Shareholders approve the sale of Wachovia

Posted by Debra Worley - email

CHARLOTTE, NC (WECT) - Shareholders for the Charlotte-based Wachovia approved the sale of the bank to Wells Fargo Tuesday.

Since the forced merger was announced in October, Wachovia's stock has been selling in the range of $5-$6 a share, which is a fall of about 90% from its 2006 high.

The Winston-Salem Journal reports that's costing North Carolina charities and investors billions of dollars.

The city's nonprofits and churches say charitable donations of money-losing Wachovia stock have dried up in 2008.