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Carrie Ruddy
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August 10, 2004
Wachovia Corporation Raises Prime Rate
CHARLOTTE, N.C. - Wachovia Corporation (NYSE:WB) today announced that it is raising its prime interest rate to 4.5 percent from 4.25 percent at all of its banking subsidiaries, effective today.
The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. It is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate. The prime rate last changed on June 30, 2004.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $418.4 billion, market capitalization of $58.3 billion and stockholders’ equity of $32.6 billion at June 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through wachovia.com.
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