Wachovia Bank NYSE: WB, based in Charlotte, North Carolina was founded in 1879.
WB is one of the largest banking chains in the United States providing diversified financial services including a broad range of banking, wealth management, asset management, corporate and investment products and services. WB is operating in 15 states all over the United States. Under the name Wachovia Security it serves retail brokerage and investment banking clients nationwide. It is employing 96,000 people. WB provides also global services through more than 40 offices around the world.
The corporate name Wachovia, pronounced wah-KO-veeyah, originated from the Latin form of the German name Wachau, stems from Moravian settlers to North Carolina arrived in Bethabara in 1753.
Wachovia Bank in its current form was established on September, 2001 when Charlotte-based First Union Corporation officially merged with Winston-Salem-based Wachovia Corporation. Actually deal was a purchase of Wachovia by First Union, but First Union preferred to shed its name and assumed the Wachovia identity and stock ticker. This was made to help First Union acquire a new identity because the reputation of Wachovia with consumers was much better then First Union’s one.
The merger of First Union Wachovia has been a huge success. Since then every year Wachovia has been prudly ranked number one in customer satisfaction, Wachovia plans to become number one bank in the USA in the future years.
The stock price of company has remained strong and it has had record revenues since the merger.
Wachovia is currently ranked number 57 on the Forbes list for 2006, it is the fourth largest bank holding company in USA. By August of 2006, Wachovia had begun issuing its own Visa credit cards. It has banking centers in 15 East coast states and Washington, D.C. It also operates Wachovia Securities, its brokerage services subsidiary.
Wachovia Bank could serve its consumers for all their banking needs. Their business and personal financial needs could all be dealt through Wachovia. For these aims WB clients could use Online Banking which is a free service for WB customers letting them to bank online from anywhere they have Internet access.