WACHOVIA STOCK Q&A
On September 1, 2001, First Union and the former Wachovia merged and began trading on the NYSE with the ticker symbol WB. Prior to the merger, the stock traded on the NYSE as FTU and, consequently, historical stock prices prior to September 1, 2001, for the WB ticker symbol are those of the former First Union.
I have heard shareholders referred to as registered, beneficial or street name. What do these terms mean?
What is the CUSIP number for Wachovia stock?
How can I become a Wachovia shareholder?
Does Wachovia have a direct purchase plan?
What are Wachovia Dividend Equalization Preferred Shares, or DEPs?
Do my DEPs have any value now that the dividend rights have ceased?
When has Wachovia common stock split?
How can I calculate my cost basis if I have recently sold shares?
I have heard shareholders referred to as registered, beneficial or street name. What do these terms mean?
Registered Shareholders:
If your name is listed as the owner of Wachovia stock on the books of our transfer agent, you may be referred to as a registered owner (also referred to as a shareholder of record ). You may hold your shares in certificate form, in our Dividend Reinvestment and Stock Purchase Plan, or in electronic Direct Registration System (DRS) book-entry form. You receive all quarterly dividend payments, statements and shareholder communications directly.
Beneficial/Street name Shareholders:
If your stock is held in an account at a bank or brokerage firm, you may be referred to as a beneficial or street name owner. A stock certificate is not registered in your name on the books of our transfer agent and Wachovia does not have a record that you are a shareholder. Dividends paid by Wachovia are sent to your bank or broker for distribution in accordance with your agreement with that bank or broker. Similarly, financial reports and proxy materials are distributed to you through your bank or broker.
Beneficial/street name holders are not eligible for enrollment in Wachovia’s Dividend Reinvestment and Stock Purchase Plan since the Plan does not permit bank, broker or other nominee participation.
What is the CUSIP number for Wachovia stock?
The CUSIP number for Wachovia common stock is 929903 10 2.
How can I become a Wachovia shareholder?
Wachovia common stock (symbol WB on the New York Stock Exchange) may be bought or sold through a stockbroker, bank, or generally through any financial institution that, like Wachovia Securities , provides brokerage services.
Does Wachovia have a direct purchase plan?
No. Wachovia common stock may only be bought or sold through a stockbroker, bank, or generally through any financial institution that, like Wachovia Securities, provides brokerage services. However, once you are a registered shareholder of at least 50 shares, you have the option to purchase stock through Wachovia’s Dividend Reinvestment and Stock Purchase Plan. (Learn more)
What are Wachovia Dividend Equalization Preferred Shares, or DEPs?
These are preferred shares issued by Wachovia in connection with the September 1, 2001, merger between First Union and the former Wachovia to shareholders of the former Wachovia who elected to receive the DEPs rather than a one-time cash payment of $0.48 per share. This new class of preferred shares was intended to ensure that a holder received dividends equal to the difference between the last dividend paid by the former Wachovia (equivalent to 30 cents per share) and the common stock dividend declared by the combined company.
Dividend rights of the DEPs ceased following the fourth quarter of 2003 common stock dividend payment, when Wachovia’s total dividends paid to common stockholders for four consecutive quarters equaled at least $1.20 per common share.
Dividend Equalization Preferred Shares (DEPs) are not listed on a stock exchange. The DEPs CUSIP number is 929903 20 1.
Do my DEPs have any value now that the dividend rights have ceased?
After December 31, 2021, at Wachovia’s option and with 30 to 60 days prior notice, the DEPs may be redeemed for an amount equal to 1 cent per DEP, together with any accrued and unpaid dividends.
Additionally, in the event of a corporate liquidation, holders of DEPs would be entitled to receive, before any distribution is made to the holders of common stock or any other junior stock, but after any distribution to any class or series of preferred stock established by Wachovia’s board of directors after September 1, 2001, an amount equal to 1 cent per DEP, together with any accrued and unpaid dividends. The holders of DEPs will have no other right or claim to any of the remaining assets of Wachovia.
The DEPs have little or no economic value. As provided in the terms of the DEPs, following payment of Wachovia’s fourth quarter dividend in December 2003, holders of the DEPs are no longer entitled to receive future dividend payments. This is because Wachovia paid in excess of $1.20 per share in dividends in the aggregate over the preceding four quarters.
Contact your broker regarding the market value of your DEPs. The market value is likely to be affected by liquidity issues since very few, if any, brokers are making a market in the DEPs.
When has Wachovia common stock split?
View Wachovia's Stock Split History 
. Please keep in mind that split history prior to the September 1, 2001 merger is that of First Union.
How can I calculate my cost basis if I have recently sold shares?
The term cost basis (also called tax basis) refers to the calculation of the original cost of obtaining your stock shares. The cost basis normally includes the purchase price, commission and other expenses associated with purchasing the stock. Your original cost basis is needed when determining whether to report a capital gain or capital loss on the sale of your stock shares.
In order to determine your cost basis, you will need to review your original purchase records. If you purchased the stock through a broker, you may be able to obtain this information from the brokerage firm. If you received statements reflecting share ownership through the Dividend Reinvestment and Stock Purchase Plan, the purchase information would be reflected in those statements. You may need to make adjustments to the original purchase price if the company has gone through corporate actions (such as mergers or stock splits) after you originally acquired the stock.
The following resources may be helpful to you when calculating your cost basis for Wachovia common stock:
Stock Split History
Merger and Investment History
Individual situations vary greatly based on your specific financial situation. We recommend you contact your accountant or tax advisor for the latest reporting guidelines appropriate to you. You may also visit the IRS web site for additional information on calculating your cost basis.
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