Wachovia Corp. is buying competitor SouthTrust Corp. in a $14.3 billion deal that will make it the biggest bank in the Southeast and give it a foothold in Texas. Wachovia said it plans to close 130 to 150 branch offices and eliminate about 4,300 jobs after the merger, announced July 21, 2004 is completed. Wachovia is aiming to create an unbeatable combination in the heart of their Southern franchise and will acquire SouthTrust’s 60 branches in Texas, which a Wachovia spokesperson called “one of the wealthiest and fastest-growing markets in the country.” The enlarged Wachovia will have $464 billion in assets, maintaining its position as the nation’s fourth largest bank.
Wells Fargo battled over Wachovia and won the race and took over the bank deposits and mortgage loans.
Wachovia Bank Information
Wachovia offers a full array of financial services to customers through offices in 11 East Coast states and Washington, D.C. Including Connecticut, New York, New Jersey, Pennsylvania, Delaware, Maryland, Virginia,
North Carolina, South Carolina, Georgia, and Florida. Furthermore, Wachovia serves customers’ brokerage, asset management, wealth management, trust, and investment banking needs through Wachovia Securities, offices in 49 states and Washington, D.C. Global services are provided through more than 30 international offices.
Wachovia is the fourth largest bank holding company in the United States based on assets. Third largest U.S. full-service brokerage firm based on client assets. With over 85,000 employees, Wachovia serves 12 million households and businesses; 7 million online product and service enrollments; 2 million active online customers.
Wachovia Corporation
301 South College Street Suite 4000
One Wachovia Center
Charlotte, North Carolina 28288-0013
Key Benefits of Wachovia Bank Free Checking
No monthly service fee
No minimum balance requirement
No direct deposit requirement
Free Check Card
Free Online Banking
Free automated telephone service
Unlimited use of Wachovia ATMs
Unlimited check writing
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