Wells' Patience With Wachovia Paying Off

The integration is tracking far better on cost savings and revenue generation than the firm initially forecast. Executives also see plenty of opportunity to offer Wachovia customers a host of products from the combined franchise, and vice versa.

Still, retail branding is the most visible sign of an integration's success - something Wells executives appear to be aware of, even if they refuse to hasten the process.

When NAB Research analyst Nancy Bush asked about the lengthy conversion during a conference call this month, Stumpf acknowledged that "people tend to focus... on the retail side." He also promised a "big push from a signage perspective" in Wachovia's East Coast territory later this year. Bush had noted that in her home state of New Jersey, the Wells Fargo brand "isn't really visible yet."

"It will be coming to New Jersey," Stumpf responded serenely. "Every day, we get one day closer to that."

A Hare-Like History of M&A

In discussing the Wachovia integration, the word Norwest is often invoked -- a name that has largely been forgotten, though it too took a few years to disappear.

Norwest was a Midwestern banking titan, which engulfed Wells Fargo during an acquisition spree more than a decade ago. The combined entity retained Wells' time-tested stagecoach brand, but much of the management -- including retired Chairman and CEO Richard Kovacevich -- hailed from Norwest's Minneapolis headquarters. Their slow and steady tactics have endured, as has the sales culture.

"I think the management team of Wells is one of the best in the industry," says John Chrin, a Lehigh University fellow, who advised on the Wells-Wachovia deal as an M&A banker at JPMorgan. "They have never been afraid to go against the grain and go against the conventional."