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Quick Facts

Phone Number:
1-800-922-4684
Bank Website:
wachovia.com
Assets Managed:
$518.39 Billion
Headquarters:
Charlotte, NC
Date Established:
January 11th, 1994
Equal Housing Lender / Member FDIC
Wachovia Bank

Profile Information:

Bank Headquarters Charlotte, North Carolina, United States
Stock Symbol: WB
CEO: G. Kennedy Thompson

Wachovia Bank is one of the largest providers of financial services in the United States, operating financial centres in 21 states across the continental United States.

Wachovia Bank in its current form has had many transformations. Before the purchase by Wells Fargo in 2008, the company was formed when the merger of the two banks Legacy Wachovia and First Union Corporation was finalized. As an important part of the deal, First Union would shed its name and assumed the Wachovia identity and stock ticker.

This was not the first time that the bank had been a part of corporate merging in the banking sector. Legacy Wachovia Corporation began in 1879 as the Wachovia National Bank. In 1911, the bank merged with Wachovia Loan and Trust, which had been founded in 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts with local tobacco companies.

Since the 2008 purchase of Wachovia for $15.1 billion in stock, the bank has seen some of the biggest changes in the banks history take place. Currently all Wachovia Banks are being rebranded to the Wells Fargo identity meaning that for the first time since 1879 the Wachovia banking name will be absent from the United States banking face. This however will mean that the bank will have significantly more stores for itself and its parent company when the company and its customers are fazed into Wells Fargo over the next year.

As of 2008 Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008. However at the same time Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis, prior to the purchase by Wells Fargo the bank was reporting $2.3 billion in earnings, including acquisitions and divestitures in the year of 2007. In contrast, the second quarter of 2008 saw a much heavier loss than anticipated totalling $8.9 billion.

Wachovia Bank has been at the centre of many controversies, especially in the last few years. These controversies include the companies negligence in regards to customer based identity theft, and also an investigation by the Federal Prosecutors into a probe regarding the laundering of money by Mexican and Columbian money transferring firms that was thought to come from the sale of drugs. Wachovia was also hit with charges of $144M by the Federal charges for the harassment of elderly customers via telemarketing.

The net income of the bank went from $5B in 2007 to a net loss of several hundred million dollars in 2008 making the purchase of the bank by Wells Fargo relatively easy compared to the past acquisitions.

The Wachovia brand will be completely switched over to Wells Fargo by the end of 2011.








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