When was Wachovia bank founded?
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Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly. In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans", which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation, founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.
Wachovia
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The building was built for Wachovia bank to replace the nearby Wachovia Building (which was renamed Winston Tower) as the corporation's world headquarters. Wachovia Center, as the tower was originally named, surpassed Winston Tower as Winston-Salem's tallest building. The building was erected during a lull in skyscraper construction in the United States and was the tallest building completed in the entire country during the years of 1995 and 1996. The building remained Wachovia's corporate headquarters from its completion date in 1995 to 2001, when Wachovia merged with First Union. Once the merger was finalized, the corporation, which retained the Wachovia name, decided to locate its headquarters at One Wachovia Center in Charlotte, North Carolina. Wachovia subsequently sold Wachovia Center to American Financial Realty Trust in May 2004 for $39.6 million as part of a $546 million deal which included 150 bank properties. Wachovia bank continued to lease space in the tower, mostly for offices of its wealth management division.
100 North Main Street
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In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million out of this deal, the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and start up its own credit card division so that the bank could issue its own Visa cards.
Wachovia
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Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006, the merger was complete. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California. On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with the acquisition and integration of World Savings Bank in 2007.
Wachovia
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On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson. Baker would become chairman of the merged bank, while Thompson would become president and CEO. First Union was the nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol.
Wachovia
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In the spring of 1964, Simkins helped start a movement in Greensboro to gain African-Americans "consideration for non-traditional jobs on basis of ability and for on-the-job training" in order to "afford equal employment opportunity" by organizing picketing of Wachovia Bank for job discrimination. Wachovia maintained that it "hired on the basis of merit", yet employed no African-Americans in any of their Greensboro offices. Picketing began on April 28, 1964, and ended just forty-eight hours later with the hiring of two African-American tellers. In a letter to Wachovia, George noted that Wachovia was able to "find the qualified Negros it had been unable to locate during the last two years" when he had first broached the topic Wachovia's discriminatory practices as head of the Greensboro NAACP.
George Simkins Jr.
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First Union was founded as Union National Bank on June 2, 1908, a small banking desk in the lobby of a Charlotte hotel by H.M. Victor.
Wachovia
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8 West Third Street is a 126 ft nine-story skyscraper in Winston-Salem, North Carolina, also known as the Wachovia Bank and Trust Company Building. It was built in 1911 as the headquarters of Wachovia Bank and Trust, with the ninth floor added in 1917. It was Winston-Salem's first steel frame skyscraper, built in the Renaissance Revival style, and it was the city's tallest building from 1911 until the O'Hanlon Building was built in 1915, and again from 1917 until the completion of Hotel Robert E. Lee in 1921. The Wachovia Bank and Trust Company Building served as the bank's headquarters until a new headquarters was built in 1966. It was named to the National Register of Historic Places on May 31, 1984, as "Wachovia Bank and Trust Company Building".
8 West Third Street
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The Bank of Pennsylvania was re-established in 1793, with a charter from the Commonwealth of Pennsylvania, and opened branches in Pittsburgh, Harrisburg, Lancaster, Reading, and Easton. The original branch of the Bank of Pennsylvania remained in business in Pennsylvania through the 19th and 20th centuries under a variety of other names including First Pennsylvania Bank and, before its acquisition by Wells Fargo, as Wachovia, First Union Bank and CoreStates. Wachovia (as of November, 2012) operated a branch at the northwest corner of S. 6th and Chestnut Sts. in Philadelphia, diagonally opposite Independence Hall, which was the original site of the Bank of North America. This branch is the longest continuously operating branch bank in the States, operating in that location since 1781. Following Wells Fargo's acquisition of Wachovia, Wells Fargo adopted PNB's charter, in part because it was the first national bank charter ever issued.
Bank of North America
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The race has existed since 1985, but its name has changed a number of times, because of the changing of names of its corporate sponsors, due to bank mergers and acquisitions. The title sponsor was originally CoreStates Bank, followed by First Union Bank in 1998, then Wachovia Bank in 2002. In November 2005, Wachovia withdrew its sponsorship. With assistance from former Philadelphia mayor and then-Pennsylvania governor Ed Rendell, a corporate sponsor was found in 2006; Commerce Bank made a four-year commitment. Due to its acquisition by Toronto-Dominion Bank in 2007, Commerce Bank became TD Bank in 2008.
Philadelphia International Cycling Classic