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Wachovia

In: Business and Management

Submitted By riann
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Wachovia Overview

Wachovia National Bank had operation in more than 21 states and more than 40 offices internationally; Wachovia was the fourth largest bank by assets in the American financial institution and had provided many services in four banking divisions: General Bank, Wealth Management, Capital Management and Corporate and Investment Banking. The first National bank of Salem was formed by Israel Lash in 1866, after the passing of Lash in 1870’s the bank was owned by his nephew William Lemly who was re-named the bank to Wachovia National Bank and moved its operation to Winston-Salem. The bank was reopened in 1879 and evolved in the American Market and continued to grow tremendously in the Southern States between 1980’s and 1990’s. As Wachovia continue to grow and expand its southern branch started to encounter financial crisis and as an end result Wachovia was sold to Wells Fargo and company in 2011.

Time line of Events that led to failure
After Wachovia National Bank establishment in Winston-Salem, North Carolina in the year 1879, Wachovia saw an opportunity to expand its operation in the banking industry and by 1911 it began merger with the Wachovia Loan and Trust. Wachovia did not stop there as many more opportunities waited in 1958 and 1998 it merges respectively in Asheville and Philadelphia and had also purchased The Money Store in 1998.
In 2001 Wachovia merged with Charlotte and created Wachovia Corporation however, May of that same year the SunTrust Bank in Atlanta launched an unsolicited bid to purchase Wachovia. SunTrust Bank unsolicited bid only made Wachovia stronger as they combined the Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. Combined and form Wachovia Securities LLC in July of 2003. In the latter part of 2003 the Bank saw another opportunity which was to acquire

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