Wachovia Corporation History

One First Union Center
Charlotte, North Carolina 29288-0013

Telephone: (704) 374-6565
Toll Free: 800-413-7898
Fax: (704) 374-3425

Public Company
Incorporated: 1958 as First Union National Bank of North Carolina; 1968 as The Wachovia Corporation
Employees: 84,000
Total Assets: $330 billion (2001)
Stock Exchanges: New York
Ticker Symbol: WB
NAIC: 551111 Offices of Bank Holding Companies; 52211 Commercial Banking; 52221 Credit Card Issuing

Company Perspectives:

Completion of this merger is a defining moment for Wachovia and First Union, providing the opportunity to create of the finest companies in the world. We look forward to leveraging combined strengths to realize the potential of our new company and to build sustained value for our shareholders, customers, employees, and communities.

Key Dates:

Maddox-Rucker & Company is formed as a private bank; William Lemly establishes the Wachovia National Bank.
Wachovia Loan and Trust Company becomes North Carolina's first charted trust company.
Wachovia National Bank merges with Wachovia Loan and Trust to become Wachovia Bank and Trust Company.
The Wachovia Corporation is formed as a holding company.
First Union merges with Northwestern Financial Corporation to become the state's second-largest bank; Wachovia merges with First Atlantic Corp. to form First Wachovia Corp.
First Union lists on the New York Stock Exchange.
First Wachovia reorganizes and is renamed Wachovia Corp.
First Union and Wachovia merge, forming the new Wachovia Corporation.

Company History:

Further Reading:

  • "Caution Works At Wachovia," Business Week, November 1, 1976, p. 57.
  • Cline, Kenneth, "Q and A: Wachovia's Medlin: Buying Branches May Mean Investing in Obsolescence," American Banker, September 2, 1993, p. 5.
  • ------, "The Back Office: Systems Development--Wachovia Puts Its Money on Automated Software Development," American Banker, July 6, 1993, p. 12A.
  • ------, "Wachovia Creates General Banking Division," American Banker, November 14, 1994, p. 5.
  • Cope, Debra, "Wachovia Launching a Fund that Invests in Forests," American Banker, April 14, 1994, p. 20.
  • "Don't Give Up on the Old Wachovia," US Banker, May 2001, p. 12.
  • Epper, Karen, "Wachovia Deploys New Software to Automate Its Indirect Lending," American Banker, May 10, 1994, p. 14.
  • A History of Banking and Wachovia, A Course Well Charted, Winston-Salem: Wachovia Corp., 1994.
  • Hochstein, Marc, "New First Union Says Its Appetite Is Curbed," American Banker, June 27, 2000, p. 1.
  • Holliday, Karen, "Staying Power, but Too Staid?," US Banker, May 1997, p. 51.
  • Kraus, James R., "Wachovia, Buying Brazil Bank," American Banker, January 9, 1997, p. 8.
  • Milligan, Jack, "Thompson On a Short Rope," US Banker, March 2001, p. 34.
  • Moore, Pamela, "Wachovia's New CEO is a Man of Many Interests," Winston-Salem Journal, March 21, 1994, p. 13.
  • "Review 2001: This Summer's Cliffhanger: the Battle for Wachovia," American Banker, December 26, 2001, p. 4.
  • Rogoski, Richard R., "Merger Media Blitz Turned into Negative Political-Style Ads," Business First-Columbus, August 31, 2001, p. B8.
  • Svare, Christopher J., "Entry into South Carolina Strengthens Wachovia's Base," The Magazine of Bank Management January 1992, p. 16.
  • Talley, Karen, "Wachovia Called Solid Bet," American Banker, April 8, 1999, p. 28.
  • Tully, Shawn, "First Union Buys Retail--And Pays the Price," Fortune, June 21, 1999, p. 43.
  • "Wachovia-Ameribank Merger Is Complete," American Banker, April 3, 1998, p. 22.
  • "Wachovia Announces Major Cash Management Technology Investment," Business Wire, December 3, 1992.
  • "Wachovia Paying $2.3B for Central Fidelity of Va.," American Banker, June 25 1997, p. 1.
  • Zack, Jeffrey, "Seems Like a Seamless Transition at Wachovia," American Banker, January 9, 1995, p. 8A.

    Source: International Directory of Company Histories, Vol. 46. St. James Press, 2002.