Wachovia Completes A.G. Edwards Merger
CHARLOTTE, N.C.—Wachovia Corporation (NYSE: WB) announced today that it has completed its acquisition of A.G. Edwards, Inc., which will be combined with Wachovia Securities LLC to create an industry-leading brokerage firm with $1.1 trillion in client assets and nearly 15,000 financial advisors.
Wachovia’s combined retail securities business, headquartered in St. Louis, Missouri, will have a national footprint of 3,350 brokerage locations, including 1,500 dedicated retail brokerage offices nationwide, in addition to maintaining service affiliate offices in five Latin American countries. A.G. Edwards’ investment banking business will be combined with Wachovia Capital Markets LLC.
For the immediate future, A.G. Edwards and Wachovia Securities brokerage offices will continue to operate under their current trade names, pending the integration of the two brokerage organizations over the coming months. The Wachovia Securities trade name will be introduced across the combined firm in 2008. Danny Ludeman, president and CEO of Wachovia Securities, continues in that capacity for the combined organization and Robert Bagby, chairman and CEO of A.G. Edwards, is chairman of the merged brokerage firm.
“The combination of A.G. Edwards and Wachovia Securities creates a special new firm that combines the scale and resources required for long-term leadership in our industry with a culture and values based on service and deep respect for the relationship between financial advisors and their clients,” Ludeman said. “Our new firm is uniquely positioned to thrive in an industry where success depends on having the capacity to do what is right for clients.”
“I am proud that the A.G. Edwards heritage, and the talent and passion that created it, are now an indelible part of an extraordinary organization like Wachovia Securities,” Bagby said. “I am confident that our Financial Consultants and their clients will benefit from the capabilities made possible by our merger.”
As a result of the merger, A.G. Edwards shareholders will receive 0.9844 shares of Wachovia common stock and $35.80 in cash for each share of their A.G. Edwards common shares. Shareholders may access additional information at Wachovia’s Investor Relations Web site, wachovia.com/investor. The site provides access to the most current news and financial information on Wachovia.
A.G. Edwards and Wachovia announced their intention to merge in May 2007. The merger integration process is scheduled to be completed in early 2009.
Wachovia Corporation (NYSE:WB) 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 manage more than $1 trillion in client assets through approximately 15,000 registered representatives in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
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