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Wells Fargo Sells Stock to Pay Back TARP Funds
NEW YORK (AP) -- Wells Fargo says it is selling shares at $25 apiece to help repay $25 billion in government bailout funds.

The pricing terms announced Tuesday come a day after Wells Fargo said it would repay funds received as part of the Troubled Asset Relief Program.

The offering price is a 1.9 percent discount from Monday's closing price of $25.49.

The San Francisco bank is raising $10.65 billion by selling 426 million shares of common stock. The bank had 4.69 billion shares outstanding as of Oct. 30.

Wells Fargo & Co. was the last large, national bank to say it would repay bailout money. The bank disclosed the plans just hours after Citigroup Inc. said it would pay back the government.

Wells Fargo shares rose 41 cents to $25.90.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
12 15 09 by Newsroom
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