Wachovia

This article is about the financial services company. For the historic geographic location of the same name (after which the bank was named), see Wachovia Tract.
Wachovia
Company typePublic
NYSE: WB
IndustryFinancial services
FoundedJune 16, 1879; 145 years ago (1879-06-16)
DefunctDecember 31, 2008; 15 years ago (December 31, 2008) (as an independent corporation)
October 15, 2011; 13 years ago (October 15, 2011) (as a brand)
FateAcquired by Wells Fargo[1]
SuccessorWells Fargo[2]
HeadquartersCharlotte, North Carolina, U.S.
ProductsBanking, Investments
OwnerWells Fargo
WebsiteArchived official website at the Wayback Machine (archive index)

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo and Company in 2008, Wachovia was the fourth-largest bank holding company in the United States, based on total assets.[3] Wachovia provided a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. At its height, it was one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[4] Wachovia provided global services through more than 40 offices around the world.

The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years.[2] On October 15, 2011, the final Wachovia branches were converted to Wells Fargo.[5]

  1. ^ Mukunda, Gautam. "Persistence Is Overrated—Why Learning Is The Hallmark Of Great Crisis Leadership". Forbes. Retrieved 2020-06-30.
  2. ^ a b "Wells Fargo Completes Wachovia Purchase". Wells Fargo. 2008-12-31. Retrieved 2009-01-01.
  3. ^ Alvarez, Scott G. (1 September 2010). "The Acquisition of Wachovia Corporation by Wells Fargo & Company". Testimony Before the Financial Crisis Inquiry Commission, Washington, D.C. Board of Governors of the Federal Reserve System. Retrieved 6 February 2018.
  4. ^ "Wachovia Company Facts". Wachovia. 2007-04-16. Retrieved 2007-06-14.
  5. ^ O'Daniel, Adam (2011-10-15). "Farewell to Wachovia: The transition to Wells Fargo". Charlotte Business Journal.