Wachovia Completes Merger With Westcorp And Wfs Financial Inc
“We are so pleased to welcome our Westcorp teammates, customers and shareholders as we join forces,” said Ben Jenkins, Wachovia vice chairman and General Bank president. “We look forward to leveraging our companies’ combined strengths to create a winning combination for our customers, communities, employees and shareholders that is focused on customer service and strong performance.”
Wachovia, the nation’s fourth-largest banking company, has the leading deposit share in a number of high-growth markets, with extensive product offerings and a broad distribution network. It is the largest bank in the Southeast. The merger with Westcorp makes Wachovia the ninth-largest auto finance lender in the competitive U.S. auto finance market and provides Wachovia with a small retail and commercial banking presence in Southern California.
The combined auto finance business will serve approximately 1.27 million retail auto loan customers and 11,000 dealer customers across the United States.
Planning teams formed in 2005 are continuing to work on integration activities for the companies. The merger integration process for Western Financial Bank’s 19 branches in Southern California is scheduled to be completed in the first quarter of 2007.
Immediate Customer Benefits
Retail customers of Western Financial Bank will now be able to withdraw cash and check account balances without incurring a fee on any of Wachovia’s 5,100 ATMs, which are located on the East Coast from Connecticut to Florida and through the Gulf Coast to Texas. Wachovia customers also will be able to use Western Financial Bank’s ATMs in Southern California to withdraw cash or check balances without paying any ATM usage fees when they travel to the Los Angeles or San Diego areas.
Westcorp, WFS Financial Inc and Wachovia announced their intention to merge in September 2005. Westcorp and WFS Financial Inc shareholders approved the merger on Jan. 6, 2006.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $520.8 billion, market capitalization of $82.3 billion and stockholders’ equity of $47.6 billion at December 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve more than 13 million household and business relationships primarily through 3,131 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 719 offices in 49 states, Washington, D.C., and six Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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