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September 03, 2002
Wachovia is United States' "Bank of the Year"

CHARLOTTE, NC - Wachovia has been honored as the U.S. "Bank of the Year" by the prestigious international finance magazine, The Banker, based in London. The award represents one of the highest accolades in the global banking world, reflecting outstanding achievement and financial performance.

For more than 75 years, The Banker has been a prime source of global financial intelligence. Its annual awards, which incorporate core financial data along with strategy, technology and achievements, represent a benchmark for the industry.

“We are extremely pleased to be the Bank of the Year,” said Ken Thompson, Wachovia President and CEO. “This award reaffirms that with the merger of Wachovia and First Union, we have built a company that is not only strong, but truly outstanding. This recognition belongs to our employees, whose dedication and continued excellent customer service distinguish us from our competitors.”

Wachovia’s Chief Financial Officer, Bob Kelly, and employees from the company’s London office will attend an awards ceremony today to accept the award. More details will be included in the September issue of The Banker.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholder's equity of $30 billion at June 30, 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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Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.