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Wachovia Corporation
built 114 days ago
Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders' equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC... serves clients through 699 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services ... are available through Wachovia.com. Wachovia Corporation
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Stock Issuance Raises $3.5 Billion of Tier 1 Capital CHARLOTTE, N.C., Feb. 6 /PRNewswire-FirstCall/ -- Wachovia Corporation (NYSE: WB) announced that it priced a preferred stock issuance of $3.5 billion on Feb. 5, 2008. The offering is expected to close on Feb. 8, 2008. "The strong investor demand is gratifying and the offering will further solidify our capital position," said Tom Wurtz, Wachovia Chief Financial Officer. "This will provide Wachovia a very strong Tier 1 capital ratio as we begin 2008 and we expect that we will continue to increase our ratio over the remainder of the year." The $3.5 billion perpetual preferred stock will pay a dividend of 7.98% for 10 years and thereafter change to a floating interest rate. Wachovia may redeem the preferred stock after 10 years.
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Wachovia Corporation, a financial holding company, provides commercial and retail banking services, and other financial services in the United States and internationally. Its deposit products include noninterest-bearing deposits, savings and NOW accounts, money market accounts, and other consumer time deposits. The company’s loan portfolio comprises commercial, financial, and agricultural loans; real estate construction and mortgage loans; lease financing; and real estate secured, student, and installment loans. Wachovia Corporation ... offers various corporate and investment banking services, including corporate lending, investment banking, and treasury and international trade finance services; wealth management services comprising private banking, personal trust, investment advisory services, charitable services, financial planning, and insurance brokerage; and capital management products and services consisting of retail brokerage services, which encompasses retail brokerage and annuity and reinsurance businesses, and asset management, which includes mutual funds, customized advisory services, and defined benefit and defined contribution retirement services. As of November 19, 2007, it operated 3,400 retail financial centers in 21 states in the United States, as well as 40 offices internationally. The company was founded in 1879 and is headquartered in Charlotte, North Carolina.
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The new Wachovia Corporation was formed from the September 2001 merger of First Union Corporation and Wachovia Corporation. The deal created the fourth-largest bank holding company in the U.S. based on assets and the fifth-largest U.S. broker/dealer based on registered representatives. By combining forces, the new company offered financial services in 12 states through 2,800 branches, and ... provided full-service brokerage in 49 states. Wachovia caters to nine million households and 900,000 businesses by offering such services as banking, brokerage, asset management, wealth management, treasury services, corporate and investment banking, international banking, credit and debit card products, trust services, mortgage banking, and home equity lending.
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The Wachovia Corporation was formed through a series of mergers over the years that not only made it one of the country's largest financial institutions, but earned it a reputation as an acquisition machine. In 2006, it bought Golden West Financial, one of the last major independent banks on the West Coast, in a $26 billion deal. In May 2007, it swallowed up A. G. Edwards in a $6.8 billion deal that made Wachovia Securities the country’s second-largest retail broker after Merrill Lynch.
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Wachovia Corporation