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Wells Fargo Acquires Treasury Warrants

Wells Fargo & Company has acquired 70.2 million warrants to purchase Wells Fargo common stock in an auction conducted on behalf of the US Treasury by Deutsche Bank Securities.

The warrants were issued by Wells Fargo to the US Treasury in connection with its investment in Wells Fargo under the Capital Purchase Program.

The price per warrant was $7.70, and the 70.2 million warrants acquired represent 63.6% of the 110.3 million outstanding warrants. The transaction is expected to close on or before May 26, 2010.

Howard Atkins, CFO of Wells Fargo & Company, said: “We believe avoiding future shareholder dilution by acquiring these warrants at this price is a compelling investment for our shareholders.”