Company: Wachovia Corporation

Founders:

· H. M. Victor (First Union Corporation)

· William A. Lemly (former Wachovia Corporation)

Industry: Insurance and Financial Services

History:

Wachovia Corporation is a financial services firm that provides a vast array of financial products and services, which are divided into four segments, namely: General Bank; Capital Management, including brokerage services and asset management; Wealth Management; and Corporate and Investment Banking. The Charlotte, North Carolina-based company has operations in 21 states including Connecticut, Florida, Texas, California, and Washington, D.C. The company serves its clients in selected industries across the country and also provides global services through over 40 international offices.

Wachovia Corporation was formed through the merger of First Union Corporation and the former Wachovia Corporation. First Union Corporation took the name of the latter in line with the merger.

The founding of the original Wachovia Corporation can be traced in 1879, when William A. Lemly established the Wachovia National Bank in Winston, North Carolina. In 1911, the bank merged with Wachovia Loan and Trust Company to form Wachovia Bank and Trust Company. In 1986, Wachovia purchased First National Bank of Atlanta. Wachovia also acquired banks in Virginia and Florida.

First Union Corporation was established by H.M. Victor; it began as the Union National Bank in 1908. In 1958, it merged with First National Bank and Trust Company of Asheville to form the First Union National Bank of North Carolina. In 1964, it purchased Cameron-Brown Company. It expanded so much in its time that before First Union purchased Wachovia, it had already purchased more than 80 other banks over the decades.

Today, Wachovia is the fourth largest bank in the United States. It made $55.5 billion in revenue in 2007 and it is currently ranked 38^th in the 2008 Fortune 500 List of Largest Corporations in America.

Its latest acquisition is a brokerage firm, A.G. Edwards; Wachovia Corporation purchased the financial services holding company for $6.8 billion on October 1, 2007.

Leadership:

Operating Committee

· Ken Thompson, Chairman, President, and CEO

· Tom Wurtz, Executive Vice President and Chief Financial Officer

· David Carroll, Head of Capital Management Group

· Ranjana Clark, Senior Executive Vice President and Chief marketing Officer

· Steve Cummings, Senior Executive Vice President and Head of Corporate and Investment Banking

· Reggie Davis, Head of the Eastern Banking Group

· Jerry Enos, Head of Operations and Technology

· Ben Jenkins, Vice Chairman and President of the General Bank

· Stan Kelly, Senior Executive Vice President and President of Wealth Management

· Danny Ludeman, President and CEO, Wachovia Securities, LLC

Board of Directors

· John D. Baker, II

· Peter C. Browning

· John T. Casteen, III

· Jerry Gitt

· William H. Goodwin, Jr.

· Maryellen C. Herringer

· Robert A. Ingram

· Donald M. James

· Mackey J. McDonald

· Joseph Neubauer