Wachovia

Wachovia
Company typePublic
NYSE: WB S&P 500 component (until 2008)
IndustryFinancial services
FoundedJune 16, 1879 (1879-06-16)
DefunctDecember 31, 2008 (2008-12-31) (as an independent corporation)
October 15, 2011 (2011-10-15) (as a brand)
FateAcquired by Wells Fargo[1]
SuccessorWells Fargo[2]
HeadquartersCharlotte, North Carolina, U.S.
ProductsBanking, Investments
OwnerWells Fargo
WebsiteArchived official website at the Wayback Machine (archive index)

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets.[3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was 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 provided global services through more than 40 offices around the world.

The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years.[2] On October 15, 2011, the final Wachovia branches were converted to Wells Fargo.[4]

The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under the Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates. Wachovia's private equity arm operated as Wachovia Capital Partners.[5] The asset-based lending group operated as Wachovia Capital Finance.[6]

The company got its name from the Wachovia Tract.

  1. ^ Mukunda, Gautam. "Persistence Is Overrated—Why Learning Is The Hallmark Of Great Crisis Leadership". Forbes. Retrieved 2020-06-30.
  2. ^ a b "Wells Fargo Completes Wachovia Purchase". Wells Fargo. 2008-12-31. Retrieved 2009-01-01.
  3. ^ Alvarez, Scott G. (1 September 2010). "The Acquisition of Wachovia Corporation by Wells Fargo & Company". Testimony Before the Financial Crisis Inquiry Commission, Washington, D.C. Board of Governors of the Federal Reserve System. Retrieved 6 February 2018.
  4. ^ O'Daniel, Adam (2011-10-15). "Farewell to Wachovia: The transition to Wells Fargo". Charlotte Business Journal.
  5. ^ "Wachovia Capital Partners Becomes Independent Private Equity Firm Pamlico Capital". Businesswire.com. Retrieved 5 November 2017.
  6. ^ "Wells Fargo - News Releases". Archived from the original on 2014-04-06. Retrieved 2010-03-27.
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