Wachovia was a diversified financial services company that provided a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. At its peak, the company was one of the largest providers of financial services in the United States, with retail and commercial banking operations in 21 states from Connecticut to Florida and West to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Wachovia was acquired by Wells Fargo in 2008; it was the 4th largest bank in the United States but nearly failed during the financial crisis, necessitating its sale.
Wachovia's history dates back to the founding of the Legacy Wachovia Corporation in Winston-Salem, North Carolina in 1879. The company grew successfully for over 100 years, but in 2008 Wachovia became a victim of the subprime mortgage crisis, partially because of its own activities and partially from loans originated by Golden West Financial, which the company acquired in 2006. To prevent Wachovia from failing, the bank was purchased by Wells Fargo, a deal that closed in December, 2008. The move greatly expanded Wells Fargo's footprint, especially on the East Coast.
Consumers who remember the Wachovia name will be happy to know that its legacy carries on under Wells Fargo, which offers home mortgage loans, certificates of deposits (CDs), savings accounts, and the many other financial products that Wachovia was well known for.
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