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The Rise and Fall of Wachovia

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Timeline: Rise and Fall of Wachovia

1879 Wachovia National Bank established in Winston-Salem. (The word is derived from Wachau, the tract of N.C. Piedmont land settled by Moravians in 1753.)

1908 H. M. Victor raises funds to start Union National by selling 1,000 shares of stock at $100 each, then set up his office in the lobby of Charlotte's Buford Hotel.

1911 Wachovia merges with Wachovia Loan and Trust (founded 1893) to form Wachovia Bank and Trust Co.

1958 Union National Bank merges with First National Bank and Trust Company of Asheville to become the First Union National Bank of N.C.

1985 Wachovia purchases First Atlanta Corp.

1997 Wachovia acquires two Virginia-based banks, Jefferson National Bank and Central Fidelity Banks Inc.

1997 Wachovia acquires both 1st United Bancorp and American Bankshares Inc, providing its first entry into Florida.

April 1998 First Union acquires CoreStates Financial Corp., forming the nation's sixth-largest bank.

June 1998 First Union completes purchase of Money Store, Inc. for $2.1 billion.

2000 Wachovia purchases Florida-based Republic Security Financial Corp.

April 2001 First Union announces it will merge with Wachovia.

May 2001 Atlanta-based SunTrust Bank launches an unsolicited bid to buy Wachovia

Aug. 2001 Wachovia shareholders approve merger with First Union.

Sept. 2001 Wachovia and First Union merge to create Wachovia Corp.

July 2003 Wachovia Securities and a division of Prudential Financial, Inc. form Wachovia Securities LLC.

Oct. 2003 Wachovia acquires Metropolitan West Securities.

Nov. 2004 Wachovia completes a $14.9 billion purchase of Alabama's SouthTrust Corporation to form the biggest bank in the Southeast.

March 2006 Wachovia acquires California-based Westcorp and WFS Financial, Inc.

Sept. 2006 Wachovia acquires Golden West Financial Corp. for $25.5 billion, extending its West Coast presence and taking on more mortgage business.

May 2007 Wachovia agrees to buy the retail securities broker A.G. Edwards Inc. for $6.8 billion.

April 2007 Wachovia announces first quarterly loss in seven years.

June 2008 CEO Ken Thompson is dismissed.

Monday Deal announced to sell Wachovia's banking operations to Citigroup for $1 per share.

Researcher Maria David

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