Good News for Charlotte

From the Charlotte Observer

Wachovia snubs Citigroup deal, agrees to merger with Wells Fargo

Upending a deal that would have sold part of the company to Citigroup Inc., Wachovia Corp. today said its board last night approved an offer by Wells Fargo & Co. to buy all of the Charlotte-based bank in a stock deal equal to $7 per share.

Wells said the combined company will have a strong presence in Charlotte, which will be the headquarters for the combined company’s East Coast retail and commercial and corporate banking business.

This is great news for Charlotte after the pitiful offer from Citigroup of $1 per share.

Good news for the economy. Good news for the city. Great news for my friends!