Wells Fargo Preferred Bidder for Wachovia: Report - TheStreet

You can find more stories like this in our On the Brink series.

Wachovia

(WB) - Get Report

is reportedly in talks with

Wells Fargo

(WFC) - Get Report

and

Citigroup

(C) - Get Report

to be acquired, according to media reports.

The

Wall Street Journal

reports Wells Fargo was in advanced discussions Sunday evening to sell itself to Wells Fargo, according to people familiar with the situation.

Wachovia also was holding talks with Citigroup, but by late evening Wells Fargo appeared to be the preferred bidder. Details of the proposed deal weren't immediately clear, the

Journal

reports.

The

New York Times

reports Sunday federal regulators were pressing for the sale of Wachovia, the nation's fourth-largest bank. Although the

Federal Reserve

and

Treasury Department

were pushing for a sale, the government was resisting pressure to provide financial guarantees to the buyer.

Banco Santander

(STD)

also was listed as a possible bidder by the

Journal

, which cited people familiar with the talks.

Spokeswomen from both companies to declined to discuss the reports.

For months, Wachovia has been dealing with a host of mortgage problems that followed its 2006 acquisition of California residential real estate lender Golden West.

This article was written by a staff member of TheStreet.com.