Wachovia-South Trust deal worth $14.3 billion

NEW YORK - Banking giant Wachovia is buying competitor SouthTrust in a deal valued at $14.3 billion.<br> <br> The combination will create the largest bank in the southeastern U-S and give Wachovia new leverage in the large Texas banking market.<br> <br> In a statement, Wachovia&#39;s chairman, president and C-E-O, Ken Thompson, said the transaction gives Wachovia ``leadership in a number of attractive, high-growth states.&#39;&#39;<br> <br> Wachovia is based in Charlotte, North Carolina and SouthTrust is based in Birmingham, Alabama.<br> <br> Based on its assets of 411 (b) billion dollars, Wachovia is the nation&#39;s fourth largest bank. SouthTrust has 717 financial centers in nine states.<br> <br> Both Wachovia and SouthTrust have offices in the Gainesville area.