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High Quality Content by WIKIPEDIA articles! Wachovia, based in Charlotte, North Carolina, is a diversified, wholly owned financial services subsidiary of Wells Fargo. As an independent company, it was the fourth-largest bank holding company in the United States based on total assets. The purchase of Wachovia Corporation by Wells Fargo was completed on December 31, 2008. Wells Fargo purchased Wachovia after a government-forced sale to avoid a failure of Wachovia.