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Media Contact: Elizabeth Hodges
(704) 383-5188

June 17, 2002
Wachovia Corporate and Institutional Trust Opens Louisville Office
Joe Clark Named Regional Manager of Kentucky

LOUISVILLE, Ky. - Wachovia Corporate Trust, a part of the Corporate and Institutional Trust group, announced today that it will open a full-service office in Louisville, Ky. Joe Clark has been named regional manager of Kentucky to develop the firm's trust practice in the Commonwealth of Kentucky. Clark joins Wachovia from J.P. Morgan Chase.

"Joe is an extremely talented, experienced banker with vast relationships in the trust business. His leadership in the development of our trust offices in this region is critical to the long-term growth and success of our business," said Linda Delaney, senior vice president and managing director of Wachovia Corporate Trust. "We are firmly committed to the corporate trust industry and will continue to expand into markets were we feel we have an opportunity to gain significant market share by leveraging our regional service delivery model."

"I was impressed with Wachovia’s commitment to building this business," said Clark. "Their tremendous attention to service and full product offering presents an extremely compelling opportunity. I am convinced of their potential for success and look forward to helping build this unique franchise."

Clark joined Chase Manhattan Trust Company in 1998 as regional manager and institutional trust director. Previously, he was the director of corporate trust for PNC Bank. Clark earned his BA in business administration from Bellarmine College.

Wachovia Corporate and Institutional Trust is part of the Capital Management Group, which offers retirement services, bond administration, custodial services, insurance products and investment management to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has regional locations in 15 states from Boston to Houston.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

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