Wachovia Bank

The Wachovia Bank was formed through the amalgamation of the Wachovia Corporation and the First Union Corporation in April 16, 2001. The Wachovia bank provides personal, corporate and investment banking products and services to customers across the world.

The Wachovia Bank was formed through the amalgamation of the Wachovia Corporation and the First Union Corporation in April 16, 2001. The Wachovia bank provides personal, corporate and investment banking products and services to customers across the world.

The Wachovia Corporation, which is situated in Charlotte, North Carolina, has been incorporated by Wells Fargo on December 31, 2008. The purchase took place after the government pushed for its sale to avoid a complete breakdown of the company. The brand Wachovia has been absorbed by the Wells Fargo brand since 2009 and the merger of the bank and the Wells Fargo company is scheduled to for completion in 2010.  

About Wachovia Bank

The Wachovia Bank traces its origin to the year 1870 when William A. Lemly decided to relocate his bank from the Moravian village of Salem to Winston. Although the shuffling involved moving a few blocks up the street, shifting from one town to another necessitated a new charter and a name.

The new Wachovia National Bank became effective on June 16, 1879 and began its business operations with $100,000. The business expanded further in June 15, 1893, when it opened North Carolina’s first trust company by the name of Wachovia Loan and Trust Company. This company opened with a two-man staff and was headed by Francis H. Fries, a well-known textile and railroad entrepreneur.

In 1911, the two Wachovia enterprises merged to become the Wachovia Bank and Trust Company. The consolidated bank began its operations with total resources, including deposits and capital stocks, of $7 million. The Wachovia Bank was then the leading bank in the South and the Trust Company was the largest trust business between Baltimore and New Orleans.

In December 12, 1986, the Wachovia Bank Corporation purchased First Atlanta, which came to be known as the First National Bank of Atlanta. Due to this purchase, the Wachovia had two headquarters: namely, one in Winston-Salem and the other in Atlanta.[br]

In 1998, the Wachovia Bank Corporation incorporated two banks based in Virginia:

• Jefferson National Bank

• Central Fidelity Bank

In 2000, the Wachovia Bank Corporation bought the Florida-based Republic Security Bank which facilitated its entry into Florida.

With its scheduled merger in 2010, the bank is poised to grow its products and services worldwide and cover more geographically diverse customers.