Wachovia Names New Leader For Affluent Credit Services

CHARLOTTE, N.C.—Wachovia Wealth Management announced today that Adam D. Holtzschue, a 21-year industry veteran in delivering credit and deposit products to affluent and commercial banking clients, has been named managing executive of Affluent Credit Services. Holtzschue will lead the delivery of lending and banking products and services for Wachovia Wealth Management’s affluent client base across the nation.


In this role, Holtzschue will be responsible for an existing loan portfolio of $20 billion and a deposit portfolio of $13 billion in Wachovia Wealth Management. He will oversee a staff of approximately 165 professionals located in Charlotte and regional offices throughout the Wachovia footprint. Holtzschue will lead product development, pricing and process management for loans and deposits in Wealth Management, plus custom underwriting and approval for other Wachovia lines of business serving the affluent segment. He replaces Morrison Creech, who is now managing executive for Wachovia Wealth Management Private Banking.

“Adam Holtzschue is a proven leader with an impressive track record in the credit business,” said Stan Kelly, president of Wachovia Wealth Management. “As the nation’s 5th largest wealth manager, Wachovia has a unique opportunity to leverage its lending capabilities through multiple channels nationwide.”

Wachovia’s customized offerings that meet the special needs of law firms and attorneys have been especially popular, generating annual revenues of $50 million and numerous leads and referrals to other lines of business within Wachovia. In addition, Wachovia also offers specialized credit services for business owners and corporate executives, as well as private equity financing and complex syndicated financing.

“We’re excited to be able to expand the breadth and depth of products available to affluent clients,” Holtzschue said. “From customized mortgages to aircraft or yacht financing, we have sophisticated solutions that can be tailored to meet our clients’ needs. We can also help them with financing for business acquisitions, recapitalizations and estate planning structures. ”

Holtzschue started his banking career in 1986 in investment sales and joined Wachovia in the Commercial Bank in 1992. He was a key member of the Affluent Credit Services team that has significantly expanded its credit offering the past two years. He served most recently as regional managing director for the Eastern Banking Group, which managed the growth and asset quality for $11 billion in loans and $6.6 billion in deposits the Carolinas to New England.

A native of Long Island, N.Y., Holtzschue is a graduate of Ohio Wesleyan University and also received a master’s degree in business administration from Wake Forest University. He has been active with various economic development programs in Eastern North Carolina that provide support for disadvantaged communities. He has served in board positions with a variety of community and non-profit organizations in the Raleigh area. Holtzschue and his family will relocate to Charlotte.

For a photo of Adam Holtzschue, please contact Vince Scanlon at vince.scanlon@wachovia.com.



About Wachovia
Wachovia Corporation (NYSE:WB) is the 5th largest wealth manager in the country, according to Barron’s 2006 ranking of U.S. Wealth Managers. Wachovia is one of the nation’s largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers.

Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.

In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.