Wachovia Announces Western Region Headquarters For General Banking Group
Oakland provides foundation for Wachovia’s Western expansion
July 18, 2006, Charlotte, N.C. — Wachovia Corporation (NYSE: WB), the country’s fourth largest bank and diversified financial services company, announced today that it has selected Oakland, Calif., as its Western Region headquarters for the General Bank. The offices will be located at 1901 Harrison Street, in the building currently occupied by World Savings Bank, following completion of the merger between Wachovia and Golden West Financial Corp., the parent company of World Savings Bank. Pending shareholder and regulatory approvals, the merger is expected to close in the fourth quarter of 2006.
“We are pleased to name Oakland as the Western headquarters for Wachovia’s General Bank,” said Ken Thompson, Wachovia’s chairman and chief executive officer. “This will also complement our existing brokerage, wealth management and investment banking businesses in California. The opportunity to provide additional financial services to individuals and businesses is exciting, and Wachovia will be a strong community partner as we join forces with Golden West. We look forward to actively participating in California’s economy as we grow in this important market.”
Wachovia’s General Bank includes traditional retail and wholesale banking operations. The General Bank’s Eastern Region headquarters is located in Charlotte, N.C., along with the company’s corporate headquarters.
In keeping with its commitment to give back to the communities it serves, Wachovia is also working closely with California community leaders and organizations to develop a community commitment for the state.
“Any time Wachovia enters a new market, learning the needs of our new communities is a priority. In California, we are meeting with community leaders to learn how we can effectively help meet the state’s unique needs,” said Mike Rizer, director of Community Relations for Wachovia. “Our Oakland decision is just one example of how we are listening and responding to the needs our community partners are helping us identify.”
This announcement furthers Wachovia’s significant business presence in California, including Wachovia’s dealer business in Irvine, Calif.; Wachovia Small Business Capital in Roseville, Calif.; Wachovia Education Finance in the Sacramento area; and AmNet in San Diego. In addition, Wachovia has retail brokerage, investment management and securities lending offices throughout the state. Wachovia’s corporate and investment bank has offices in San Francisco, Los Angeles and Pasadena, through which Wachovia offers corporate finance and advisory services to corporate clients.
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006.
The proposed merger between Wachovia and Golden West (the “Merger”) will be submitted to Wachovia’s and Golden West’s shareholders for their consideration, and, on June 1, 2006, Wachovia filed a registration statement on Form S-4 with the SEC containing a preliminary joint proxy statement/prospectus of Wachovia and Golden West and other relevant documents concerning the proposed Merger. Shareholders are urged to read the registration statement and the definitive joint proxy statement/prospectus regarding the proposed Merger when they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the registration statement and the joint proxy statement/prospectus, as well as other filings containing information about Wachovia and Golden West, at the SEC’s website (http://www.sec.gov). You will also be able to obtain these documents, free of charge, at Wachovia’s website (http://www.wachovia.com) under the tab “Inside Wachovia - Investor Relations” and then under the heading “Financial Reports - SEC Filings”. Copies of the definitive joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the definitive joint proxy statement/prospectus can also be obtained, free of charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782; or to Golden West, Investor Relations Department, 1901 Harrison Street, Oakland, CA 94612, (510)-445-3420.
Wachovia and Golden West and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and/or Golden West in connection with the proposed Merger. Information about the directors and executive officers of Wachovia is set forth in the proxy statement for Wachovia’s 2006 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 13, 2006. Information about the directors and executive officers of Golden West is set forth in the proxy statement for Golden West’s 2006 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 10, 2006. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive joint proxy statement/prospectus regarding the proposed Merger when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
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