wachovia bank corporate address

Case opinion for MD Court of Special Appeals PHOENIX LIFE INSURANCE COMPANY v. WACHOVIA BANK. Read the Court's full decision on FindLaw. Owner Name, Serial #, Tax District, Years Valid, Property Address. WACHOVIA BANK, 04:117:0004, (110), 2005NV, 147 N 1100 WEST - PROVO. Wells Fargo Bank, N.a., (F/K/A Wachovia National Bank of Florida) KM was National Consulting Group – Multi-corporate and multi-location alcohol and.

Wachovia bank corporate address -

How do I contact Wells Fargo Headquarters: Let’s find Headquarters Address, and Other Headquarters Contact Info

Wells Fargo is one of the largest banks in the US by total assets and market cap. The bank is headquartered in San Francisco, California, United States. The bank is lead by CEO Charles W. Scharf since October 2019. As of March 29, 2021, the stock price of WFC (Wells Fargo NYSE ticker name) is US$39.18.

Credit Cards, Personal Loans, Mortgages, Investment Banking, Financial Services, Commercial Loans, Small Business Loans, and other financial services are some of their interest areas.

Wells Fargo Headquarters

Wells Fargo Headquarters, Photo Credit: Wells Fargo

Wells Fargo Headquarters Address

Please note down the headquarters address of Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104. This should be your last option to contact the company’s corporate headquarters. Please try to make contact with a customer support team of the bank.

CEO Email Address

Mr. Charles Scharf is leading the bank and financial services company Wells Fargo since 2019. Are you frustrated with the services offered by the bank? Have you tried to resolve it with the customer support department? Please send your email to the CEO of the bank at the last resort [email protected]. This is our personal opinion only! For more information, please contact the bank directly.

Wells Fargo Office Locations (Important Only)

The contact address of Home Equity is Wells Fargo Home Equity, P.O. Box 10335, Des Moines, IA 50306-0335.

Please also save the contact address for Auto Loans, which is Wells Fargo Auto, P.O. Box 29704, Phoenix, AZ 85038-9704. For Consumer Credit Card Services, please use Wells Fargo Card Services, P.O. Box 51193, Los Angeles, CA 90051-5493 this address.

If you have any query regarding checking and savings accounts, you can write at this mailing address Wells Fargo Bank, P. O. Box 6995, Portland, OR 97228-6995 this mailing address.

For any queries/more information about Student Loans, please use this mailing address, Wells Fargo Education Financial Services, P.O. Box 5185, Sioux Falls, SD 57117-5185.

The mailing address of Wells Fargo for Home Mortgage is Wells Fargo Home Mortgage, P.O. Box 10335, Des Moines, IA 50306-0335. The contact address of Online Customer Service is Wells Fargo Customer Service, P.O. Box 560948, Charlotte, NC 28256.

Wells Fargo Banking Contact Details and Customer Support

As a customer of foreign exchange, please dial 1-800-626-9430 Mon – Fri: 5 am – 6 pm (PT) Sat: 7 am – 2 pm (PT).

For General Banking queries, please call 1-800-TO-WELLS. This line is for new and existing customers, 24 hours a day, 7 days a week.

The 24×7 customer service number for Express Send (R) Service is 1-800-556-0605. For Portfolio by Wells Fargo (R), please contact on 1-800-378-0575 24 hours a day, 7 days a week.

The Wells Fargo Military Banking contact number is 1-855-USA-2WFB (1-855-872-2932). For more details, please visit official website of Wells Fargo.

Wells Fargo Credit and Debit Cards Customer Support and Details

The customer care support number of Wells Fargo Account Management is 1-800-642-4720. If you have query regarding to application status for wells Fargo visa credit cards, then please call on 1-800-967-9521, which is available for 24 hours a day, 7 days a week.

The international collect contact number for Wells Fargo is 1-925-825-7600 (24 hours a day, 7 days a week). If you want to apply by phone or online, then please call on 1-800-932-6736.

To know application status for Wells Fargo propel American express(R) cards, please call on 1-877-514-3717. For redeem rewards points, kindly call on 1-877-517-1358.

If you want to request a new or replacement debit card of report a lost or stolen debit card, or for debit card questions, kindly call on 1-800-869-3557. The customer service number of Wells Fargo in Chinese is 1-800-288-2288.

Wells Fargo Loans Customer Support

The Wells Fargo loans customer care number for account management for home mortgage is 1-800-357-6675. For home buying and refinancing, kindly contact on 1-877-937-9357.

The mortgage military customer service number is 1-866-936-7272. If you want to do account management for home Equity, please call on 1-866-820-9199.

You want to apply by phone or online for home equity, please call on 1-888-667-1772. The contact number for Wells Fargo Auto Loan with dealership is 1-800-289-8004.

The phone number or customer care number for Wells Fargo Auto Loan is 1-800-559-3557. If you want to apply for a new student loan, kindly call on 1-800-378-5526.

For contact number of applications in process for student loan is 1-800-378-5526. For account management for student loan is 1-800-658-3567. The helpline number of student loan consolidations is 1-877-315-7723.

The customer care number for personal loans and lines of credit or to open a new account is 1-888-667-5250. For customer care number for personal loans and lines of credit, kindly call on 1-877-269-6056. For personal loans and lines of credit customer service, please call on 1-800-946-2626.

Wells Fargo Investment and Retirement Contact Details

If you want to know about 401(k) retirement plans of Wells Fargo, you can contact on 1-800-728-3123.

Wells Fargo Funds

To contact Wells Fargo individual investors, please call on 1-800-222-8222. If you are looking for contact number of Wells Fargo investment professionals, then please call on 1-888-877-9275. For institutional sales professionals, please call on 1-866-765-0778.

Wells Fargo Advisors, LLC Full Service Brokerage

To contact current brokerage customers of Wells Fargo, you can call on 1-866-281-7436. If you are new customers, then please call on 1-866-243-0931.

WellsTrade® Online Brokerage

If you have an existing WellsTrade account and have questions or query, then please call on 1-800-TRADERS (872-3377). If you are a new customers, kindly call on 1-877-573-7997.

IRAs

If you are current IRA customers, then please call on 1-866-281-7436. For new IRAs and rollovers, kindly call on 1-877-493-4727.

Trust and Managed Investments

The contact number for existing trust and managed investment questions, please call on 1-800-352- 3705. If you want to contact Wells Fargo private bank, please call on 1-888-715-0380.

Wells Fargo General Enquiry Contact Details

For Wells Fargo general banking, please call on 1-800-869-3557. The contact number of Wells Fargo online(R), please call on 1-800-956-4442. The Deaf or Hard of Hearing Customers TDD/TTY number is 1-800-877-4833.

How to Report Fraud

The Wells Fargo account fraud like ATM, debit card, or checking fraud for Personal Accounts, please call on 1-800-869-3557. For credit card accounts, kindly call on 1-800-642-4720. For business accounts, please call on 1-800-225-5935.

Wells Fargo Online(R) Services Fraud

The phone number for Bill Pay, Zelle®, Online Transfers, Online Profile Changes, and Online Wires is 1-866-867-5568. For Suspicious Activity Phishing Email or Text Messages, please call on 1-866-867-5568 or send an email on [email protected].

The helpline number for Suspicious Phone Call Activity or Report is 1-800-869-3557. The helpline number for Identity Theft is 1-800-869-3557.

Questions about Fraud Claims

For credit card claims, please call on 1-800-423-7618 and debit card claims, kindly call on 1-800-548-9554.

Article last re-published on March 29, 2021.

Источник: https://headquartersof.com/wells-fargo-headquarters-address-and-ceo-email-with-contact-details/

Wachovia Corporate Office

Get the best Wachovia corporate office details including the address to send mail and Wachovia phone number you can reach out during usual working hours. Wachovia Headquarters Address is at 301 South College Street, Charlotte, NC, USA, 28202-6000. This is the most up-to-date information you can find for Wachovia corporate office.

What is Wachovia Corporate Phone Number?

Wachovia Corporate Phone Number is 704-374-6161

Wachovia corporate office has the state of the art communication system allowing you to call their phone number and reach out the person you are looking for, automatically. When you call Wachovia corporate office select the right deparment you need including CEO, management, logitcis, sales & marketing, accounting and finance, human resources, Wachovia customer service, customer support, legal and all other departments.

What is Wachovia Corporate Office Address?

Wachovia
301 South College Street
Charlotte
NC 28202-6000
USA

As the CoronaVirus hapenning nationwide and worldwide, Wachovia corporate office hours might change according to the NC state authorities instructions. Wachovia corporate office is enforcing the state rules to protect is employees and customers – please visit Wachovia official website for updates and guidance.

The telephone number above for Wachovia corporate office may not be a toll-free phone number and you may get charged while calling this number at the usual calling prices according to your operator. This Wachovia corporate office number is available on normal working hours and may be closed during some official holidays.

Our goal is always to provide you with the best and most up-to-date information on Wachovia corporate office, phone number and additional information. If you find this that any of the information presented here needs to get updated, please make sure to contact us with the new information for us to improve.


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Corporate-Office-Contacts.com is a leading corporate office contacts website directory, that was established to provide, for free, the best and most up to date information for Wachovia including phone numbers, addresses, and more. We are constantly working to ensure we provide you the best Wachovia details and information.

Corporate-Office-Contacts.com is a high-quality website that has no direct affiliation with Wachovia or any federal or state department, agency, office, board, or commission.

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New Jersey Bank Mergers
as of 11/27/2021

  Order List by:  Bank Acquired, Date Completed

download list as spreadsheetBank Being AcquiredCityAcquiring BankCityDate CompletedName of Surviving Bank



Wilmington Trust Fiduciary Services CompanyPrinceton, NJ Wilmington Trust, National Association Wilmington, DE9/1/2016 Wilmington Trust, National Association1st Southern State BankAvalonCovenant BankHaddonfield9/25/1996Covenant Bank3RD FED BankNewtown, PANational Penn BankAllentown, PA10/17/2014National Penn BankACB Bank, NJCarlstadtAtlantic Central Bankers BankCamp Hill, PA7/31/2003Atlantic Central Bankers BankAdvantage BankBranchburgSun National BankVineland1/19/2006Sun National BankAllaire Community BankWall TownshipMonmouth Community Bank, National AssociationLong Branch8/19/2005Central Jersey Bank, N.A.Allegiance Community BankSouth Orange, NJBCB Community BankBayonne, NJ10/14/2011BCB Community BankAmboy National BankOld Bridge*Conversion to a New Jersey state charterOld Bridge2/19/2008Amboy BankAmerican Bank of New JerseyBloomfieldInvestors Savings BankShort Hills5/31/2009Investors Savings BankAmerican Savings Bank of NJBloomfield* Name changeBloomfield4/1/2005American Bank of New JerseyAmerican Union BankUnionValley National BankPassaic2/28/1995Valley National BankAtlantic Stewardship BankMidland Park, NJColumbia BankFair Lawn, NJ11/1/2019Columbia BankAudubon Savings Bank Audubon, NJAudubon Savings Bank, SLA Audubon, NJ7/1/2018Audubon Savings Bank, SLAAudubon Savings Bank, SLAAudubon, NJWilliam Penn BankLevittown, PA7/1/2018William Penn BankBanco Popular, National Association (New Jersey)NewarkBanco Popular North AmericaNew York,NY1/2/1999Banco Popular North AmericaBank of Mid JerseyBordentownSummit BankHackensack6/6/1997Summit BankBank of New JerseyFort Lee, NJConnectOne BankEnglewood Cliffs, NJ1/2/2020ConnectOne BankBank of New York (NJ)PatersonBank of New YorkNew York,NY12/1/1996Bank of New YorkBank of the HudsonPoughkeepsie, NYHudson United BankMahwah3/19/1999Hudson United BankBankAsianaPalisades Park, NJWilshire State BankLos Angeles, CA10/1/2013Wilshire State BankBankers SavingsPerth AmboySovereign BankReading, PA8/29/1997Sovereign BankBayonne Community BankBayonne*Name ChangeBayonne4/9/2007BCB Community BankBear Stearns Bank & TrustPrinceton*Name ChangePrinceton4/18/2008Custodial Trust CompanyBergen Commercial BankParamusGreater Community BankTotowa12/31/2005Greater Community BankBerkeley Federal Savings BankMillburnOcwen Federal Bank, FSBFort Lee6/30/1993Ocwen Federal Bank, FSBBoardwalk BankLinwoodCape Savings BankCape May Court House1/31/2008Cape BankBogota Savings BankConversion from mutual SB to stock SB1/15/2020Bogota Savings BankBridge View BankEnglewood CliffsInterchange BankSaddle Brook4/30/2003Interchange BankBroad National BankNewarkIndependence Community BankNew York,NY7/31/1999Independence Community BankBrooklyn Federal Savings BankBrooklyn, NYInvestors BankShort Hills, NJ1/6/2012Investors BankBucks County BankDoylestown, PAFirst BankHamilton, NJ9/15/2017First BankBureau of Parole Employees Credit UnionTrenton, NJFirst Point Federal Credit UnionHamilton, NJ4/24/2014First Point Federal Credit UnionBurlington County BankBurlington TownshipTrenton Savings Bank, FSBTrenton9/30/1996Trenton Savings Bank, FSBCape BankCape May Court House, NJOceanFirst Bank, National AssociationToms River, NJ5/2/2016OceanFirst Bank, National AssociationCapital Bank of New JerseyVineland, NJOceanFirst Bank N.A.Toms River, NJ1/31/2019OceanFirst Bank, N.A.Carnegie Bank, N.A.West WindsorSovereign BankReading, PA8/1/1998Sovereign BankCathay Interim BankLos Angeles, CAUnited Heritage BankEdison3/30/2007United Herigage BankCenter BankLos Angeles, CA*Name Change12/1/2011BBCN BankCentral Jersey Bank & Trust CompanyFreeholdNatWest Bank, National AssociationJersey City1/14/1995NatWest Bank, National AssociationCentral Jersey Bank, N. A.Oakhurst, NJKearny Federal Savings BankKearny, NJ11/30/2010Kearny Federal Savings BankCentral Jersey Savings Bank, SLAEast BrunswickSummit BankHackensack2/7/1997Summit BankCFS BankWoodhaven, NYQueen County Savings BankNew York,NY1/31/2001New York Community BankCharter Federal Savings BankRandolph TownshipSovereign BankReading, PA10/31/1994Sovereign BankChase Manhattan Bank, National AssociationMorristownJPMorgan Chase Bank, National AssociationColumbus, Ohio12/1/1996JPMorgan Chase Bank, National AssociationChatham Savings, FSBChathamPeapack-Gladstone BankPeapack1/7/2000Peapack-Gladstone BankChemical Bank New Jersey National AssociationMorristown*Name Change9/3/1996Chase Manhattan Bank, National AssociationChemical Bank New Jersey, National Assoc.ChesterPNC Bank, National AssociationPittsburgh, PA10/7/1995PNC Bank, National AssociationCherry Hill National BankMedfordMeridian Bank, New JerseyCherry Hill4/16/1993Meridian Bank, New JerseyCitizens Community BankRidgewoodNorth Jersey Community BankEnglewood Cliffs5/1/2009North Jersey Community BankCitizens First National Bank of New JerseyRidgewoodNatWest Bank, National AssociationJersey City10/1/1994NatWest Bank, National AssociationClifton Savings BankClifton, NJKearny BankKearny, NJ4/2/2018Kearny BankClifton Savings Bank, SLAClifton*Conversion to a federal thriftClifton9/12/2007Clifton Savings BankCloverbankPennsauken Farmers & Mechanics BankBurlington6/1/2001Farmers & Mechanics BankCoastal BankOcean CityCommerce Bank, N.A..Cherry Hill9/30/1993Commerce Bank, N.A.Collective BankEgg Harbor CitySummit BankHackensack3/13/1998Summit BankCollective Bank of New JerseyLaurel SpringsCollective BankEgg Harbor City2/14/1997Collective BankCollege Savings BankPrinceton, NJNexBank SSBDallas, TX11/30/2015NexBank SSBCollege Savings Interim BankWest WindsorCollege Savings BankWest Windsor7/31/2002College Savings BankColonial American BankMiddletown, NJOceanFirst BankToms River, NJ8/1/2015OceanFirst BankColonial Bank, FSBVinelandCape BankCape May Court House4/1/2015Cape BankColonial State BankFreeholdSovereign BankReading, PA11/15/1995Sovereign BankCommerce Ban/Central, National AssociaitonRaritan TownshipCommerce Bank, N.A..Cherry Hill4/1/2001Commerce Bank, N.A.Commerce Bank, N.A.Philadelphia, PATD Banknorth, National AssociationWilmington, DE5/31/2008TD Banknorth, National AssociationCommerce Bank/NorthRamseyTD Banknorth, National AssociationWilmington, DE5/31/2008TD Banknorth, National AssociationCommerce Bank/Shore, National AssociaitonForked RiverCommerce Bank, N.A..Cherry Hill5/31/2004Commerce Bank, N.A.Community Bank of Bergen County, N. J.Maywood, NJSussex BankFranklin, NJ1/4/2018Sussex BankCommunity First BankFranklin, NJRegal BankLivingston, NJ4/1/2016Regal BankCommunity National Bank of New JerseyWestmontHudson United BankMahwah8/14/1998Hudson United BankCommunity State BankTeaneckLakeland BankOak Ridge8/25/2003Lakeland BankConstellation Bank, National AssociationElizabethNew Jersey National BankEwing Township4/29/1994New Jersey National BankCoreStates Bank, National AssociationPhiladelphia, PAFirst Union National BankCharlotte, NC5/16/1998First Union National BankCovenant BankHaddonfieldFirst Union National BankCharlotte, NC1/16/1998First Union National BankCrest Savings BankWildwood, NJ*Conversion to a New Jersey state charter6/29/2011Crest Savings BankCrestmont Federal Savings & Loan AssociationEdison TownshipSummit BankSummit9/13/1994Summit BankCrown Bank, National AssociationOcean City*Conversion to a New Jersey state charterOcean City5/16/2007Crown BankCustodial Trust CompanyPrinceton*Name ChangePrinceton3/4/2008Bear Stearns Bank & TrustDaiwa Securities Trust CompanyJersey CityDaiwa Capital Markets America Holdings, Inc.New York, NY10/7/2013Daiwa Capital Markets America Holdings, Inc.Delanco Federal Savings BankDelanco, NJFirst BankHamilton, NJ4/30/2018First BankDime Savings Bank of New York, FSBNew York, NYWashington Mutual Bank, FAStockton, CA1/7/2002Washington Mutual Bank, FAEnterprise BankKenilworth*Name changeKenilworth1/2/2006Enterprise National Bank N.J.Enterprise Bank, N.J.Kenilworth, NJSB One BankFranklin, NJ12/21/2018SB One BankFamily First Federal Savings BankCliftonGreat Falls BankTotowa4/7/1995Great Falls BankFarmers & Merchants National BankBridgetonHudson United BankMahwah12/1/1999Hudson United BankFarmers and Mechanics BankBrulingtonBeneficial Savings BankPhiladelphia, PA7/27/2007Beneficial Savings BankFarmers National Bank of Mullica HillMullica HillEquity Bank, N.A.Atco10/1/1998Equity Bank, N.A.Farrington BankNorth BrunswickUnited National BankBridgewater2/28/1997United National BankFederated Investors Trust CompanySicklervilleFederated Investors Trust Company of PAPittsburgh, PA10/25/2007Federated Investors Trust Company of PAFidelity Mutual Savings and Loan AssociationWestmontFirst Home Savings Bank, SLAPennsville6/30/1992First Home Savings Bank, SLAFirst Bank of Central JerseyNorth BrunswickSynergy BankCranford1/10/2003Synergy BankFirst BankAmericanoElizabethCrown BankBrick7/31/2009Crown BankFirst Choice BankLawrenceville, NJBerkshire BankPittsfield, MA12/3/2016Berkshire BankFirst DeWitt BankWest CaldwellSovereign BankReading, PA2/28/1997Sovereign BankFirst Fidelity Bank, National AssociationElkton, MDFirst Union National BankCharlotte, NC1/1/1996First Union National BankFirst Home Savings Bank, F.S.B.Penns GroveSovereign BankReading, PA8/1/1998Sovereign BankFirst Home Savings Bank, SLAPennsvilleWhite Eagle Federal Savings BankWilmington, DE6/25/1993First Home Savings Bank, FSB (White Eagle Charter)First Jersey Credit UnionWayne, NJUSALLIANCE Federal Credit UnionRye, NY2/28/2019USALLIANCE Federal Credit UnionFirst Morris Bank and TrustMorristownThe Provident BankJersey City4/1/2007The Provident BankFirst National Bank of TuckahoeTuckahoeSun National BankVineland6/29/1994Sun National BankFirst Peoples BankHaddon TownshipNew Jersey National BankEwing Township9/18/1992New Jersey National BankFirst Savings BankPerth AmboyProvident BankJersey City7/14/2004Provident BankFirst Savings Bank of Little Falls, FSBLittle FallsGreat Falls BankTotowa3/31/1999Great Falls BankFirst Savings Bank of New Jersey, SLABayonneRichmond County Savings BankStaten Island, NY3/22/1999Richmond County Savings BankFirst State BankHowellStaten Island Savings Bank, FSBStaten Island, NY1/14/2000Staten Island Savings Bank, FSBFirst State BankCranford, NJNorthfield BankStaten Island, NY10/14/2011Northfield BankFirst Union National BankCharlotte, NCWachovia Bank, National AssociationCharlotte, NC4/1/2002Wachovia Bank, National AssociationFirst Washington State BankWindsorThe BankWoodbury2/10/2007The BankFleet Bank, National AssociationJersey CityFleet National BankProvidence, RI9/1/2000Fleet National BankFleet National BankProvidence, RIBank of America, N.A.Charlotte, NC6/13/2005Bank of America, N.A.Flemington National BankFlemingtonUnited Jersey BankHackensack2/23/1996United Jersey BankFounders' BankBryn Mawr, PAEquity Bank.Marlton8/2/2002Equity BankFranklin BankNutleyInterchange BankSaddle Brook10/13/2005Interchange BankFranklin Savings Bank, SLAWoodstown*Conversion to a federal thriftPilesgrove, NJ5/1/2007Franklin BankFranklin-St. Johns Community Development Credit UnionNewark, NJXCEL Federal Credit UnionBloomfield, NJ4/4/2014XCEL Federal Credit UnionGarden State BankJacksonSummit BankSummit1/16/1996Summit BankGCF BankSewell, NJInvestors BankShort Hills, NJ1/10/2014 Investors BankGCF BankSewell, NJInvestors BankShort Hills, NJ1/10/2014Investors BankGibraltar BankParsippany, NJBogota Savings BankTeaneck, NJ2/28/2021Bogota Savings BankGlenmede Trust Company of New JerseyPrincetonGlenmede Trust Company, National AssocaitonPhiladelphia, PA12/31/2002Glenmede Trust Company, National AssocaitonGreater Community BankTotowaValley National BankWayne7/1/2008Valley National BankGreater Hudson BankBardonia, NYConnectOne BankEnglewood Cliffs, NJ1/2/2019ConnectOne BankGrowth BankHarding TownshipHudson United BankMahwah1/12/1996Hudson United BankHabib Bank of New JerseyEdisonHabib American BankNew York,NY12/23/2003Habib American BankHamilton Savings BankUnion CityOritani Savings BankHackensack8/23/2002Oritani Savings BankHarmonia Savings Bank ElizabethSovereign BankReading, PA1/15/1993Sovereign BankHarmony BankJackson, NJLakeland BankNewfoundland, NJ7/1/2016Lakeland BankHarvest Community BankPennsville, NJFirst-Citizens Bank & Trust CompanyRaleigh, NC1/13/2017First-Citizens Bank & Trust CompanyHeritage Community BankRandolph, NJFirst BankHamilton, NJ3/7/2014First BankHighlands State BankVernon, NJLakeland BankNewfoundland, NJ1/4/2019Lakeland BankHillTop Community BankSummit, NJHaven Savings BankHoboken, NJ11/8/2013Haven Savings BankHopewell Valley Community BankPennington, NJNorthfield BankStaten Island, NY1/8/2016Northfield BankHorizon Bank, N.AMorristown*Name change1/3/1989Chemical Bank New Jersey National Assoc.HUB National BankWest OrangeHudson United BankMahwah9/25/1992Hudson United BankHudson City Savings BankParamus, NJM&T BankBuffalo, NY11/1/2015M&T BankHudson United BankMahwahTD Banknorth, National AssociationPortland, ME1/31/2006TD Banknorth, National AssociationIndependence Community BankBrooklyn, NYSovereign BankPhiladelphia, PA9/8/2006Sovereign BankIndus American BankIselin, NJBCB Community BankBayonne, NJ4/17/2018BCB Community BankInter-Boro Savings and Loan AssociationCherry HillHudson United BankMahwah8/14/1998Hudson United BankInterchange BankSaddle BrookTD Banknorth, N.A.Portland, ME1/1/2007TD Banknorth, N.A.Inter-Community BankSpringfieldNew Jersey National BankEwing Township12/20/1993New Jersey National BankinterState Net BankCherry Hill*Name changeCherry Hill2/1/2007ISN BankInvestors BankShort Hills, NJConversion from state SB to state CBShort Hills, NJ12/9/2019Investors BankInvestors Savings BankShort Hills, NJ*Name Change9/19/2011Investors BankIronbound BankNewarkRichmond County Savings BankStaten Island, NY3/5/1999Richmond County Savings BankISN BankCherry Hill, NJNew Century Bank d/b/a Customers BankPhoenixville, PA9/17/2010New Century Bank d/b/a Customers BankIsrael Discount Bank (Interim)Livingston, NJIsrael Discount Bank of New YorkNew York, NY12/23/2011Israel Discount Bank of New YorkJefferson Bank of New JerseyMount LaurelHudson United BankMahwah11/30/1999Hudson United BankJefferson Bank of PennsylvaniaPhiladelphia, PAHudson United BankMahwah11/30/1999Hudson United BankJefferson National BankPassaicHudson United BankMahwah4/5/1995Hudson United BankJersey Bank for SavingsMontvaleInterchange BankSaddle Brook5/31/1998Interchange BankJersey Shore Savings and Loan AssociationToms RiverSovereign BankReading, PA9/11/1992Sovereign BankLafayette American BankBridgeport, CTHudson United BankMahwah3/19/1999Hudson United BankLakeland Savings BankSuccasunnaValley National BankPassaic6/30/1995Valley National BankLakeview Savings BankPatersonDime Savings BankNew York,NY5/21/1999Dime Savings BankLandis Savings Bank, SLAVinelandCovenant BankHaddonfield9/14/1994Covenant BankLehigh Savings Bank, SLAUnionUnion Center National BankUnion6/28/1996Union Center National BankLiberty BankAvenelNorthfield Savings BankStaten Island, NY12/31/2002Northfield Savings BankLiberty Bell BankMarlton, NJThe Bank of DelmarvaSeaford, DE3/1/2018The Bank of DelmarvaLittle Falls BankLittle FallsHudson United BankMahwah5/20/1999Hudson United BankLlewellyn-Edison Savings BankWest Orange, NJGlen Rock Savings BankGlen Rock, NJ10/3/2015Glen Rock Savings BankM&T New Jersey Interm BankPalisades ParkManufacturers & Traders Trust Co. (M&T Bank)Buffalo, NY1/1/2007Manufacturers and Traders Trust Company (M&T Bank)Magyar Savings BankNew Brunswick*Name ChangeNew Brunswick3/12/2005Magyar BankManasquan Savings BankManasquan, NJ* Name Change7/15/2015Manasquan BankManville Savings BankManvilleRaritan Savings BankRaritan9/30/1996Raritan Savings BankMariner's BankEdgewater, NJSpencer Savings Bank, SLAElmwood Park, NJ11/17/2021Spencer Savings Bank, SLAMayflower Savings Bank, SLALivingtonValley National BankPassaic1/29/1993Valley National BankMellon PSFS (NJ) National AssociationVoorhees TownshipMellon Bank, National AssociationPittsburgh, PA11/23/1996Mellon Bank National AssociationMeridian Bank, New JerseyCherry HillNew Jersey National BankPennington6/14/1996New Jersey National BankMerrill Lynch Bank & Trust CompanyPlainsboroMerrill Lynch Trust Company, FSBPennington8/5/2006Merrill Lynch Trust Company, FSBMetLife Trust Company, National AssociationBedminsterMetLife Bank, National AssociationBridgewater1/1/2002MetLife Bank, National AssociationMetropolitan State BankMontvilleLakeland BankOak Ridge1/28/2000Lakeland BankMetuchen Savings BankMetuchen, NJManasquan BankWall Township, NJ4/1/2019Manasquan BankMidland Bank & Trust CompanyParamusValley National BankPassaic3/1/1997Valley National BankMidlantic Bank, National AssociationNewarkPNC Bank, National AssociationPittsburgh, PA9/6/1996PNC Bank, National AssociationMillington BankMillington, NJKearny BankKearny, NJ7/10/2020Kearny BankMinotola National BankVinelandSusquehanna Patriot BankMarlton4/21/2006Susquehanna Patriot BankMizuho Corporate Bank (USA)Jersey City*Name Change7/1/2013Mizuho Bank (USA)Monarch Bank, F.S.B.ClarkProvident Savings BankJersey City12/23/1998Provident Savings BankMonroe Savings Bank, SLAWilliamstown*Conversion to a federal thriftWilliamstown9/12/2007Monroe Savings Bank, SLAMontclair Savings BankUpper MontclairCollective BankEgg Harbor City4/1/1993Collective BankMount Holly State BankMount HollyBank of Mid-JerseyBordentown6/24/1994Bank of Mid-JerseyN.J.M. Bank, FSBWest Trenton, NJSpencer Savings Bank, SLAElmwood Park, NJ12/11/2014Spencer Savings Bank, SLANara BankLos Angeles, CACenter BankLos Angeles, CA12/1/2011Center BankNational Bank of Sussex CountyBranchvilleLakeland BankOak Ridge6/29/2001Lakeland BankNatWest Bank, National AssociationJersey CityFleet Bank, National AssociationNew York,NY5/1/1996Fleet Bank, National AssociationNew Era BankSomersetUnited National BankBridgewater6/30/1995United National BankNew Jersey Community BankFreehold, NJ1st Constitution BankCranbury, NJ4/11/20181st Constitution BankNew Jersey National BankEwing TownshipCoreState Bank, National AssociationPhiladelphia, PA12/6/1996CoreState Bank, National AssociationNew Jersey Savings and Loan AssociationAtcoCovenant BankHaddonfield6/15/1993Covenant BankNew Jersey Savings BankSomervilleUnited Jersey BankHackensack9/22/1995United Jersey BankNewton Trust CompanyNewtonLakeland BankNewfoundland11/4/2005Lakeland BankNoble Community BankSpartaHighlands State BankVernon12/31/2008Highlands State BankNorCrown BankLivingstonValley National BankWayne6/3/2005Valley National BankNorth Fork BankMattituck, NYCapital One, National AssociationMcLean, VA8/1/2007Capital One, National AssociationNorth Fork NJ Interim BankJersey CityNorth Fork BankNew York,NY8/4/2003North Fork BankOcean City Home BankOcean City, NJOceanFirst Bank, National AssociationToms River, NJ11/30/2016OceanFirst Bank, National AssociationOcean Independent BankOceanFirst DeWitt BankWest Caldwell10/21/1994First DeWitt BankOcean National BankPoint Pleasant BeachSummit BankSummit6/10/1993Summit BankOppenheimer Trust CompanyFlorham Park, NJOppenheimer Trust Company of DelawareWilmington, DE12/20/2013Oppeneimer Trust Company of DelawareOritani BankTownship of Washington, NJValley National BankPassaic, NJ12/1/2019Valley National BankOritani Savings BankWashington Township*Name ChangeWashington Township9/8/2008Oritani BankPalisade Savings Bank, FSBRidgefield ParkUnited Jersey BankHackensack2/17/1995United Jersey BankPamrapo Savings Bank, SLABayonne, NJBCB Community BankBayonne, NJ7/6/2010BCB Community BankPanasia Bank, National AssociationFort LeeWoori America BankNew York,NY9/12/2003Woori American BankParke Interim BankPhiladelphia, PAParke BankSewell7/17/2006Parke BankPascack Community BankWaldwick, NJLakeland BankNewfoundland, NJ1/8/2016Lakeland BankPatriot BankPottstown, PAEquity BankMarlton6/10/2004Susquehanna Patriot BankPenn Federal Savings BankWest OrangeNew York Community BankWestbury, NY4/2/2007New York Community BankPeoples Bank, National AssociationBellevilleValley National BankPassaic6/18/1993Valley National BankPeoples Savings BankBordentownSterling BankMount Laurel3/16/2007Sterling BankPilgrim State BankCedar GroveRamapo BankWayne6/30/1993Ramapo BankPremium BankGibbsboroTelebankArlington, VA8/10/1998TelebankPrestige State BankFlemingtonCommerce BancorpCherry Hill1/15/1999Commerce Bank/Central, N.A.Progress BankBlue Bell, PAFleet National BankProvidence, RI2/1/2004Fleet National BankPulaski Savings BankSpringfieldKearny Federal Savings BankKearny10/18/2002Kearny Federal Savings BankPulse Savings BankSouth RiverFirst Savings Bank, SLAWoodbridge12/18/1998First Savings Bank, SLARahway Savings InstitutionRahway*Name changeRahway6/16/2005RSI BankRamapo BankWayneValley National BankPassaic6/11/1999Valley National BankRaritan Savings BankRaritanUnited National BankBridgewater3/31/1999United National BankRed Oak BankMorristownUnion Center National BankUnion5/20/2005Union Center National BankRenaissance Community Credit UnionNew Brunswick, NJAffinity Federal Credit UnionBasking Ridge, NJ9/7/2016Affinity Federal Credit UnionRepublic First Bank of New JerseyVoorheesRepublic First BankPhiladelphia, PA8/16/2006Republic First BankRidgewood Savings Bank of New JerseyRidgewoodBoiling Springs Savings BankRutherford6/29/2001Boiling Springs Savings BankRock Community BankLittle FallsGreater Community BankTotowa12/31/2005Greater Community BankRockBankNorth PlaninfieldValley National BankPassaic11/30/1994Valley National BankRoebling BankRoebling3RD FED BANKNewtown, PA7/2/20133RD FED BANKRoma BankRobbinsville, NJInvestors BankShort Hills, NJ12/6/2013Investors BankRomAsia BankMonmouth Junction, NJInvestors BankShort Hills, NJ1/10/2014Investors BankRoselle BankRoselleConversion from a stock savings bank to stock savings association4/1/2020Roselle Bank, S.L.ARoselleColumbia BankFair Lawn4/1/2020Columbia BankRoselle Savings BankRoselle, NJ*Name Change5/21/2018Roselle BankRSB Bancorp, MHCRoselleColumbia Bank MHCFair Lawn4/1/2020Columbia Bank MHCRumson-Fair Haven Bank & TrustRumson, NJ1st Constitution BankCranbury, NJ2/7/20141st Constitution BankSB One BankFranklin, NJProvident BankJersey City, NJ7/31/2020Provident BankSecurity National Bank & Trust Co.NewarkHudson United BankMahwah2/5/1998Hudson United BankSelect BankEgg Harbor, NJOcean City Home BankOcean City, NJ8/1/2011Ocean City Home BankShadow Lawn Savings Bank, SLAWest Long BranchSovereign BankReading, PA8/5/1994Sovereign BankShore Community BankToms River, NJ1st Constitution BankCranbury, NJ11/8/20191st Constitution BankShrewsbury State BankShrewsburyValley National BankPassaic3/31/2005Valley National BankSI Bank & TrustStaten Island, NYIndependence Community BankBrooklyn, NY4/12/2004Independence Community BankSkylands Community BankChester, NJThe BankMount Laurel, NJ10/22/2011The BankSomerset Hills BankBernardsvilleLakeland BankNewfoundland5/31/2013Lakeland BankSomerset Trust CompanySomervilleSummit BankSummit10/28/1993Summit BankSomerset Valley BankSomervilleSkylands Community BankHackettstown5/5/2007Skylands Community BankSouth Bergen Savings BankWood-RidgeKearny Federal Savings BankKearny3/31/1999Kearny Federal Savings BankSouth Jersey Savings and Loan AssociationTurnersvilleRichmond County Savings BankStaten Island, NY7/31/2000Richmond County Savings BankSouthern Ocean State BankTuckertonSun National BankVineland7/29/1994Sun National BankSovereign BankPhiladelphia, PASantander Bank, NABoston, MA10/17/2013Santander Bank, NAState Bank of South OrangeSouth OrangeUnited National BankBridgewater9/30/1998United National BankStatewide Savings Bank, SLAJersey CityIndependence Community BankNew York,NY1/7/2000Independence Community BankSterling BankMount Laurel, NJRoma BankRobbinsville, NJ7/16/2010Roma BankSuffolk Trust CompanyBohemia, NYBeacon Trust CompanyMorristown, NJ10/31/2014Beacon Trust CompanySumitomo Trust & Banking Co. (U.S.A.)Hoboken, NJ*Name Change4/1/2012Sumitomo Mitsui Trust Bank (U.S.A.) LimitedSumitomo Trust & Banking Co., (U.S.A.)New York, NYInterim Sumitomo Trust & Banking Co., (U.S.A.)Hoboken5/27/2002Sumitomo Trust & Banking Co., (U.S.A.)Sumitomo Trust and Banking Co. (U.S.A.)Hoboken, NJChuo Mitsui Trust Holdings, Inc.Tokyo, Japan4/1/2011Chuo Mitsui Trust Holdings, Inc.Summit BankHackensackFleet National BankProvidence, RI3/1/2001Fleet National BankSummit BankSummitUnited Jersey BankHackensack7/12/1996Summit Bank (United Jersey Bank Charter)Summit Federal Savings BankSummitInvestors Savings BankMillburn6/6/2008Investors Savings BankSun National BankMount Laurel, NJOceanFirst Bank, National AssociationToms River, NJ1/31/2018OceanFirst Bank, National AssociationSusquehanna BankLititz, PABranch Banking and Trust CompanyWinston-Salem, NC8/1/2015Branch Banking and Trust CompanySusquehanna Bank, DVBryn Mawr, PaSusquehanna Bank, PALititz, PA10/10/2008Susquehanna BankSusquehanna Patriot BankMarlton*Conversion to a Pennylvania state charterBryn Mawr, PA8/15/2007Susquehanna Bank, DVSussex BankFranklin, NJ*Name Change4/25/2018SB One BankSussex Interim BankWestfall Twp., PASussex BankFranklin4/3/2007Sussex BankSynergy BankCranfordNew York Community BankWestbury, NY10/1/2007New York Community BankTeam Capital BankBethlehem, PAThe Provident BankJersey City, NJ5/30/2014The Provident BankThe BankMount Laurel, NJ*Name Change10/22/2011Fulton Bank of New JerseyThe Community Bank of New JerseyFreeholdSun National BankVineland7/8/2004Sun National BankThe Town BankWestfieldTwo River Community BankMiddletown12/31/2008Two River Community BankThird Federal BankNewtown, PA*Name Change1/30/20123rd FED BANKTinton Falls State BankTinton FallsCommerce Bank/Shore National AssociationForked River1/15/1999Commerce Bank/Shore National AssociationTowncenter Bank, a division of Provident Bank, New YorkMontebello, NY*Name Change8/22/2011PBNY Bank, a division of Provident Bank, New YorkTowne Center BankLodiProvident BankMontebello, NY10/1/2004Townecenter Bank,division of Provident Bank, NYTrenton Savings Bank, FSBTrentonSovereign BankReading, PA6/30/1999Sovereign BankTrust Company of New JerseyJersey CityNorth Fork BankNew York,NY5/14/2004North Fork BankTwin Rivers Community BankEaston, PAPhillipsburg National BankPhillipsburg8/21/2000Vista Bank, National AssociationTwo River Community BankTinton Falls, NJOceanFirst Bank N.A.Toms River, NJ1/1/2020OceanFirst Bank N.A.U.S. Trust Company of New JerseyPrincetonUnited States Trust Company of New YorkNew York,NY2/28/2002United State Trust Company of New YorkUnion Center National BankUnion, NJConnectOne BankEnglewood Cliffs, NJ7/1/2014ConnectOne BankUnited Counties Trust CompanyCranfordMeridian Bank, New JerseyCherry Hill2/23/1996Meridian Bank, New JerseyUnited Heritage BankEdsionCathay BankLos Angeles, CA3/30/2007Cathay BankUnited Jersey BankHackensack*Name changeHackensack7/12/1996Summit BankUnited Jersey Bank/Central, N.A.West WindsorUnited Jersey BankHackensack7/15/1994United Jersey BankUnited Jersey Bank/South, N.A.Cherry HillUnited Jersey BankHackensack7/15/1994United Jersey BankUnitedTrust BankBridgewaterPNC Bank, National AssociationPittsburgh, PA3/19/2004PNC Bank, National AssociationUrban National BankFranklin LakesHudson United BankMahwah6/30/1995Hudson United BankValley Savings BankClosterUnited Jersey BankHackensack11/18/1994United Jersey BankVantage Point BankHorsham, PAFirst Choice BankLawrenceville, NJ2/28/2014First Choice BankVista Bank, N.A.PhillipsburgUnitedTrust BankBridgewater8/23/2002UnitedTrust BankWachovia Bank of Delaware, N.A.Wilmington, DEWells Fargo Bank, N. 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Wachovia

This article is about the financial services company. For the historic geographic location of the same name (after which the bank was named), see Wachovia Tract.

Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets.[3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[4] Wachovia provided global services through more than 40 offices around the world.

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.[2] On October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.[5]

Business lines[edit]

Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina; and Charlotte-based First Union Corporation.

The company was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory).

It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide.[6] In 2009, Wachovia Securities was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for the Family Wealth Group to research managers. The group no longer uses Calibre.[7]

The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under the Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates.

Wachovia's private equity arm operated as Wachovia Capital Partners.[8] Additionally, the asset-based lending group operated as Wachovia Capital Finance.[9]

Origin of corporate name[edit]

Main article: Wachovia Tract

Wachovia (wah-KOH-vee-ə) has its origins in the Latin form of the Austrian name Wachau.[4] When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River.[4] The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.

First Union[edit]

Main article: First Union

First Union was founded as Union National Bank on June 2, 1908, a small banking desk in the lobby of a Charlotte hotel by H.M. Victor.

The bank merged with First National Bank and Trust Company of Asheville, North Carolina, in 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967.

By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival on Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey; at one stroke becoming a major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia. One of CoreStates' predecessors, the Bank of North America, had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch

Wachovia[edit]

The 1986–2002 Legacy Wachovia Logo
The first Wachovia Loan And Trust Company Building, located in Winston-Salem.

Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly.[10] In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans",[11] which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem.[12] On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation,[13] founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.

Merger of First Union and Wachovia[edit]

On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson. Baker would become chairman of the merged bank, while Thompson would become president and CEO.[14] First Union was the nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol.

This merger was viewed with great surprise by the financial press and security analysts.[15] While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to Atlanta-based SunTrust.[16]

The deal was met with skepticism and criticism. Analysts, remembering the problems with the CoreStates acquisition, were concerned about First Union's ability to merge with another large company. Winston-Salem's citizens and politicians suffered a blow to their civic pride because the merged company would be based in Charlotte. The city of Winston-Salem was concerned both by job losses and the loss of stature from losing a major corporate headquarters. First Union was concerned by the potential deposit attrition and customer loss in the city.[17] First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.

On May 14, 2001, SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.[18]

Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to a bitter battle over the summer between SunTrust and First Union.[19] Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids.[20] On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt.[21]

Another complication concerned each bank's credit card division. In April 2001, Wachovia had agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000.[22] After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.

On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia gradually phased-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in the southeast United States where both banks had branches, before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process was completed on August 18, 2003, almost 2 years after the merger.[23]

In comparison to the CoreStates purchase, the merger of First Union and Wachovia was considered successful by analysts. The company's deliberate pace of conversion prevented any large-scale customer attrition. In fact, Wachovia was ranked number one in customer satisfaction among major banks by the University of Michigan's annual American Customer Satisfaction Index for every year after the merger.[24]

When Wachovia and First Union merged, Charlotte's One, Two, and Three First Union buildings became One, Two, and Three Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became the Wachovia Financial Center. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they were renamed the Wachovia Center (now known as Wells Fargo Center), Wachovia Spectrum, and Wachovia Arena at Casey Plaza (now known as Mohegan Sun Arena at Casey Plaza), respectively.

Merger and acquisition history[edit]

A graphic illustration of the company's major mergers, acquisitions, and historical predecessors, up to the 2001 merger of Wachovia and First Union:

Wachovia logo Wachovia  (merged 2001)
First Union logo First Union Corp.  (est. 1908)
First Union Corporation  (Formerly: First Union National Bank)  (est. 1958)

Union National Bank (est. 1908)

First National   Bank & Trust

CoreStates Financial (dates to 1781)

Legacy Wachovia logo Wachovia Corporation (merged 1986)
Wachovia Bank & Trust (merged 1911)

Wachovia National Bank (Formerly: Bank of Salem(est. 1879)

Wachovia Loan & Trust  (est. 1893)

First Atlanta (Formerly Atlanta National Bank) (est. 1865)

Acquisitions[edit]

Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become a national bank and comprehensive financial services company.

Prudential Securities[edit]

Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owned a controlling 62% stake, while Prudential Financial retained the remaining 38%.[25] At the time, the new firm had client assets of $532.1 billion, making it the nation's third largest full service retail brokerage firm, based on assets.[25]

Metropolitan West Securities[edit]

On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial.[26] This acquisition added a portfolio of over $50 billion of securities on loan to the Wachovia Global Securities Lending division.

SouthTrust[edit]

On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama-based SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast United States, the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration was completed by the end of 2005.[27]

Failed MBNA purchase[edit]

In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million as the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and create its own credit card division so that the bank could issue its own Visa cards.

Westcorp[edit]

Westcorp logo

Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006, the merger was completed. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California.[28] On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with the acquisition and integration of World Savings Bank in 2007.

Golden West Financial/World Savings Bank[edit]

Wachovia agreed to purchase Golden West Financial for a little under $25.5 billion on May 7, 2006.[29][30] This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches.[29]

Golden West, which operated branches under the name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $4 million by Herbert and Marion Sandler. Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying a part of the interest owed, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine.[31] By the time Wachovia announced its acquisition, Golden West had over $125 billion in assets and 11,600 employees. By October 2, 2006 Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on the board at Wachovia.[29]

The Sandlers sold their firm at the top of the market, saying that they were growing older and wanted to devote themselves to philanthropy. A year earlier, in 2005, World Savings lending had started to slow, after more than quadrupling since 1998. Some current and former Wachovia officials said that the merger was agreed to within days, making it impossible to thoroughly vet the World Savings loan portfolio. They noted that the creditworthiness of World Savings borrowers edged down from 2004 to 2006, while Pick-A-Pay borrowers had credit scores well below the industry average for traditional loans. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. In 2007, after the merger, World Savings, then known as Wachovia Mortgage began to attract more borrowers by taking a step that some regulators[who?] frowned upon, and which the former World Savings management had resisted for years: it allowed borrowers to make monthly payments with an annual interest rate of just 1 percent. While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify.[32] More than 70% of the Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely. In 2009 New York Times reporter Floyd Norris called World Savings a "ticking timebomb" that created "zombie homeowners".[33]

While Wachovia Chairman and CEO G. Kennedy "Ken" Thompson had described Golden West as a "crown jewel",[34] investors did not react positively to the deal. Analysts said that Wachovia purchased Golden West at the peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo.[35]

A. G. Edwards[edit]

AGEdwardnewlogo.png

On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $6.8 billion to create the United States' second largest retail brokerage firm.[36] The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out the AG Edwards brand in favor of a unified Wachovia Securities.

Historical data (2000–2008)[edit]

[37]

Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008.

2007–2009 financial crisis[edit]

Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis.[38][39]

In the first quarter of 2007, Wachovia reported $2.3 billion in earnings, including acquisitions and divestitures.[40] However, in the second quarter of 2008, Wachovia reported a much larger than anticipated $8.9 billion loss.[41]

On June 2, 2008, Wachovia chief executive officerKen Thompson was forced to retire. He'd been head of Wachovia since 2000, while it was still known as First Union.[42] The board replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman a month earlier.

On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead the company out of its difficulties.[43]

Government intervention[edit]

After Steel took over, he insisted that Wachovia would stay independent. However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $100,000 insured by the Federal Deposit Insurance Corporation (FDIC) – an event known in banking circles as a "silent run." Ultimately, Wachovia lost a total of $5 billion in deposits that day—about one percent of the bank's total deposits.[44] The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency, which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on the FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast).[45][46]

As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo. Wells Fargo initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations, but backed out due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia wouldn't have enough short-term funding to open for business the next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia wouldn't have enough liquidity to meet its obligations. This would have resulted in a failure dwarfing that of WaMu.[46]

When FDIC Chairwoman Sheila Bair got word of Wachovia's situation, she initially decided to handle the situation like she'd handled WaMu a day earlier. Under this scenario, the Comptroller of the Currency would have seized Wachovia's banking assets (Wachovia Bank, N.A. and Wachovia Bank of Delaware, N.A.) and placed them under the receivership of the FDIC. The FDIC would have then sold the banking assets to the highest bidder. Bair called Steel on September 28 and told him that the FDIC would be auctioning off Wachovia's banking assets. Bair felt this would best protect the small banks. However, several Federal regulators, led by New York Fed President Tim Geithner, felt such a course would be politically unjustifiable so soon after WaMu's seizure.[47]

After a round of mediation between Geithner and Bair, the FDIC declared that Wachovia was "systemically important" to the health of the economy, and thus could not be allowed to fail. It was the first time the FDIC had made such a determination since the passage of a 1991 law allowing the FDIC to handle large bank failures on short notice.[47] Later that night, in an FDIC-brokered deal, Citigroup agreed to buy Wachovia's retail banking operations in an "open bank" transfer of ownership. The transaction would have been facilitated by the FDIC, with the concurrence of the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. The FDIC's open bank assistance procedures normally require the FDIC to find the cheapest way to rescue a failing bank. However, when a bank is deemed "systemically important," the FDIC is allowed to bypass this requirement. Steel had little choice but to agree, and the decision was announced on the morning of September 29, roughly 45 minutes before the markets opened.[46][48][49][50] From this point on, Citigroup became the source of liquidity allowing Wachovia to continue to operate until the acquisition was complete.

In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup's losses above $42 billion; Wachovia's loan portfolio was valued at $312 billion. In exchange for assuming this risk, the FDIC would receive $12 billion in preferred stock and warrants from Citigroup.[48][51][52] The transaction would have been an all-stock transfer, with Wachovia Corporation stockholders to have received stock from Citigroup, valuing Wachovia stock at about one dollar per share for a total transaction value of about $2.16 billion. Citigroup would have also assumed Wachovia's senior and subordinated debt.[51][53] Citigroup intended to sell ten billion dollars of new stock on the open market to recapitalize its purchased banking operations.[51] The proposed closing date for the Wachovia purchase was by the end of the year, 2008.[54]

Wachovia expected to continue as a publicly traded company, retaining its retail brokerage arm, Wachovia Securities and Evergreen mutual funds.[53] At the time, Wachovia Securities had 14,600 financial advisers and managed more than $1 trillion, third in the U.S. after Merrill Lynch and Citigroup's Smith Barney.[51]

The announcement drew some criticism from Wachovia stockholders who felt the dollar-per-share price was too cheap. Some of them planned to try to defeat the deal when it came up for shareholder approval. However, institutional investors such as mutual funds and pension funds controlled 73 percent of Wachovia's stock; individual stockholders would have had to garner a significant amount of support from institutional shareholders to derail the sale. Also, several experts in corporate dealmaking told The Charlotte Observer that such a strategy is very risky since federal regulators helped broker the deal. One financial expert told the Observer that if Wachovia's shareholders voted the deal down, the OCC could have simply seized Wachovia and placed it into the receivership of the FDIC, which would then sell it to Citigroup. Had this happened, Wachovia's shareholders risked being completely wiped out.[55]

Acquisition by Wells Fargo[edit]

Though Citigroup was providing the liquidity that allowed Wachovia to continue to operate, Wells Fargo and Wachovia announced on October 3, 2008, that they had agreed to merge in an all-stock transaction requiring no government involvement. Wells Fargo announced it had agreed to acquire all of Wachovia for $15.1 billion in stock. Wachovia preferred the Wells Fargo deal because it would be worth more than the Citigroup deal and keep all of its businesses intact. Also, there is far less overlap between the banks, as Wells Fargo is dominant in the West and Midwest compared to the redundant footprint of Wachovia and Citibank along the East Coast. Both companies' boards unanimously approved the merger on the night of October 2.[56]

Citigroup explored its legal options and demanded that Wachovia and Wells Fargo cease discussions, claiming that Wells Fargo engaged in "tortious interference" with an exclusivity agreement between Citigroup and Wachovia. That agreement states in part that until October 6, 2008 "Wachovia shall not, and shall not permit any of its subsidiaries or any of its or their respective officers, directors, [...] to [...] take any action to facilitate or encourage the submission of any Acquisition Proposal.".[57][58]

Citigroup convinced Judge Charles E. Ramos of the Supreme Court of the State of New York, New York County to grant a preliminary injunction temporarily blocking the Wells Fargo deal.[59] This ruling was later overturned by Judge James M. McGuire of the Supreme Court of the State of New York, Appellate Division, First Department, partly because he believed Ramos did not have the right to rule on the case in Connecticut.[60]

On October 9, 2008, Citigroup abandoned its attempt to purchase Wachovia's banking assets, allowing the Wachovia-Wells Fargo merger to go through. However, Citigroup pursued $60 billion in claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement.[61] Wells Fargo settled this dispute with Citigroup Inc. for $100 Million on November 19, 2010.[62] Citigroup may have been pressured by regulators to back out of the deal; Bair endorsed Wells Fargo's bid because it removed the FDIC from the picture. Geithner was furious, claiming that the FDIC's reversal would undermine the government's ability to quickly rescue failing banks. However, Geithner's colleagues at the Fed were not willing to take responsibility for selling Wachovia.[47]

The Federal Reserve unanimously approved the merger with Wells Fargo on October 12, 2008.[63]

The combined company retained the Wells Fargo name, and was based in San Francisco. However, Charlotte remained as the headquarters for the combined company's East Coast banking operations, and Wachovia Securities remained in Charlotte[citation needed]. Three members of the Wachovia board joined the Wells Fargo board. The merger created the largest branch network in the United States.

In filings unsealed two days before the merger approval in a New York federal court, Citigroup argued that its own deal was better for U.S taxpayers and Wachovia shareholders. It said that it had exposed itself to "substantial economic risk" by stating its intent to rescue Wachovia after less than 72 hours of due diligence. Citigroup had obtained an exclusive agreement in order to protect itself.[64] Wachovia suffered a $23.9 billion loss in the third quarter.[65]

In September 2008, the Internal Revenue Service issued a notice providing tax breaks to companies that acquire troubled banks. According to analysts, these tax breaks were worth billions of dollars to Wells Fargo. Vice Chairman Bill Thomas of the Financial Crisis Inquiry Commission indicated that these tax breaks may have been a factor in Wells Fargo's decision to purchase Wachovia.[66]

Wells Fargo's purchase of Wachovia closed on December 31, 2008. By the time Wells Fargo completed the acquisition of Wachovia, the byline "A Wells Fargo company" was added to the logo.

Controversies[edit]

Identity theft negligence[edit]

A May 2007 New York Times article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts. In total, Wachovia accepted $142 million in unsigned checks from "companies that made unauthorized withdrawals from thousands of accounts", collecting millions of dollars in fees from them. According to Pat Meehan, a U.S. attorney for Eastern District of Pennsylvania, Wachovia received "thousands of warnings that it was processing fraudulent checks, but ignored them".[67]

On April 25, 2008, Wachovia agreed to pay up to $144 million to end the investigation without admitting wrongdoing. The investigation found that Wachovia had failed to conduct suitable due diligence, and that it would have discovered the thefts if it had followed normal procedures. The penalty is one of the largest ever demanded by the Office of the Comptroller of the Currency.[68]

Latin drug cartel money laundering[edit]

In April 2008, the Wall Street Journal reported that federal prosecutors had initiated a probe into Wachovia and other U.S. banks for aiding drug money laundering by Mexican and Colombian money-transfer companies, also known as casas de cambio. These companies help Mexican immigrants in the United States send remittances back to family in Mexico, but it is widely known that they also present a significant money-laundering risk. However, not only is it a "lucrative industry" that is able to charge high fees, but Wachovia also viewed it as a way to gain a foothold in the Hispanic banking market.[69]

In March 2010, Wachovia admitted "serious and systemic" violations of the Bank Secrecy Act that allowed Mexican and Colombian drug cartels[70] to launder $378.4 billion between 2004 and 2007, the "largest violation of the Bank Secrecy Act".[71] It negotiated a deferred prosecution agreement with the Justice Department to resolve criminal charges for willfully failing to set up an effective anti-money-laundering program. It agreed to forfeit $110 million and pay a $50 million fine to the U.S. Treasury.

Reports in Bloomberg Businessweek in June 2010[72] and The Observer in April 2011 shed light on the extent to which Wachovia went to turn a blind eye, including by ignoring the warnings and suspicious activity reports (SARs) of its London-based director of anti-money-laundering.[73]

Chief executive officers[edit]

See also[edit]

References[edit]

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External links[edit]

Источник: https://en.wikipedia.org/wiki/Wachovia

WACHOVIA BANK

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Wachovia Is Now Wells Fargo

Founded in Winston-Salem, N.C. as Wachovia National Bank on June 16, 1879, Wachovia grew to be one of the largest diversified financial services companies in the United States. It traded on the New York Stock Exchange under the symbol WB.

Wachovia provided a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states, along with nationwide retail brokerage, mortgage lending, and auto finance businesses. Globally, Wachovia served clients in corporate and institutional sectors and through more than 40 international offices.

Wachovia is acquired


In 2008, Wells Fargo & Company acquired Wachovia Corporation to create North America’s most extensive distribution system for financial services, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through approximately 4,900 retail banking branches, more than 12,000 ATMs, the internet (wellsfargo.com), and other distribution channels across North America and internationally. The integration of Wachovia and Wells Fargo is complete, and all Wachovia accounts have been moved to Wells Fargo.

Need help?

If you are a customer and want to access your accounts online, please go to wellsfargo.com.

If you have questions, please call us at 1-800-TO-WELLS (1-800-869-3557). For business accounts, please call 1-800-CALL-WELLS (1-800-225-5935). Phone Bankers are available 24 hours a day, 7 days a week.

Deposit data as of June 30, 2008 (pro forma for acquisitions; excludes deposits greater than $500 million in a single banking store.)

Источник: https://www.wellsfargo.com/about/corporate/wachovia/

How do I contact Wells Fargo Headquarters: Let’s find Headquarters Address, and Other Headquarters Contact Info

Wells Fargo is one of the largest banks in the US by total assets and market cap. The bank is headquartered in San Francisco, California, United States. The bank is lead by CEO Charles W. Scharf since October 2019. As of March 29, 2021, the stock price of WFC (Wells Fargo NYSE ticker name) is US$39.18.

Credit Cards, Personal Loans, Mortgages, Investment Banking, Financial Services, Commercial Loans, Small Business Loans, and other financial services are some of their interest areas.

Wells Fargo Headquarters

Wells Fargo Headquarters, Photo Credit: Wells Fargo

Wells Fargo Headquarters Address

Please note down the headquarters address of Wells Fargo, 420 Montgomery Street, San Francisco, CA 94104. This should be your last option to contact the company’s corporate headquarters. Please try to make contact with a customer support team of the bank.

CEO Email Address

Mr. Charles Scharf is leading the bank and financial services company Wells Fargo since 2019. Are you frustrated with the services offered by the bank? Have you tried to resolve it with the customer support department? Please send your email to the CEO of the bank at the last resort [email protected]. This is our personal opinion only! For more information, please contact the bank directly.

Wells Fargo Office Locations (Important Only)

The contact address of Home Equity is Wells Fargo Home Equity, P.O. Box 10335, Des Moines, IA 50306-0335.

Please also save the contact address for Auto Loans, which is Wells Fargo Auto, P.O. Box 29704, Phoenix, AZ 85038-9704. For Consumer Credit Card Services, please use Wells Fargo Card Services, P.O. Box 51193, Los Angeles, CA 90051-5493 this address.

If you have any query regarding checking and savings accounts, you can write at this mailing address Wells Fargo Bank, P. O. Box 6995, Portland, OR 97228-6995 this mailing address.

For any queries/more information about Student Loans, please use this mailing address, Wells Fargo Education Financial Services, P.O. Box 5185, Sioux Falls, SD 57117-5185.

The mailing address of Wells Fargo for Home Mortgage is Wells Fargo Home Mortgage, P.O. Box 10335, Des Moines, IA 50306-0335. The contact address of Online Customer Service is Wells Fargo Customer Service, P.O. Box 560948, Charlotte, NC 28256.

Wells Fargo Banking Contact Details and Customer Support

As a customer of foreign exchange, please dial 1-800-626-9430 Mon – Fri: 5 am – 6 pm (PT) Sat: 7 am – 2 pm (PT).

For General Banking queries, please call 1-800-TO-WELLS. This line is for new and existing customers, 24 hours a day, 7 days a week.

The 24×7 customer service number for Express Send (R) Service is 1-800-556-0605. For Portfolio by Wells Fargo (R), please contact on 1-800-378-0575 24 hours a day, 7 days a week.

The Wells Fargo Military Banking contact number is 1-855-USA-2WFB (1-855-872-2932). For more details, please visit official website of Wells Fargo.

Wells Fargo Credit and Debit Cards Customer Support and Details

The customer care support number of Wells Fargo Account Management is 1-800-642-4720. If you have query regarding to application status for wells Fargo visa credit cards, then please call on 1-800-967-9521, which is available for 24 hours a day, 7 days a week.

The international collect contact number for Wells Fargo is 1-925-825-7600 (24 hours a day, 7 days a week). If you want to apply by phone or online, then please call on 1-800-932-6736.

To know application status for Wells Fargo propel American express(R) cards, please call on 1-877-514-3717. For redeem rewards points, kindly call on 1-877-517-1358.

If you want to request a new or replacement debit card of report a lost or stolen debit card, or for debit card questions, kindly call on 1-800-869-3557. The customer service number of Wells Fargo in Chinese is 1-800-288-2288.

Wells Fargo Loans Customer Support

The Wells Fargo loans customer care number for account management for home mortgage is 1-800-357-6675. For home buying and refinancing, kindly contact on 1-877-937-9357.

The mortgage military customer service number is 1-866-936-7272. If you want to do account management for home Equity, please call on 1-866-820-9199.

You want to apply by phone or online for home equity, please call on 1-888-667-1772. The contact number for Wells Fargo Auto Loan with dealership is 1-800-289-8004.

The phone number or customer care number for Wells Fargo Auto Loan is 1-800-559-3557. If you want to apply for a new student loan, kindly call on 1-800-378-5526.

For contact number of applications in process for student loan is 1-800-378-5526. For account management for student loan is 1-800-658-3567. Rockland county power outage helpline number of student loan consolidations is 1-877-315-7723.

The customer care number for personal loans and lines of credit or to open a new account is 1-888-667-5250. For customer care number for personal loans and lines of credit, kindly call on 1-877-269-6056. For personal loans and lines of credit customer service, please call on 1-800-946-2626.

Wells Fargo Investment and Retirement Contact Details

If you want to know about 401(k) retirement plans of Wells Fargo, you can contact on 1-800-728-3123.

Wells Fargo Funds

To contact Wells Fargo individual investors, please call on 1-800-222-8222. If you are looking for contact number of Wells Fargo investment professionals, then please call on 1-888-877-9275. For institutional sales professionals, wachovia bank corporate address call on 1-866-765-0778.

Wells Fargo Advisors, LLC Full Service Brokerage

To contact current brokerage customers of Wells Fargo, you can call on 1-866-281-7436. If you are new customers, then please call on 1-866-243-0931.

WellsTrade® Online Brokerage

If you have an existing WellsTrade account and have questions or query, then please call on 1-800-TRADERS (872-3377). If you are a new customers, kindly call on 1-877-573-7997.

IRAs

If you are current IRA customers, then please call on 1-866-281-7436. For new IRAs and rollovers, kindly call on 1-877-493-4727.

Trust and Managed Investments

The contact number for existing trust and managed investment questions, please call on 1-800-352- 3705. If you want to contact Wells Fargo private bank, please call on 1-888-715-0380.

Wells Fargo General Enquiry Contact Details

For Wells Fargo general banking, please call on 1-800-869-3557. The contact number of Wells Fargo online(R), please call on 1-800-956-4442. The Deaf or Hard of Hearing Customers TDD/TTY number is 1-800-877-4833.

How to Report Fraud

The Wells Fargo account fraud like ATM, debit card, or checking fraud for Personal Accounts, please call on 1-800-869-3557. For credit card accounts, kindly call on 1-800-642-4720. For business accounts, please call on 1-800-225-5935.

Wells Fargo Online(R) Services Fraud

The phone number for Bill Pay, Zelle®, Online Transfers, Online Profile Changes, and Online Wires is 1-866-867-5568. For Suspicious Activity Phishing Email or Text Messages, please call on 1-866-867-5568 or send an email on [email protected].

The helpline number for Suspicious Phone Call Activity or Report is 1-800-869-3557. The helpline number for Identity Theft is 1-800-869-3557.

Questions about Fraud Claims

For credit card claims, please call on 1-800-423-7618 and debit card claims, kindly call on 1-800-548-9554.

Article last re-published on March 29, 2021.

Источник: https://headquartersof.com/wells-fargo-headquarters-address-and-ceo-email-with-contact-details/

Banks around the World

Wachovia Bank

Wachovia headquarters, Charlotte 

Wachovia Bank

Wachovia Bank is a wholly owned subsidiary of Wells Fargo & Company. The purchase of Wachovia Corporation by Wells Fargo was completed on December 31, 2008. Wachovia was the fourth-largest bank holding company in the US based on total assets. The deal integrated Wachovia's network of branches focused in eastern and southern states and gave Wells Fargo a presence along the East Coast. In October, 2011, the Wachovia brand was retired when the last bank branches in North Carolina were converted to Wells Fargo. Wachovia provided a full array of financial services to retail, corporate and institutional customers. It offered current and savings accounts, certificates of deposits, personal and auto loans, mortgages, investments, asset and wealth management, brokerage and other services. The company had more than 3,290 retail branches in 20 states as well as 40 offices abroad. Wachovia was established on June 16, 1879 under the name Wachovia National Bank and traded on the New York Stock Exchange under the symbol WB. In 2001, First Union Corporation merged with Wachovia to create the leading retail bank on the East Coast. First Union was the sixth-largest bank in the United States based on total assets. In 2008, Wells Fargo acquired Wachovia Corporation, including First Union Corporation. As of June 30, 2008, Wachovia Corporation had total assets of $812.4 billion and market capitalization of approximately $34 billion.

Headquarters address:
301 S. College Street
Charlotte, NC 28288
United States
Phone number: 1-800-869-3557
Hours:
Website: www.wachovia.com

Copyright © 2011 - 2018, All Rights Reserved.  

Wachovia

This article is about the wachovia bank corporate address services company. For the historic geographic location of the same name (after which the bank was named), see Wachovia Tract.

Defunct banking company

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets.[3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[4] Wachovia provided global services through more than 40 offices around the world.

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.[2] On October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.[5]

Business lines[edit]

Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina; and Charlotte-based First Union Corporation.

The company was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management wachovia bank corporate address management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory).

It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide.[6] In 2009, Wachovia Securities was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for wachovia bank corporate address Family Wealth Group to research managers. The group no longer uses Calibre.[7]

The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under the Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates.

Wachovia's private equity arm operated as Wachovia Capital Partners.[8] Additionally, the asset-based lending group operated as Wachovia Capital Finance.[9]

Origin of corporate name[edit]

Main article: Wachovia Tract

Wachovia (wah-KOH-vee-ə) has its origins in the Latin form of the Austrian name Wachau.[4] When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River.[4] The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.

First Union[edit]

Main article: First Union

First Union was founded as Union National Bank on June 2, 1908, a small banking desk in the lobby of a Charlotte hotel by H.M. Victor.

The bank merged with First National Bank and Trust Company of Asheville, North Carolina, third coast comedy 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967.

By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival charter 1800 bill pay Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey; at one stroke becoming a major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia. One of CoreStates' predecessors, the Bank of North America, had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch

Wachovia[edit]

The 1986–2002 Legacy Wachovia Logo
The first Wachovia Loan And Trust Company Building, located in Winston-Salem.

Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly.[10] In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans",[11] which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem.[12] On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation,[13] founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.

Merger of First Union and Wachovia[edit]

On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson. Baker would become chairman of the merged bank, while Thompson would become president and CEO.[14] First Union was the nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol.

This merger was viewed with great surprise by the financial press and security analysts.[15] While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to Atlanta-based SunTrust.[16]

The deal was met with skepticism and criticism. Analysts, remembering the problems with the CoreStates acquisition, were concerned about First Union's ability to merge with another large company. Winston-Salem's citizens and politicians suffered a blow to their civic pride because the merged company would be based in Charlotte. The city of Winston-Salem was concerned both by job losses and the loss of stature from losing a major corporate headquarters. First Union was concerned by the potential deposit attrition and customer loss in the wachovia bank corporate address First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.

On May 14, 2001, SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued jackson hewitt tax service west valley city ut it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.[18]

Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to a bitter battle over the summer between SunTrust and First Union.[19] Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids.[20] On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors mb financial mortgage Wachovia and ending SunTrust's hostile takeover attempt.[21]

Another complication concerned each bank's credit card division. In April 2001, Wachovia had agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000.[22] After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.

On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia gradually phased-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in the southeast United States where both banks had branches, before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process was completed on August 18, 2003, almost 2 years after the merger.[23]

In comparison to the CoreStates purchase, the merger of First Union and Wachovia was considered successful by analysts. The company's deliberate pace of conversion prevented any large-scale customer attrition. In fact, Wachovia was ranked number wachovia bank corporate address in customer satisfaction among major banks by the University of Michigan's annual American Customer Satisfaction Index for every year after the merger.[24]

When Wachovia and First Union merged, Charlotte's One, Two, and Three First Union buildings became One, Two, and Three Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became the Wachovia Financial Center. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they were renamed the Wachovia Center (now known as Wells Fargo Center), Wachovia Spectrum, and Wachovia Arena at Casey Plaza (now known as Mohegan Sun Arena at Casey Plaza), respectively.

Merger and acquisition history[edit]

A graphic illustration of the company's major mergers, acquisitions, and historical predecessors, up to the 2001 merger of Wachovia and First Union:

Wachovia logo Wachovia  (merged 2001)
First Union logo First Union Corp.  (est. 1908)
First Union Corporation  (Formerly: First Union National Bank)  (est. 1958)

Union National Bank (est. 1908)

First National   Bank & Trust

CoreStates Financial (dates to 1781)

Legacy Wachovia logo Wachovia Corporation (merged 1986)
Wachovia Bank & Trust (merged 1911)

Wachovia National Bank (Formerly: Bank of Salem(est. 1879)

Wachovia Loan & Trust  (est. 1893)

First Atlanta (Formerly Atlanta National Bank) (est. 1865)

Acquisitions[edit]

Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become a national bank and comprehensive financial services company.

Prudential Securities[edit]

Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owned a controlling 62% stake, while Prudential Financial retained the remaining 38%.[25] At the time, the new firm had client assets of $532.1 billion, making it the nation's third largest full service retail brokerage firm, based on assets.[25]

Metropolitan West Securities[edit]

On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial.[26] This acquisition added a portfolio of over $50 billion of securities on loan to the Wachovia Global Securities Lending division.

SouthTrust[edit]

On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama-based SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast United States, the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration was completed by the end of 2005.[27]

Failed MBNA purchase[edit]

In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million as the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and create its own credit card division so that the bank could issue its own Visa cards.

Westcorp[edit]

Westcorp logo

Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006, the merger was completed. This acquisition made Wachovia the ninth largest auto finance wachovia bank corporate address in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California.[28] On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with the acquisition and integration of World Savings Bank in 2007.

Golden West Financial/World Savings Bank[edit]

Wachovia agreed to purchase Golden West Financial for a little under $25.5 billion on May 7, 2006.[29][30] This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches.[29]

Golden West, which operated branches under the name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $4 million by Herbert and Marion Sandler. Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying a part of the interest visa login canada, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine.[31] By the time Wachovia announced its acquisition, Golden West had over $125 billion in assets and 11,600 employees. By October 2, 2006 Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on the board at Wachovia.[29]

The Sandlers sold their firm at the top of the market, saying that they were growing older and wanted to devote themselves to philanthropy. A year earlier, in 2005, World Savings lending had started to slow, after more than quadrupling since 1998. Some current and former Wachovia officials said that the merger was agreed to within days, making it impossible to thoroughly vet the World Savings loan portfolio. They noted that the creditworthiness of World Savings borrowers edged down from 2004 to 2006, while Pick-A-Pay borrowers had credit scores wachovia bank corporate address below the industry average for traditional loans. World Savings lending volume first national bank of omaha leadership again in 2006 shortly after the sale to Wachovia was initiated. In 2007, after the merger, World Savings, then known as Wachovia Mortgage began to attract more borrowers by taking a step that some regulators[who?] frowned upon, and which the former World Savings management had resisted for years: it allowed borrowers to make monthly payments with an annual interest rate of just 1 percent. While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify.[32] More than 70% of the Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely. In 2009 New York Times reporter Floyd Norris called World Savings a "ticking timebomb" that created "zombie homeowners".[33]

While Wachovia Chairman and CEO G. Kennedy "Ken" Thompson had described Golden West as a "crown jewel",[34] investors did not react positively to the deal. Analysts said that Wachovia purchased Golden West at the peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo.[35]

A. G. Edwards[edit]

AGEdwardnewlogo.png

On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $6.8 billion to create the United States' second largest retail brokerage firm.[36] The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out the AG Edwards brand in favor of a unified Wachovia Securities.

Historical data (2000–2008)[edit]

[37]

Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008.

2007–2009 financial crisis[edit]

Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis.[38][39]

In the first quarter of 2007, Wachovia reported $2.3 billion in earnings, including acquisitions and divestitures.[40] However, in the second quarter of 2008, Wachovia reported a much larger than anticipated $8.9 billion loss.[41]

On June 2, 2008, Wachovia chief executive officerKen Thompson was forced to retire. He'd been head of Wachovia since 2000, while it was still known as First Union.[42] The board replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman a month earlier.

On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead the company out of its difficulties.[43]

Government intervention[edit]

After Steel took over, he insisted that Wachovia would stay independent. However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $100,000 insured by the Federal Deposit Insurance Corporation (FDIC) – an event known in banking circles as a "silent run." Ultimately, Wachovia lost a total of $5 billion in deposits that day—about one percent of the bank's total deposits.[44] The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency, which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on the FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast).[45][46]

As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo. Wells Fargo initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations, but backed out due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia wouldn't have enough short-term funding to open for business the next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia wouldn't have enough liquidity to meet its obligations. This would have resulted in a failure dwarfing that of WaMu.[46]

When FDIC Chairwoman Sheila Bair got word of Wachovia's situation, she initially decided to handle the situation like she'd handled WaMu a day earlier. Under this scenario, the Comptroller of the Currency would have seized Wachovia's banking assets (Wachovia Bank, N.A. and Wachovia Bank of Delaware, N.A.) and placed them under the receivership of the FDIC. The FDIC would have then sold the banking assets to the highest bidder. Bair called Steel on September 28 and told him that the FDIC would be auctioning off Wachovia's banking assets. Bair felt this would best protect the small banks. However, several Federal regulators, led by New York Fed President Tim Geithner, felt such a course would be politically unjustifiable so soon after WaMu's seizure.[47]

After a round of mediation between Geithner and Bair, the FDIC declared that Wachovia was "systemically important" to the health of the economy, and thus could not be allowed to fail. It was the first time the FDIC had made such a determination since the passage of a 1991 law allowing the FDIC to handle large bank failures on short notice.[47] Later that night, in an FDIC-brokered wachovia bank corporate address, Citigroup agreed to buy Wachovia's retail banking operations in an "open bank" transfer of ownership. The transaction would have been facilitated what city is the murder capital of canada the FDIC, with the concurrence of the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. The FDIC's open bank assistance procedures normally require the FDIC to find the cheapest way to rescue a failing bank. However, when a bank is deemed "systemically important," the FDIC is allowed to bypass this requirement. Steel had little choice but to agree, and the decision was announced on the morning of September 29, roughly 45 minutes before the markets opened.[46][48][49][50] From this point on, Citigroup became the source of liquidity allowing Wachovia to continue to operate until the acquisition was complete.

In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup's losses above $42 billion; Wachovia's loan portfolio was valued at $312 billion. In exchange for assuming this risk, the FDIC would receive $12 billion in preferred stock and warrants from Citigroup.[48][51][52] The transaction would have been an all-stock transfer, with Wachovia Corporation stockholders to have received stock from Citigroup, valuing Wachovia stock at about one dollar per share for a total transaction value of about $2.16 billion. Citigroup would have also assumed Wachovia's senior and subordinated debt.[51][53] Citigroup intended to sell ten billion dollars of new stock on the open market to recapitalize its purchased banking operations.[51] The proposed closing date for the Wachovia purchase was by the end of the year, 2008.[54]

Wachovia expected to continue as a publicly traded company, retaining its retail brokerage arm, Wachovia Securities and Evergreen mutual funds.[53] At the time, Wachovia Securities had 14,600 financial advisers and managed more than $1 trillion, third in the U.S. after Merrill Lynch and Citigroup's Smith Barney.[51]

The announcement drew some criticism from Wachovia stockholders who felt the dollar-per-share price was too cheap. Some of them planned to try to defeat the deal when it came up for shareholder approval. However, institutional investors such as mutual funds and pension funds controlled 73 percent of Wachovia's stock; individual stockholders would have had to garner a significant amount of support from institutional shareholders to derail the sale. Also, several experts in corporate dealmaking told The Charlotte Observer that such a strategy is very risky since federal regulators helped broker the deal. One financial expert told the Observer that if Wachovia's shareholders voted the deal down, the OCC could have simply seized Wachovia and placed it into the receivership of the FDIC, which would then sell it to Citigroup. Had this happened, Wachovia's shareholders risked being completely wiped out.[55]

Acquisition by Wells Fargo[edit]

Though Citigroup was providing the liquidity that allowed Wachovia to continue to operate, Wells Fargo and Wachovia announced on October 3, 2008, that they had agreed to merge in an all-stock transaction requiring no government involvement. Wells Fargo announced it had agreed to acquire all of Wachovia for $15.1 billion in stock. Wachovia preferred the Wells Fargo deal because it would be worth more than the Citigroup deal and keep all of its businesses intact. Also, there is far less overlap between the banks, as Wells Fargo is dominant in the West and Midwest compared to the redundant footprint of Wachovia and Citibank along the East Coast. Both companies' boards unanimously approved the merger on the night of October 2.[56]

Citigroup explored its legal options and demanded that Wachovia and Wells Fargo cease discussions, claiming that Wells Fargo engaged in "tortious interference" with an exclusivity agreement between Citigroup and Wachovia. That agreement states in part that until October 6, 2008 "Wachovia shall not, and shall not permit any of its subsidiaries or any of its or their respective officers, directors, [.] to [.] take any action to facilitate or encourage the submission of any Acquisition Proposal.".[57][58]

Citigroup convinced Judge Charles E. Ramos of the Supreme Court of the State of New York, New York County to grant a preliminary injunction temporarily blocking the Wells Fargo deal.[59] This ruling was later overturned by Judge James M. McGuire of the Supreme Court of the State of New York, Appellate Division, First Department, partly because he believed Ramos did not have the right to rule on the case in Connecticut.[60]

On October 9, 2008, Citigroup abandoned its attempt to purchase Wachovia's banking assets, allowing the Wachovia-Wells Fargo merger to go through. However, Citigroup pursued $60 billion in claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement.[61] Wells Fargo settled this dispute with Citigroup Inc. for $100 Million on November 19, 2010.[62] Citigroup may have been pressured by regulators to back out of the deal; Bair endorsed Wells Fargo's bid because it removed the FDIC from the picture. Geithner was furious, claiming that the FDIC's reversal would undermine the government's ability to quickly rescue failing banks. However, Geithner's colleagues at the Fed were not willing to take responsibility for selling Wachovia.[47]

The Federal Fifth third bank 47th and ashland unanimously approved the merger with Wells Fargo on October 12, 2008.[63]

The combined company retained the Wells Fargo name, and was based in San Francisco. However, Charlotte remained as the headquarters for the combined company's East Coast banking operations, and Wachovia Securities remained in Charlotte[citation needed]. Three members of the Wachovia board joined the Wells Fargo board. The merger created the largest branch network in the United States.

In filings unsealed two days before the merger approval in a New York federal court, Citigroup argued that its own deal at home remedies for sunburn relief better for U.S taxpayers and Wachovia shareholders. It said that it had exposed itself to "substantial economic risk" by stating its intent to rescue Wachovia after less than 72 hours of due diligence. Citigroup had obtained an exclusive agreement in order to protect itself.[64] Wachovia suffered a $23.9 billion loss in the third quarter.[65]

In September 2008, the Internal Revenue Service issued a notice providing tax breaks to companies that acquire troubled banks. According to analysts, these tax breaks were worth billions of dollars to Wells Fargo. Vice Chairman Bill Thomas of the Financial Crisis Inquiry Commission indicated that these tax breaks may have been a factor in Wells Fargo's decision to purchase Wachovia.[66]

Wells Fargo's purchase of Wachovia closed on December 31, 2008. By the time Wells Fargo completed the acquisition of Wachovia, the byline "A Wells Fargo company" was added to the logo.

Controversies[edit]

Identity theft negligence[edit]

A May 2007 New York Times article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts. In total, Wachovia accepted $142 million in unsigned checks from "companies that made unauthorized withdrawals from thousands of accounts", collecting millions of dollars in fees from them. According to Pat Meehan, a U.S. attorney for Eastern District of Pennsylvania, Wachovia received "thousands of warnings that it was processing fraudulent checks, but ignored them".[67]

On April 25, 2008, Wachovia agreed to pay up to $144 million to end the investigation without admitting wrongdoing. The investigation found that Wachovia had failed to conduct suitable due diligence, and that it would have discovered the thefts if it had followed normal procedures. The penalty is one of the largest ever demanded by the Office of the Comptroller of the Currency.[68]

Latin drug cartel money laundering[edit]

In Bank of the west fargo hours 2008, the Wall Street Journal reported that federal prosecutors had initiated a probe into Wachovia and other U.S. banks for aiding drug money laundering by Mexican and Colombian money-transfer companies, also known as casas de cambio. These companies help Mexican immigrants in the United States send remittances back to family in Mexico, but it is widely known that they also present a significant money-laundering risk. However, not only is it a "lucrative industry" that is able to charge high fees, but Wachovia also viewed it as a way to gain a foothold in the Hispanic banking market.[69]

In March 2010, Wachovia admitted "serious and systemic" violations of the Bank Secrecy Act that allowed Mexican and Colombian drug cartels[70] to launder $378.4 billion between 2004 and 2007, the "largest violation of the Bank Secrecy Act".[71] It negotiated a deferred prosecution agreement with the Justice Department to resolve criminal charges for willfully failing to set up an effective anti-money-laundering program. It agreed to forfeit $110 million and pay a $50 million fine to the U.S. Treasury.

Reports in Bloomberg Businessweek in June 2010[72] and The Observer in April 2011 shed light on the extent to which Wachovia went to turn a blind eye, including by ignoring the warnings and suspicious activity reports (SARs) of its London-based director of anti-money-laundering.[73]

Chief executive officers[edit]

See also[edit]

References[edit]

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External links[edit]

Источник: https://en.wikipedia.org/wiki/Wachovia

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