PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

January 29, 2003
Wachovia Corporate and Institutional Trust Increases Midwest Presence

Houston, Texas - Wachovia Corporate and Institutional Trust announced today that it has hired Ronda L. Parman as new business development officer for the Southwest region, focusing on Texas and California. Parman will lead an effort to increase Wachovia's presence among the region's municipal and corporate bond clients, attorneys and financial advisors by offering trustee and agent services.

"Hiring Ronda illustrates our continued commitment to the corporate trust industry. Her addition, along with our existing sales team, provides us with a group of some of the most knowledgeable and insightful professionals in the industry," said John Shope, senior vice president and national sales director of Corporate and Institutional Trust. "We are very happy to have Ronda on our team."

"Wachovia is in an excellent position to meet the needs of the rapidly changing municipal bond industry," said Parman. "I'm excited at the prospect of working with a team that has such an excellent platform, with first-rate customer service and strong organizational support."

Before joining Wachovia, Parman was a relationship manager and new business development officer for over 12 years in the Corporate Trust department of JPMorgan Chase. A native of California and longtime Texas resident, Parman attended Texas A&M University and will work in Wachovia's Houston office.

Wachovia Corporate and Institutional Trust is part of the Capital Management Group of Wachovia Bank, N.A., which offers conventional and structured finance trust services, equity services, information management and claims processing, Investment Holding Company (IHC) services, institutional custody and investment management. Based in Charlotte, N.C., Wachovia Corporate Trust has 15 regional locations from Boston to Houston.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $342 billion and stockholders' equity of $32 billion at December 31, 2002. Wachovia is a leading provider of financial services to 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 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

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