The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008 after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years: on October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.

Is the following statement correct based on the text

is wells fargo and wachovia the same bank
yes