth this quarter in net new checking accounts positions us well with new accounts and new customers to continue our strong, double-digit revenue growth.”

Loans

Average loans of $404.2 billion increased $53.5 billion, or 15 percent, from a year ago. On a linked-quarter basis, average loans grew $12.7 billion, or 13 percent (annualized). Average commercial and commercial real estate loans increased $36.0 billion, or 27 percent, from third quarter 2007 and increased $9.7 billion, or 24 percent (annualized), from second quarter 2008, making this the 16th consecutive quarter of double-digit, year-over-year growth. Average consumer loans increased $17.8 billion, or 9 percent, from third quarter 2007, and increased $3.1 billion, or 5 percent (annualized), from second quarter 2008. “We continued to provide new, appropriately-priced credit to our customers while at the same time paring down indirect channels and higher risk tiers,” said Atkins.

Deposits

“We saw a tremendous inflow of deposits in the latter part of the quarter, especially at the end of September reflecting what we believe is a significant flight to quality,” said Atkins. Core deposits increased $23.7 billion, or 30 percent (annualized), from June 30, 2008. Average core deposits of $320.1 billion increased $13.9 billion, or 5 percent, from a year ago and $1.7 billion, or 2 percent (annualized), linked quarter. Average mortgage escrow deposits were $21.2 billion, down $1.2 billion from third quarter 2007 and down $1.5 billion linked quarter. Average retail core deposits increased $13.2 billion, or 6 percent, from third quarter 2007 and increased $3.8 billion, or 7 percent (annualized), linked quarter. Average consumer checking accounts grew a net 6.1 percent from second quarter 2007, with 8 percent growth in California, the largest increase in net new checking accounts in California in almost four years. Wealth Management group average core deposits of $22.7 billion increased $7.7 billion, or 52 percent, from third quarter 2007.

Net Interest Income

Net interest income increased $1.1 billion, or 21 percent, from third quarter 2007 driven by double-digit earning asset growth (up 15 percent) and a 24 basis point increase in the net interest margin to 4.79 percent. Net interest income grew $103 million, or 7 percent (annualized), linked quarter due to 13 percent (annualized) linked-quarter growth in earning assets offset in part by a 13 basis point linked-quarter decline in the net interest margin. “At 4.79 percent, we continued to have an industry-leading net interest margin in large part due to wider new business spreads, significantly lower funding costs, and our success in building core deposits,” said Atkins. “The modest decline in our net interest margin on a linked-quarter basis was due to asset growth and slightly lower loan yields. The year-to-date increase in net interest income has basically offset the year-to-date increase in net loan charge-offs. Thus, for Wells Fargo, excluding the credit reserve build, the benefits of the credit crisis in terms of increasing assets at wider spreads have offset the negative aspects of the credit crisis in terms of higher loan losses.”

Noninterest Income

Noninterest income decreased $575 million from third quarter 2007, including a $756 million decline in net investment gains. The $1.2 billion decrease in noninterest income linked quarter was primarily due to a $378 million decline in net investment gains, as well as lower linked-quarter mortgage banking income. Net investment losses of $423 million consisted of previously announced other-than-temporary impairment charges of $646 million for Fannie Mae, Freddie Mac and Lehman Brothers, an additional $247 million of other-than-temporary write-downs on debt securities and $470 million of realized bond and equity gains.

Despite the 24 percent decline in the S&P500® year over year, trust and investment fees declined only 5 percent. Card fees were up 7 percent year over year and 9 percent (annualized) linked quarter due to continued growth in new accounts and greater purchase activity. Insurance fees were up 33 percent year over year due to customer growth, higher crop insurance revenues and the fourth quarter 2007 acquisition of ABD Insurance, but declined 20 percent linked quarter due to seasonally lower crop insurance revenues. Charges and fees on loans were up 8 percent, primarily reflecting strong commercial loan demand. Net unrealized losses on securities available for sale were $4.9 billion at September 30, 2008, compared with net unrealized losses of $2.1 billion at June 30, 2008.

Mortgage banking noninterest income was a solid $892 million, the second best quarter ever. Mortgage banking noninterest income increased $69 million from third quarter 2007 and was down $305 million linked quarter, with higher servicing income offset by lower origination volumes. The owned mortgage servicing portfolio was $1.56 trillion at quarter end, up 6 percent from a year ago. Mortgage applications of $83 billion in the quarter were down 13 percent from a year ago but at wider margins.

Noninterest Expense

Noninterest expense decreased $154 million, or 3 percent, from third quarter 2007 and decreased $343 million linked quarter. “We continued to make investments in distribution and sales and service team members, adding over 1,000 platform bankers since last year end and adding 12 new banking stores in third quarter 2008 alone. We continue to be disciplined about our efforts to restrict expenses to revenue-creating opportunities while at the same time paring down other unit costs,” said Atkins. The efficiency ratio was 53.2 percent even after taking into account the non-cash, other-than-temporary impairment.

Credit Quality

“The current credit cycle continued to be challenging,” said Chief Credit Officer Mike Loughlin. “While our wholesale portfolios continued to perform well given current market conditions, several consumer loan portfolios remained under stress.” Third quarter 2008 net charge-offs were $1,995 million (1.96 percent of average loans, annualized) compared with $1,512 million (1.55 percent) in second quarter 2008 and $892 million (1.01 percent) in third quarter 2007. A significant part of the sequential increase reflected the changes in the National Home Equity Group (Home Equity) charge-off policy in the second quarter, which deferred an estimated $265 million of charge-offs. After taking into account the impact of the new Home Equity policy, charge-offs rose at a more moderate pace in third quarter than in the last few quarters. Third quarter 2008 provision was $2.5 billion, including a $500 million credit reserve build primarily related to higher projected losses in several consumer credit businesses, as well as growth in the wholesale portfolios, bringing the allowance for credit losses to $8.0 billion, double its level from just before the credit crunch began a year ago. “As expected, consumer behavior continued to be influenced by weakness in residential real estate values. Additionally, the effects of higher energy prices and higher unemployment levels impacted the performance of the consumer loan portfolios during the quarter. On the positive side, we saw signs of stabilizing loan losses in our business direct and student loan business. Loan requests in our wholesale businesses have increased dramatically as quality borrowers are providing attractive business opportunities that are both well-structured and appropriately priced for risk.”

Net charge-offs in the real estate 1-4 family first mortgage portfolio increased $43 million linked quarter, including the $19 million increase from Wells Fargo Financial’s residential real estate portfolio. “As stated in prior quarters, residential real estate loss levels will continue to be driven by housing price trends,” said Loughlin. Credit card charge-offs increased $32 million. “Loss levels continued to increase in this credit cycle as the impacts from lower disposable income and unemployment weigh on the consumer.” Losses in the auto portfolio increased $74 million from second quarter 2008 in part due to seasonality and lower used car values. “While we remain optimistic about the positive impacts of process improvements and underwriting changes we made in the auto business in prior quarters, as well as our robust loss mitigation efforts, the economic environment continued to stress the consumer and influence loan performance.”

Net charge-offs in the real estate 1-4 family junior lien portfolio increased $307 million from second quarter 2008 as the effect of the second quarter charge-off policy change dissipated. “The fact that property values continued to drop in many markets directly impacted loss levels in this portfolio,” said Loughlin. “Until residential real estate values stabilize, the Home Equity portfolio will produce higher than normal loss levels.” Of the combined $350 million increase in real estate first and second mortgage losses, approximately $265 million was due to the deferral of charge-offs from second quarter related to the change in the Home Equity charge-off policy.

Commercial and commercial real estate net charge-offs decreased $4 million linked quarter, including a modest decline in charge-offs on loans originated through our Business Direct small business lending group. “The wholesale businesses continued to weather the turbulent credit environment relatively well and we are pleased with the progress we’ve made in small business credit,” said Loughlin. “Commercial credits related to residential real estate and the consumer segment have shown some weakness, but remained within our expectations. On the positive side, additional lending opportunities have increased as our customers have seen credit availability shrink in the market place. Our ability to lend to our quality customers is a win-win scenario.”

Nonperforming Assets

Total nonperforming assets were $6.29 billion (1.53 percent of total loans) at September 30, 2008, and included $5.00 billion of nonperforming loans, $596 million of insured Government National Mortgage Association (GNMA) loan repurchases, and $700 million of foreclosed and repossessed real estate and vehicles. This compares with $5.23 billion (1.31 percent) at June 30, 2008, consisting of $4.07 billion of nonperforming loans, $535 million of GNMA loan repurchases and $619 million of foreclosed and repossessed assets. “Until conditions improve in the residential real estate and liquidity markets, we will continue to hold more nonperforming assets on our balance sheet as it is currently the most economic option available,” said Loughlin. “A portion of the increase in nonperforming loans continued to relate to our active loss mitigation strategies at Home Equity, Wells Fargo Home Mortgage (Home Mortgage) and Wells Fargo Financial as we are aggressively working with customers to keep them in their homes. Increases in commercial nonperforming assets were also a direct result of the conditions in the residential real estate markets and general consumer economy. The home builders, mortgage service providers, contractors, suppliers and others in the residential real estate-related segments continued to be stressed as this cycle plays out. Additionally, as the consumer cuts back on discretionary spending we are seeing some of those credits dependent on this spending weaken.”

Loans 90 days or more past due and still accruing totaled $8.44 billion, $7.26 billion, and $5.53 billion at September 30, 2008, June 30, 2008, and September 30, 2007, respectively. For the same periods, the totals included $6.30 billion, $5.48 billion and $4.26 billion, respectively, in advances pursuant to our servicing agreement to GNMA mortgage pools and similar loans whose repayments are insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. “We continued to see the balances of 90 days or greater past due and still accruing increasing as the negative credit trends impact loan performance.”

Allowance for Credit Losses

The allowance for credit losses, including unfunded commitments, totaled $8.03 billion at September 30, 2008, compared with $7.52 billion at June 30, 2008. Third quarter 2008 results included a credit reserve build of $500 million primarily for higher projected loss rates across several consumer credit businesses, as well as growth in the wholesale portfolios. Since the beginning of fourth quarter 2007, the Company has provided $3.9 billion in excess of net charge-offs. “Over the last 12 months, we have doubled the size of the allowance to address higher credit losses and support the strength of our balance sheet in these volatile times,” said Loughlin. “We believe the allowance was adequate for losses inherent in the portfolio at September 30, 2008.”


Regional Banking
-- Record core product solutions (sales) of 6.30 million, up 20
percent from prior year
-- Record core sales per platform banker FTE (active, full-time
equivalent) of 5.72 per day, up from 5.18 in prior year
-- Record retail bank household cross-sell of 5.7 products per
household; 24 percent of our retail bank households have 8 or more
products, our long-term goal

-- Sales of Wells Fargo Packages(R) (a checking account and at least
three other products) up 47 percent from prior year, purchased by
74 percent of new checking account customers
-- Consumer checking accounts up a net 6.1 percent from prior year, up
over 8 percent in California
-- Customer loyalty scores up 7 percent and welcoming and wait time
scores up 8 percent from prior year (based on customers conducting
transactions with tellers)
-- Added 1,115 platform banker FTEs from prior year through hiring and
acquisitions

-- Opened 12 banking stores, added 13 webATM(R) machines and converted

226 to Envelope-freeSM webATM machines
-- Business Banking
-- Store-based business solutions up 25 percent from prior year
-- Loans to small businesses (loans primarily less than $100,000
on our Business Direct platform) up 6 percent from prior year
-- Business checking accounts up a net 2.3 percent from prior year
-- Business Banking household cross-sell of 3.6 products per
household

-- Sales of Wells Fargo Business Services Packages (a business
checking account and at least three other business products) up
42 percent from prior year, purchased by 50 percent of new
business checking account customers
-- According to 2007 CRA data, Wells Fargo was America's #1 small
business lender for the sixth consecutive year, extending $23
billion in originations to small business owners nationwide (in
loans under $100,000)

“Our amazing regional banking team continued to focus on helping our customers succeed financially by providing a record 6.30 million core product solutions in the third quarter, up 20 percent from the prior year,” said Carrie Tolstedt, senior EVP, Community Banking. “In addition to our record retail bank household cross-sell, we experienced significant gains in net new customer relationships. Consumer checking accounts were up a net 6.1 percent, the highest growth in almost four years, with over 8 percent net gain in California. We continued to have success with cross-selling these new relationships, with sales of Wells Fargo Packages® remaining strong, purchased by 74 percent of new checking account customers. Many indicators show that new and existing customers are honoring us with more of their business.”

Home Mortgage
-- Home Mortgage retail originations of $23 billion, down 21 percent
from prior year
-- Mortgage applications of $83 billion, down 13 percent from prior
year
-- Mortgage application pipeline of $41 billion, down 9 percent from
prior year
-- Record owned mortgage servicing portfolio of $1.56 trillion, up 6
percent from prior year and 4 percent (annualized) from prior
quarter

“Our talented and dedicated sales, servicing and capital markets teams continued to manage through all the turmoil in the housing and financial markets and delivered very strong performance this quarter,” said Mark Oman, senior EVP, Home and Consumer Finance Group. “By staying true to the Wells Fargo vision of satisfying all our customers’ financial needs and helping them succeed financially and to our long-term commitment to responsible lending and responsible servicing principles, we have avoided many of the issues which have plagued the industry this year.

“While mortgage originations declined as a result of the combined slowdown in home purchase and refinancing activities thus reducing gains on sales of mortgage loans, this reduction in revenue was partially offset by higher servicing income which benefited from the decline in mortgage pre-payments.

“Despite the economic slowdown, our servicing portfolio continued to perform relatively well. For our largest product category, prime conventional first mortgages representing 5.7 million customers and over $1 trillion of servicing, 97 out of every 100 customers were current with their payments as of September 30, 2008, compared with 98 out of every 100 as of September 30, 2007. We believe in homeownership and do all we can to keep people in their homes. We are committed to working with our customers, government agencies and our mortgage securities investors to find potential solutions when our customers experience financial difficulties and only as a last resort will we foreclose.”

Wealth Management Group
-- Revenue up 14 percent from prior year
-- Net income up 32 percent from prior year
-- Private Bank revenue up 56 percent, net income up 99 percent from
prior year
-- Private Bank average core deposits up 52 percent, average loans up
29 percent from prior year

-- WellsTrade(R) revenue up 40 percent from prior year
-- Wells Fargo Private Bank opened its first location in Manhattan

Online Banking
-- 10.8 million active online consumers, up 14 percent from prior
year; 68 percent of all consumer checking accounts are online
-- 5.4 million online money movement customers, up 16 percent from
prior year
-- 1.1 million active online small business customers, up 16 percent
from prior year

-- Announced national availability of Wells Fargo vSafeSM service,
lets customers protect, organize and access online copies of
important documents, first storage solution of its kind from a
major financial institution

Wholesale Banking serves customers coast to coast, including middle market banking, corporate banking, commercial real estate, treasury management, asset-based lending, insurance brokerage, foreign exchange, trade services, specialized lending, equipment finance, corporate trust, capital markets activities and asset management.

Selected Financial Information

Third Quarter %
(in millions) 2008 2007 Change
Total revenue $ 1,782 $ 2,157 (17 )%
Provision for credit losses 294 19 NM
Noninterest expense 1,393 1,230 13
Net income 83 591 (86 )

(in billions)
Average loans 116.2 87.5 33
Average assets 156.6 115.9 35
Average core deposits 65.2 63.1 3
NM - Not meaningful
-- Average loans up 33 percent
-- Average mutual fund balances up 12 percent over same period last
year
-- Institutional Brokerage record revenue up 57 percent over same
period last year
-- Foreign Exchange revenue up 33 percent over same period last year
-- Acquired insurance brokerages in Indiana, New Jersey, North
Carolina and Washington

“Wholesale Banking’s third quarter results were substantially impacted by the illiquidity and disruption in the credit markets, particularly write-downs associated with Fannie Mae, Freddie Mac and Lehman Brothers,” said Dave Hoyt, senior EVP, Wholesale Banking Group. “While we’re not pleased about the impacts of these events brought on by current market conditions, these same market conditions have benefited us by creating more opportunities to increase market share by bringing in new customers and increase wallet share by doing more business with existing customers. Our underlying business performance was good, with strong loan and deposit growth across the board. We’re growing relationships, gaining new customers, and getting more chances to compete for their business. Wholesale Banking’s overall cross-sell was 6.3 products per customer relationship, and our middle market business had an average of 7.8 products per customer relationship. Average loans increased 33 percent from a year ago. Our credit performance was in line with our expectations, but we continue to have a cautious outlook. Our credit policies and disciplined approach work for us and our customers in good times and bad.

“In a testament to our diversified business model, revenue was broad-based. Certain business lines – such as Commercial Real Estate brokerage – were more impacted by current conditions while others – including Foreign Exchange, Treasury Management and Institutional Brokerage – did very well. Even given the difficult equity market performance, with the S&P500 Index down 24 percent in the last 12 months, our mutual fund balances grew 12 percent. Growth was fueled mainly by increased money market balances, up over 15 percent in third quarter 2008 on a linked-quarter basis. Since the launch of our CEO Mobile® service last year – the only browser-based mobile banking service for corporate banking customers – we have transferred over $1 billion through the phone channel. Foreign Exchange Online (FXOL) – the online foreign exchange customer platform accessed through the Commercial Electronic Office® (CEO®) portal – was extended to small businesses to help them manage their foreign currency risk.”

Wholesale Banking reported net income of $83 million in third quarter 2008 compared with $591 million a year ago, mainly due to other-than-temporary impairment charges in our securities portfolio. Revenue decreased $375 million, including impairment charges of $407 million. Net interest income increased $136 million or 15 percent, driven by strong loan and deposit growth. Average loans grew to $116 billion, up 33 percent from a year ago, with double-digit increases across nearly all wholesale lending businesses. Average total deposits were $84 billion, up 10 percent from a year ago, all in interest-bearing balances. Noninterest income decreased $511 million from third quarter 2007, primarily due to impairment charges. Noninterest income from foreign exchange, loan fees, institutional brokerage and insurance all increased. Noninterest expense increased $163 million from a year ago, mainly due to higher personnel-related costs including expenses due to the acquisition of ABD Insurance and higher agent commissions in the crop insurance business stemming from higher commodity prices. The provision for credit losses was $294 million, an increase of $275 million from third quarter 2007, and included $115 million of net charge-offs (0.39 percent of total loans) and a $178 million credit reserve build for the wholesale portfolio.

Wells Fargo Financial offers consumer loans primarily through real estate-secured debt consolidation products, automobile financing, consumer and private-label credit cards and commercial services to consumers and businesses throughout the United States, Canada, Puerto Rico and the Pacific Rim.

Selected Financial Information

Third Quarter %
(in millions) 2008 2007 Change
Total revenue $ 1,394 $ 1,373 2 %
Provision for credit losses 770 427 80
Noninterest expense 677 728 (7 )
Net income (loss) (33 ) 135 NM

(in billions)
Average loans 67.5 65.8 3
Average assets 71.4 71.7 --
NM - Not meaningful
-- Average loans/leases of $67.5 billion, up 3 percent from third
quarter 2007
-- Real estate-secured receivables of $29.2 billion, up 12 percent
from third quarter 2007
-- Auto finance receivables/operating leases of $26.2 billion, down 14
percent from third quarter 2007

“Although Wells Fargo Financial credit losses were elevated from historic norms in all of our portfolios because of current market stress on consumers, we continued to fare much better than industry averages due to previously implemented tightened underwriting standards in our real estate, auto and credit cards businesses that have enabled us to effectively manage risk,” said Tom Shippee, Wells Fargo Financial CEO. “In our real estate-secured portfolio, those losses have been predominately concentrated in California, Florida, Arizona and Nevada, where 26 percent of our $29.2 billion portfolio is based. In the first nine months of 2008, we have worked to reduce expenses during this difficult credit environment by consolidating our store network – closing 9 percent, or 86, of our U.S. stores – and also by reducing our full-time equivalent team member base by 14 percent, or almost 3,000 FTEs.”

“We work hard to keep our real estate customers in their homes,” said Dave Kvamme, Wells Fargo Financial president and chief operating officer. “Our foreclosure rate was dramatically below the industry average for nonprime lenders. The strength of our portfolio relative to the industry is due to our sound and conservative underwriting standards, which prohibit the selling of higher-risk products such as stated income or teaser rate loans. Losses in our auto portfolio increased this quarter, driven by a decline in used car values. Across all of our businesses, we continue to take actions to reduce credit risk and right-size our expense base.”

Wells Fargo Financial lost $33 million this quarter reflecting higher credit costs, including a $162 million credit reserve build as a result of continued softening in the real estate, auto and credit card markets. Third quarter revenue of $1.39 billion was flat from a year ago. Pre-tax pre-provision income (i.e., revenue less noninterest expense) increased $72 million, or 11 percent from a year ago. Average loans increased 3 percent from third quarter 2007. Noninterest expense declined 7 percent from third quarter 2007.

Recorded Message

A recorded message reviewing Wells Fargo’s results is available at 5:30 a.m. Pacific Time through October 18, 2008. Dial 866-519-1052 (domestic) or 585-295-6792 (international). No password is required. The call is also available on the internet at www.wellsfargo.com/invest_relations/earnings and http://www.investorcalendar.com/IC/CEPage.asp?ID=135429.

Wells Fargo & Company is a diversified financial services company with $623 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through almost 6,000 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest possible credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”

The following appears in accordance with the Private Securities Litigation Reform Act of 1995:

This news release contains forward-looking statements about the Company, including our beliefs and expectations for future credit quality and losses and our expectations for the Wachovia merger transaction, the statement that residential real estate loss levels will continue to be driven by housing price trends, the statement that until residential real estate values stabilize, the Home Equity portfolio will produce higher than normal loss levels, and the statement that until conditions improve in the residential real estate and liquidity markets, we will continue to hold more nonperforming assets on our balance sheet. Do not unduly rely on forward-looking statements. They give our expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them to reflect changes that occur after that date.

There are a number of factors that could cause results to differ significantly from our expectations, including further deterioration in the credit quality of our home equity, real estate, auto or other loan portfolios, or in the value of the collateral securing those loans, due to higher interest rates, increased unemployment, declining home or auto values, economic recession or other economic factors. Factors related to the Wachovia merger include the receipt of necessary regulatory approvals and the approval of Wachovia shareholders. For a discussion of factors that may cause actual results to differ from expectations, refer to our Quarterly Report on Form 10-Q for the quarter ended June 30, 2008, and our Annual Report on Form 10-K for the year ended December 31, 2007, including information incorporated into the 10-K from our 2007 Annual Report to Stockholders, filed with the Securities and Exchange Commission (SEC) and available on the SEC’s website at www.sec.gov.

Any factor described in this news release or in any document referred to in this news release could, by itself or together with one or more other factors, adversely affect the Company’s business, earnings and/or financial condition.

Where to Find More Information About the Wachovia Merger

The proposed merger will be submitted to Wachovia Corporation shareholders for their consideration. Wells Fargo will file with the SEC a registration statement on Form S-4 that will include a proxy statement of Wachovia Corporation that also constitutes a prospectus of Wells Fargo. Wachovia Corporation will mail the proxy statement-prospectus to its shareholders. Wachovia shareholders and other investors are urged to read the final proxy statement-prospectus when it becomes available because it will describe the proposed merger and contain other important information. You may obtain copies of all documents filed with the SEC regarding the proposed merger, free of charge, on the SEC’s website at www.sec.gov. You may also obtain free copies of these documents by contacting Wells Fargo or Wachovia, as follows:

Wells Fargo & Company, Investor Relations, MAC A0101-25, 420 Montgomery Street, 2nd Floor, San Francisco, California 94104-1207, (415) 396-3668.

Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, North Carolina 28288, (704) 374-6782.

Wells Fargo and Wachovia and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from Wachovia Corporation shareholders in connection with the proposed merger. Information about Wells Fargo’s directors and executive officers and their ownership of Wells Fargo common stock is contained in the definitive proxy statement for Wells Fargo’s 2008 annual meeting of stockholders, as filed by Wells Fargo with the SEC on Schedule 14A on March 17, 2008. Information about Wachovia’s directors and executive officers and their ownership of Wachovia common stock is contained in the definitive proxy statement for Wachovia’s 2008 annual meeting of shareholders, as filed by Wachovia with the SEC on Schedule 14A on March 10, 2008. You may obtain a free copy of these documents by contacting Wells Fargo or Wachovia at the contact information provided above. The proxy statement-prospectus for the proposed merger will provide more information about participants in the solicitation of proxies from Wachovia Corporation shareholders.

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Charter Financial Declares Stock Repurchase Program

PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC:CHFN) (BULLETIN BOARD: CHFN) today announced that its Board of Directors has authorized a stock repurchase program of 200,000 shares of common stock effective today. President and CEO Robert Johnson commented, "We believe this share buyback will prove to be a long term value to our shareholders."

At the same time, the Company also announced that it had completed its previous stock repurchase program.

Charter Financial Corporation is a savings and loan holding company and the parent of CharterBank, a full-service community bank and a federal savings institution. CharterBank is headquartered in West Point, Georgia, and operates ten branches on the I-85 corridor from LaGrange, Georgia, to Auburn, Alabama. The Company also operates two loan production offices in Georgia. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation. Additional information, including financial highlights, is available on the company's website, http://www.charterbank.net/. Persons interested in receiving e-mail notifications of news about the company may do so by completing the registration form on the investor relations page of the company's website.

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Federal Home Loan Bank of Atlanta Declares Third Quarter Dividend, Changes Dividend Schedule

PRNewswire/ -- The board of directors of Federal Home Loan Bank of Atlanta (FHLBank Atlanta) has approved an annualized dividend rate for the third quarter of 2.89 percent. This rate is equal to average three-month LIBOR (London Interbank Offered Rate) for the period July 1, 2008 to Sept. 29, 2008. The dividend is applicable to capital stock held during the period of July 1, 2008 to Sept. 30, 2008, and will be credited to members' daily investment accounts at close of business on Oct. 1, 2008.

The annualized dividend rate is lower than previous third quarter guidance because of recent volatility in the financial markets and a more conservative financial management approach in light of these conditions. In addition, the Bank will change its dividend declaration and payment schedule beginning in the fourth quarter of 2008 so a dividend can be declared and paid to member accounts after net income is calculated for the preceding quarter. To accommodate this change, the Bank will declare any fourth quarter dividend at the end of Jan. 2009 and pay it into member accounts at that time.

The Bank recognizes the value our dividend provides to member financial institutions. During the first three quarters of 2008, the Bank has paid an annualized dividend rate of 4.88 percent, which exceeds average three-month LIBOR by approximately 190 basis points. "Dividends are an attractive aspect of our cooperative, and we anticipate that once we move beyond this transition period, members will appreciate the certainty associated with the new dividend schedule," said Richard A. Dorfman, President and CEO of FHLBank Atlanta.

If you have additional questions, please contact FHLBank Atlanta's Funding Desk at 1.800.536.9650, ext. 8011.

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Heritage Financial Group Reports Ownership of Freddie Mac Securities

BUSINESS WIRE --Heritage Financial Group (NASDAQ:HBOS), the mid-tier holding company for HeritageBank of the South, today announced that it currently holds approximately $1.5 million par value of Freddie Mac preferred stock in its available-for-sale investment portfolio. The Company has no additional equity exposure to Fannie Mae or Freddie Mac equity securities. Following the U.S. government's actions earlier this week to place Freddie Mac under conservatorship and eliminate its dividends on preferred stock, the Company has seen a dramatic decrease in the value of this investment.

Management currently is examining tax issues and accounting treatment related to the decline in value of this investment. The Company is uncertain if it will be able to recognize a tax benefit if this investment is written down to market value. As of September 10, 2008, the fair value of the Company's investment in Freddie Mac preferred stock was approximately $150,000. As of June 30, 2008, the fair value of this investment was approximately $1.3 million.

At the end of the second quarter of 2008, Heritage Financial Group reported that its total risk-based capital ratio was approximately 17% – significantly above the 10% level required to be considered "well capitalized." The Company will remain well capitalized at the end of the third quarter, even if the Freddie Mac investment is written down to its fair market value, or if deemed worthless, with no corresponding tax benefit.

Heritage Financial Group is the mid-tier holding company for HeritageBank of the South, a community-oriented bank serving primarily Southwest Georgia and North Central Florida through seven full-service banking offices. As of June 30, 2008, the Company reported total assets of approximately $487.6 million and total stockholders' equity of approximately $63.3 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com, and see Investor Relations under About Us.

Heritage, MHC, a mutual holding company formed in 2002, holds approximately 74% of the shares of Heritage Financial Group. The remaining 26% of Heritage Financial Group's shares are held by public stockholders following the Company's June 2005 initial public offering.

Except for historical information contained herein, the matters included in this news release and other information in the Company's filings with the Securities and Exchange Commission may contain certain "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and include this statement for purposes of these safe harbor provisions. Further information concerning the Company and its business, including additional factors that could materially affect our financial results, is included in our other filings with the SEC.

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