According to court papers, Wells Fargo shocked Regions Bank with its offer to buy out Regions' share of the office building's loan.
Wells Fargo would pay for 42 cents on the dollar for the $37 million loan, with an offer in the mid-teens.
The offer is detailed in court papers Regions filed over financing for the 19-story office tower that is part of the NASCAR Hall of Fame complex in uptown Charlotte.
Regions Bank says in papers filed in a federal court last month that it provided half of the loan amount to developers of the NASCAR Plaza in May 2007. The 376,000-square-foot building, which towers over the NASCAR Hall of Fame is reported to be less than 50 percent occupied.
- Doug Miller