The distinguished subsidiaries of the Wachovia Corporation which was founded as early as 1879, are :

• Wachovia Bank
• N.A.
• Wachovia Mortgage
• Wachovia Securities LLC
• Wachovia Capital Markets
• LLC

Corporate History of the Wachovia Bank

Wachovia Corporation established in 1879 in Winston, North Carolina and First Union Corporation set up in 1908 in Charlotte, North Carolina merged in September, 2001, to form the Wachovia Corporation as everybody knows it today.

Though the business deal was advertised as a merger of equals, in actuality the business deal was a purchase of the heritage as well as the goodwill inherited and possessed by the name Wachovia by First Union Corporation which was headquartered in Charlotte, North Carolina. Later First Union Corporation then took up the name - Wachovia.

Established as the Wachovia National Bank in the year 1879 in Winston-Salem, North Carolina, Wachovia Bank Corporation initially merged in the year 1911 with Wachovia Loan and Trust which was formed in 1893.

In 1986, Wachovia Bank Corporation absorbed First Atlanta, which was formed and assigned the name of Atlanta National Bank in 1865. Being the oldest national bank in Atlanta, the name of this establishment was later changed to First National Bank of Atlanta. As a result of this purchase Wachovia had turned into a company with double headquarters. One of its headquarters was in Winston-Salem while the other was in Atlanta.

In 1998, Wachovia Bank Corporation assimilated two banks based in Virginia. These two banks overtaken by Wachovia Bank Corporation were Jefferson National Bank and Central Fidelity Bank.

In 2000, the latest purchase made by Wachovia Bank Corporation facilitated the bank's entry into Florida. Republic Security Bank was the Florida-based bank bought by Wachovia Bank Corporation.

Recent reports in relation to the financial condition of the Wachovia Bank Corporation

The total asset of the Wachovia Bank amounts very close to the $706.5 Billion mark.

The net income of Wachovia Bank Corporation is about to overtake US $8 Billions.

With its total deposits hovering well over $408 Billions the Wachovia Bank Corporation is one amongst the largest accumulators of private wealth from individual account holders as well as institutional and corporate depositors.

The total sum of Stockholders' Equity is nearing $70 Billions.

The Wachovia Bank Corporation is headquartered in Charlotte, North Carolina.

The Wachovia Bank Corporation is ranked within the first five bank holding companies in the United States in terms of assets.

In terms of client assets, the Wachovia Bank Corporation is the third largest U.S. stock brokerage company.

The business operations undertaken by Wachovia Bank domestically within the U.S.A. include the circulation and sales of the following :

• products and services related to investment banking
• lending of mortgages, and
• auto dealer finance

The Wachovia Bank Corporation at the same time operates in the global financial markets by providing services in only certain corporate and institutional sectors with the assistance of well over 40 international offices that they possess all across the world.

Wachovia Bank has a very wide base of customers spread all across the world.

The customers of the Wachovia Bank Corporation can be divided into the following segments :

• Households and business concerns which are engaged in business transactions with Wachovia Bank is around 13 millions
• Registrations for the online products and services circulated by Wachovia Bank is currently well over 12 millions
• Online customers who make use of the facilities offered through the Internet by Wachovia Bank are numbering about 4 million people

The Wachovia Bank Corporation provides the vast financial services to the huge base of customers through its employees who number somewhere around the 110,000 mark.

Financial Centers of the Wachovia Bank Corporation.

Wachovia Bank offers personal services and advice to every customer from its huge base of customers through the nearly 3,500 financial centers and the stock brokerage offices marketing different stocks, which number close to 800. These staffs include 10,700 registered representatives.

The Wachovia Bank Corporation provides personal as well as institutional and corporate services to all of its customers across the world in the finance and insurance sector. The different personal as well as institutional and corporate services rendered by the Wachovia Bank can be sorted out into the services which are described in details below.

Services related to Personal Finance offered by Wachovia Bank to the individual customers.

Online Services offered by Wachovia Bank are as follows :

• Online banking added with the payment of bills
• Brokerage of stocks online

Retirement Services provided by Wachovia Bank is as follows :

• Freedom to the customers to plan any kind of retirement.

  Services related to Investment provided by Wachovia Bank are as follows :

  • Securities of Wachovia
  • Accounts & additional services
  • IRAs

  Insurance Services offered by Wachovia Bank are as follows :

  • life insurance
  • auto insurance
  • home Owners insurance
  • home Renters insurance
  • health insurance

  Banking Services provided by Wachovia Bank are as follows :

  • checking accounts
  • savings accounts
  • credit cards
  • debit cards
  • check cards
  • prepaid cards
  • gift cards

  Services related to Lending offered by Wachovia Bank are as follows :

  • facilities to take mortgages or mortgage banking
  • home equity lending
  • loans for the education of children
  • loans for the purchase of vehicles

  Corporate & Institutional Services provided by Wachovia Bank to the Corporate & Institutional customers

  Products and Services offered by Wachovia Bank to the Corporate & Institutional customers include the following :

  • management of assets
  • additional benefits and retirement services
  • capital or financial markets
  • management of liquid assets specially hard cash and deposit services
  • domestic banking by means of letters and other such communication
  • commercial insurance
  • international banking
  • lending and financing business concerns
  • online services
  • risk management
  • sales and trading

  The Wachovia Bank Corporation provides access to almost around 5,100 automated teller machines.

  Nearly 1.9 billion equities of common shares of the Wachovia Bank are outstanding. The common shares of the Wachovia Bank does business on the New York Stock Exchange (NYSE) under the symbol WB.

  As per the latest reports the amount of loans written off as losses was less than 1 percent of average loans. Non-performing assets as according to the latest reports, was only a lowly 0.4 percent of total loans and leases.

  Wealth Management offered by Wachovia Bank

  With more than a hundred years of experience in wealth management, Wachovia Bank offer all its worthy customers around the globe, clients receive professional counseling to develop, safeguard, and shift the wealth owned by them as they wish.

  Team Approach on offer by Wachovia Bank

  The Wachovia team's unusual approach to wealth management provides the customers with not just one consultant, but a team of globally respected professionals who manage nearly $134 billions for clients around the world.

  Integrated Services provided by Wachovia Bank

  The Wachovia Bank offers a comprehensive range of financial services that in fact help the customers in planning and managing their wealth, including the following :

  • estate planning,
  • trust services,
  • investment management,
  • insurance,
  • financial planning,
  • charitable services, and
  • banking and credit,

  The Personalized Solutions offered by Wachovia Bank

  The Wachovia team of counselors render expert and concrete counseling and solutions that adjust as per the individual situation, which the customer is in. The customers are allowed to set their very own goals. The Wachovia team of counselors help the customer to attain the targets set by the customers themselves.

  Controversies circulating around the Wachovia Bank

  An article published in May, 2007 in the New York Times identified Wachovia's carelessness in displaying or taking any kind of action against the companies which were associated with the theft of identity. The companies involved in the theft of identities exploited those stolen identities to transfer funds from several personal Wachovia Bank accounts by employing the means of checks which were not signed.

  Wachovia Bank amassed millions of dollars in the form of fees from the companies involved in the identity theft in spite of repeatedly being warned of the fact that it was processing checks which were actually fraudulent.