Wacovia Bank
Some people may call it Wacovia Bank but the fact still remains that they mean Wachovia Bank. It is easy to misspell a foreign word or name as we all know. The word Wachovia has its origins from the Latin form of the Austrian name” Wachau”. Moravian settlers, who arrived in Bethabara, North Carolina in 1753, gave this name to the land they acquired because it resembled the Wachau valley along the Danube River in Austria. What used to be known as Wachovia now makes up most of Forsyth County with Winston-Salem being the largest city.
Wachovia Corporation was originally created by the merger of the legacy Wachovia Corporation and First Union Corporation. First Union was considered the acquirer in the transaction with Wachovia, although the transaction was structured as a tax-free union of equals. The combined entity chose to retain the Wachovia name.
Based in Charlotte, North Carolina, Wachovia Bank is now a diversified, wholly owned financial services subsidiary of Wells Fargo. As an independent company, it was the largest bank holding company in the United States based on total assets. Wells Fargo completed the purchase of Wachovia Corporation on December 31, 2008 after a government-forced sale to avoid a failure of Wachovia. The Wachovia brand will be absorbed into the Wells Fargo brand starting in 2009 in a process that was initially estimated to last three years. In July 2009, the Wachovia Securities became Wells Fargo Advisors. The merger is scheduled for completion in March 2010.
Wachovia provides a extensive array of banking, asset management, wealth management, and corporate and investment banking products and services. It is one of the largest providers of financial services in the U.S., operating financial centers in 21 states and Washington, D.C. with locations from Connecticut to Florida and west to California. Wachovia provides worldwide services through more than 40 offices around the world. Banking services are also available with Wachovia Online Banking.
Whether you call it Wacovia Bank or Wachovia, it will still be the same bank.