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From 1985 through the merger with Wachovia in 2001, First Union completed over 90 banking-related acquisitions, 50 of which were completed between 1985 and 1995. [ 5 ] [ 6 ] Atlantic National Bank in Jacksonville, Florida , merged with First Union in 1985.
One Wells Fargo Center, formerly One Wachovia Center.The former corporate headquarters of Wachovia in Charlotte, North Carolina.. Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina, and Charlotte-based First Union Corporation.
First Union Corp. Wachovia: Wachovia. Adopted the acquired company's name Wells Fargo: 2001 ... Steven J. Pilloff, "Bank Merger Activity in the United States, 1994 ...
First Union later merged with Winston-Salem’s Wachovia and was bought by Wells Fargo after the bank nearly collapsed in the 2008 financial crisis. Some of Crutchfield’s deals were duds.
On August 3, 2001, legacy Wachovia Corporation shareholders approved a "merger of equals" deal with Evergreen Fund's umbrella company, First Union Corporation, to create the new Wachovia Corporation, of which Evergreen became a subsidiary. The new entity shed the name of First Union and assumed the Wachovia identity and stock ticker.
The CoreStates-First Union merger, at $17 billion, was then the largest bank merger that had ever taken place in the United States. First Union later bought Wachovia National Bank in 2001 and the combined company took the Wachovia brand name.
Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998, adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance capabilities.
In 1976 he became chairman of the holding company, and the bank grew to include assets of $3.9 billion. In 1985 Lane negotiated the merger of Atlantic National Bank with First Union of Charlotte, North Carolina. [5] First Union was subsequently absorbed by Wachovia and then Wells Fargo. [1]