Wachovia, based in Charlotte, North Carolina, is
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Wachovia, based in Charlotte, North Carolina, is
Wachovia Corporation was purchased by Wells Fargo on December 31, 2008, and it ceased to be an independent corporation on that date. Over the next three years, the Wachovia brand will be absorbed into the Wells Fargo brand. Wachovia Corporation's stock was traded on the New York Stock Exchange (NYSE) under the ticker WB.
Business Lines
Wachovia provides a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. It is 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. Wachovia provides global services through more than 40 offices around the world.
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. Wachovia also operates Calibre, its wealth management services to ultra-high net worth families with net worth exceeding $25 million.
Corporate history
Wachovia Corporation was originally created by the merger of the legacy Wachovia Corporation and First Union Corporation. First Union was considered the acquiror in the transaction with Wachovia, although the transaction was structured as a tax-free union of equals and the combined entity chose to retain the Wachovia name.
Origin of corporate name
main: Wachovia, North Carolina Wachovia, (wah-KO-vee-yah), has its origins in the Latin form of the Austrian name Wachau. 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. The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.
First Union
First Union Corporation 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 in 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967. Other Predecessor companies include the Bank of North America, the first bank proposed, chartered and incorporated in America on December 31, 1781.
