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| Banksloanonline » Banks » Wachovia Bank |
Wachovia Bank |
| Wachovia Bank is not just a popular brand in the United States with its presence in over 20 states, but also a leading name in several South American countries as well. Its popularity at the International level can also be gauged from the fact that it has about 40 offices providing services at the global level! Wachovia Bank is based in the North Carolina city of Charlotte and it is ranked at the 4th position in terms of assets from all over the United States. Out of the popular financial services offered by the Wachovia Bank, investment banking services, corporate banking services, asset management, wealth management and other banking services top the list. |
History of the Wachovia Bank:
Legacy Wachovia Corporation and First Union Corporation merged themselves to form the Wachovia Bank. Therefore the history can be traced back to the times when both the companies were separate entities and each boasted of being a leading name in the industry.
The illustrious history of the Wachovia Bank dates back to 1879. This year witnessed the establishing of the Wachovia National Bank in North Carolina. After about 3 decades of its operations, it merged with the Wachovia Loan and Trust and then went on to acquire a number of banking institutions across the various states of the United States. First Atlanta and Jefferson National Bank are a few of the earliest acquired banks in the order.
Founded as the Union National Bank in 1908, the First Union Corporation took over 80 banks since its inception till its merger with the Wachovia Bank that was more of an acquisition of the latter than a merger in the true sense. However, to cash on the long standing reputation that the Wachovia the achieved the new name of the company was retained from the earlier name and thus came to be known as the Wachovia bank.
The Wachovia Bank comprises of the four distinct departments, each dedicated to General Banking, Wealth Management, Capital Management and Corporate and Investment Banking respectively.
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