#4. Wachovia Bank, National Association ($635,476,000,000)
Wachovia Bank, National Association 301 South College Street
Charlotte, NC 28288 http://www.wachovia.com
Background
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 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.
FDIC Certificate #
33869
Bank Charter Class
Commercial Bank
Asset Concentration
Commercial Lending Specialization
Product Specialty
Complete banking services, retail brokerage services, asset management, wealth management, and innovative products for individual customers. Financial expertise in treasury services, corporate and investment banking, and international banking for business customers. Also offer credit and check card products, trust services, auto dealer finance, mortgage banking, student lending, and home equity lending.
Key Information & News
Number of Branches: 3,343 offices in the U.S.
Number of Employees: 82,620 employees.
Executives
CEO
Robert K. Steel
CFO
David K. Zwiener
CMO
Ranjana Clark
2008 News
Agreed to sell its banking business to Citibank for $2.2 billion in a transaction facilitated by the FDIC on September 29, only a few later that it announced a merger deal with Wells Fargo Bank that requires no assistance from the FDIC. (October 3)
Citibank followed up with legal actions trying to prevent the Wells Fargo - Wachovia deal, citing an exclusivity agreement between Citigroup and Wachovia.
On October 9, 2008, Citigroup abandoned their attempt to purchase Wachovia, allowing Wells Fargo to proceed with a transaction instead. However, Citigroup is still pursuing its $60 billion claims, $20 billion in compensatory and $40 billion in punitive damages, against Wachovia and Wells Fargo for alleged violations of the exclusivity agreement.
On October 12 the U.S. Federal Reserve approved Wells Fargo's takeover of the bank, a deal that would create the largest bank branch network in the United States.
