Wachovia-South Trust deal worth $14.3 billion
By
Posted 1:59PM on Monday 21st June 2004 ( 21 years ago )
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's chairman, president and C-E-O, Ken Thompson, said the transaction gives Wachovia ``leadership in a number of attractive, high-growth states.''<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's fourth largest bank. SouthTrust has 717 financial centers in nine states.<br>
<br>
Both Wachovia and SouthTrust have offices in the Gainesville area.
http://accesswdun.com/article/2004/6/157157
© Copyright 2015 AccessNorthGa.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.