How many wachovia locations

Is anything in this article factually incorrect? Please submit a comment. Printer-friendly page Wachovia Corporation by Alex Coffin, References: Pamela L.

Moore, "From Absent to No. Gilded Age Banks and banking. UNC Press. Coffin, Alex. Origin - location:. Forsyth County.

Thank you for letting us know about the broken link. Wells Fargo announced its intention to complete its merger with Wachovia and indicated that it had submitted an application to the Federal Reserve seeking expedited approval of the transaction. Wells Fargo Application On October 12, the Board announced its approval of the application and notice under sections 3 and 4 of the BHC Act by Wells Fargo to acquire Wachovia and its banking and nonbanking subsidiaries.

In light of the emergency affecting the financial markets, and as permitted by the BHC Act and Federal Reserve regulations, the Board waived public notice of the proposal and shortened the notice period to the primary regulators of the banks and thrifts involved.

These agencies, and the Department of Justice, indicated that they had no objection to approval of the proposal. On October 21, the Board released a statement explaining in more detail the reasons for its approval. This statement included a discussion of the various relevant factors for applications and notices under sections 3 and 4 of the BHC Act, including competitive effects, financial and managerial performance, the convenience and needs of the communities to be served, and performance under the Community Reinvestment Act.

The statement also addressed a number of comments received on the proposal, including comments from Citigroup objecting to the proposal. On January 1, , Wells Fargo announced that the merger had been completed effective December 31, Federal Reserve Assistance The Federal Reserve did not provide any emergency financial assistance in connection with the Wells Fargo-Wachovia merger, nor was any financial assistance sought from the Federal Reserve as part of the Citigroup bid or either of the Wells Fargo bids.

This Commission has asked nonetheless for information explaining the Federal Reserve's authority to provide assistance under section 13 3 of the Federal Reserve Act.

Prior to the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which was signed into law earlier this year, section 13 3 of the Federal Reserve Act authorized the Federal Reserve to extend credit to any individual, partnership, or corporation in unusual and exigent circumstances and upon a vote of five members of the Board of Governors of the Federal Reserve.

This provision authorized only the extension of credit and required that the credit be secured to the satisfaction of the lending Reserve Bank. It also required that the lending Reserve Bank obtain evidence that the borrower could not obtain adequate credit accommodations from other banking organizations.

The Dodd-Frank Act has since substantially modified section 13 3 to remove authority to extend credit to single identified non-banking companies or to make a loan to remove assets from the balance sheet of a particular institution. Now, credit under section 13 3 may only be offered through broad-based credit facilities that are offered to multiple borrowers. While emergency credit was not sought or given in connection with the Wachovia transaction, Wachovia's depository institutions accessed the Federal Reserve's discount window at various times throughout The discount window comprises several credit facilities open to insured depository institutions on a regular basis and is not limited to emergency credit like section 13 3.

The Wachovia depository institutions accessed these facilities on the same terms and conditions applicable to other depository institutions, including the completion of required documentation and the pledging of collateral to the Federal Reserve.

Many other depository institutions accessed the discount window during this period as well. Improvements in Supervisory Approach This Commission has asked whether the Federal Reserve has made any changes to the way it supervises institutions under its jurisdiction in light of the financial crisis.

Indeed, the Federal Reserve has identified a number of ways to improve its supervisory approach based on lessons learned during that time. We have already made substantial changes to our supervisory framework to improve both our consolidated supervision and our ability to identify potential risks to the financial system.

So that we can better understand linkages among firms and markets that have the potential to undermine the stability of the financial system, we have adopted a more explicitly multidisciplinary approach, making use of the Federal Reserve's broad expertise in economics, financial markets, payment systems, and bank supervision.

We are also augmenting our traditional supervisory approach that focuses on firm-by-firm examinations with greater use of horizontal reviews that look across a group of firms to identify common sources of risks and best practices for managing those risks. To supplement information from examiners in the field, we are developing an enhanced quantitative surveillance program for large bank holding companies that will use data analysis and formal modeling to help identify vulnerabilities at both the firm level and for the financial sector as a whole.

This analysis will be supported by the collection of more timely, detailed, and consistent data from regulated firms. Many of these changes draw on the successful experience of the Supervisory Capital Assessment Program, also known as the banking stress test, which the Federal Reserve led last year.

We are also working actively to implement the provisions of the Dodd-Frank Act, which addressed a number of gaps in the statutory framework for supervision. In particular, the Federal Reserve is working to develop enhanced capital, risk management, liquidity, and other requirements that would be applicable to large systemically important financial organizations.

We are also working with the other banking and prudential supervisors to develop resolution plans, incentive compensation guidelines, and other tools to better address the risks posed by and to financial firms. Conclusion I appreciate the opportunity to describe these events, and the Federal Reserve's role in them, to this Commission and am happy to answer any questions. Search Submit Search Button. Toggle Dropdown Menu. Search Search Submit Button Submit. Please enable JavaScript if it is disabled in your browser or access the information through the links provided below.

By fall of , Wachovia faced a near collapse of its share price and weakening confidence because of its exposure to troubled mortgage assets. On Sept. These events marked another shakeup for the troubled U. In October of , Wachovia and A. The company indicates that the combined entity has a national footprint of 3, brokerage locations, including 1, retail offices in 50 states and in Washington D.

Wachovia pronounced wa-KO-vee-yah is the latinized form of the name Wachau, which was given to the tract of land in the Piedmont region of North Carolina settled by Moravians in The name honored the settlers' connections to the Wachau Valley along the Danube River.