This company is one of the leading companies which has the largest banking chain in the United States. is a financial services company that provides a broad range of banking, asset management, wealth management, and investment banking products and services. It is one of the largest providers of financial services in the United States, operating as Wachovia Bank in 15 states. It also serves retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. It provides global services through more than 40 offices around the world. It is currently ranked number 57 in the Fortune 500 list for 2006, and is the fourth largest bank holding company in the US. It has banking centers in 15 East coast states and Washington, D.C.
Origin of corporate name:
Wachovia, is pronounced as wah-KO-vee-yah, which has one of the most unusual corporate names in the United States. The origin of the name is the Latin form of the German name Wachau.
Corporate history:
Wachovia Corporation was originally created by the merger of the legacy Wachovia Corporation and First Union Corporation. While the transaction was billed as a merger of equals, the transaction was actually a purchase of the legacy Wachovia by Charlotte-based First Union. First Union then took this name. First Union Corporation was a large banking chain based in Charlotte, North Carolina. It purchased Wachovia Corporation in 2001, and the combined company kept Wachovia's name. First Union National Bank of North Carolina was originally formed in 1958 with the merger of Union National Bank and First National Bank and Trust Company of Asheville. Over the decades, First Union purchased over 80 other banks before purchasing Wachovia, the majority of them in the 1990s.
Wachovia today:
Wachovia Securities and the Prudential Securities Division of Prudential Financial Inc. combined to form Wachovia Securities LLC on July 1, 2003. It owns 62% of this entity, while Prudential Financial owns 38%. The new firm is the third largest full service retail brokerage firm based on assets.It will enter the California market with its purchase of Western Financial Bank. This purchase will give Wachovia 19 branches in Southern California, but more importantly, will more than double the size of its dealer financial services business, making it the nation's ninth largest auto loan originator.
Major sponsorships:
This company sponsors an annual PGA tournament in Charlotte, called the Wachovia Championship. They also sponsor the following teams:
1. New York Giants (NFL)
2. Miami Dolphins (NFL)
3. Charlotte Bobcats (NBA)
4. Philadelphia 76ers (NBA)
5. San Antonio Spurs (NBA)
6. Houston Rockets (NBA)
7. Jacksonville Jaguars (NFL)
