Wachovia’s latest news – which includes a dividend cut and a $393 million first-quarter loss — adds to the pain for former A.G. Edwards shareholders. When the venerable St. Louis brokerage announced last May 30 that it was selling out to the North Carolina bank, the deal represented a 21 percent premium over A.G. Edwards’ stock price at the time.

However, the deal was part cash, part stock. And Wachovia’s shares, which sold for $54.55 when the merger was announced and $50.92 on the day it closed (Oct. 1) are now down to $25 and change. If you’re a former A.G. Edwards shareholder who’s still holding on to your Wachovia shares, your account is now worth about 22 percent less than it was before the merger was announced. (Thank goodness, they can’t take back the $35.80 a share in cash that was part of the deal.)