Media Contact (Richmond):
Tony Mattera
(804) 787-6872
|
April 25, 2005
Wachovia and SouthTrust Complete Brokerage Conversion
CHARLOTTE, NC - Wachovia Corporation announced today that it has completed the conversion of SouthTrust Securities brokerage systems and client accounts to the Wachovia Securities system. The brokerage conversion included 59,000 client accounts and $3.1 billion in client assets.
With the completion of the brokerage conversion, SouthTrust Securities financial advisors are now serving clients as part of the Investment Services Group of Wachovia Securities, the nation's third largest brokerage firm. In addition, SouthTrust Securities online brokerage clients can now use the online services of Wachovia Securities.
SouthTrust Securities brokerage clients have been contacted directly and notified of any changes to their accounts, including new account numbers, required by the conversion to the Wachovia Securities platform.
As of March 30, 2005, Wachovia Securities had 5.9 million active client accounts and clients assets totaling $644 billion. The firm's 10,500 registered representatives serve clients through some 700 stand-alone Wachovia Securities brokerage offices in 49 states, as well as through 3,300 Wachovia Bank financial centers.
The merger of Wachovia Corporation and SouthTrust Corporation was announced June 21, 2004, and consummated November 1, 2004. The integration is progressing on time, as planned. As previously announced, the conversion of retail and wholesale banking systems and accounts will occur in two phases during the summer and fall.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
|
Email This Page
Printer Friendly Version