Wachovia Corporation is a diversified financial services company that provides 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. It operates as Wachovia Bank in 15 states and serves retail brokerage clients under the name Wachovia Securities nationwide as well as in five Latin American countries. Wachovia also has investment banking clients in selected industries nationwide, and provide global services through 40 offices around the world.
Wachovia has 13 million households and businesses customers and 10.5 million online product and service enrollments. There are 3.2 million active online Wachovia customers.
Wachovia is the Latin form of the German name Wachau. In 1753, Moravian settlers gave this name to a tract of land they acquired in North Carolina. The settlers chose the name because the land resembled a valley along the Danube River known as Der Wachau.
In 1879, a bank opened in the town of Winston under the name Wachovia National Bank. Fourteen years later, Wachovia Loan and Trust opened nearby. The two merged in 1911 to form Wachovia Bank and Trust, which evolved into Wachovia Corporation.
Wachovia has a long and impressive record of mergers and acquisitions. The six page list of companies it has taken on can be downloaded from their web page. It begins in 1958 and continues to today where several mergers are pending.
One of the most significant mergers was with First Union in 2001. First Union was founded as start Union National in the early 1900’s in Charlotte, North Carolina. In 1958, Union National merged with First National Bank and Trust Company of Asheville to form the First Union National Bank of North Carolina. First Union grew over the next few decades through mergers with more than 80 banks and other companies. First Union merged with Wachovia in 2001.
The Banker, one of the world’s leading financial journals, ranked Wachovia as the number 5 bank among US banks in 2005 and number 6 in 2004. The ranking was based on pre-tax profit figures for common stock, non-cumulative preference stock, share premium reserve, disclosed reserves including retaining earnings, minority interests and funds for general banking risk.
With $ 492,606 million in assets Wachovia was ranked 4 in asset size. For Soundness (capital/asset ratio) Wachovia ranked 186 in 2005 and 181 in 2004. Wachovia pre-tax profits were reported as $7,633 million. It ranked 119 for performance based on return on assets.
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