Wachovia to shed 18 SouthTrust branches to satisfy DOJ

<p>Wachovia Corp. has agreed to divest 18 SouthTrust Corp. branches in Florida and Georgia as part of an agreement to secure the government's approval of its $14.3 billion merger between the two banks.</p><p>Under the agreement with the U.S. Justice Department, Charlotte-based Wachovia will divest 18 SouthTrust branches in the two states with about $592 million in total deposits.</p><p>"This divestiture will ensure that banking customers in Florida and Georgia will continue to receive competitive banking services," said R. Hewitt Pate, assistant attorney general of the Justice Department's antitrust division.</p><p>Wachovia spokeswoman Christy Phillips did not immediately return a call Wednesday.</p><p>The Federal Reserve's board of governors still must approve the merger.</p><p>In late-morning trading on the New York Stock Exchange, shares of Wachovia stock lost 15 cents to $46.75 while Birmingham, Ala.-based SouthTrust fell 4 cents to $40.93.</p><p>Wachovia is the nation's fourth-largest bank holding company with assets of $411 billion, and 2,617 branches in 11 states from New York to Florida. SouthTrust has assets of $53 billion, with 740 branches from Texas to Virginia.</p>