PRESS RELEASES

Through specific transactional records, the research company determined that the Georgia Railroad and Banking Company owned at least 162 slaves, and the Bank of Charleston accepted at least 529 slaves as collateral on mortgaged properties or loans, and subsequently acquired an undetermined number of these individuals when customers defaulted on their loans.

“On behalf of Wachovia Corporation, I apologize to all Americans, and especially to African-Americans and people of African descent,” said Ken Thompson, Wachovia chairman and chief executive officer.  “We are deeply saddened by these findings.”

Wachovia has made the full research report available on its Web site.  In addition, Wachovia plans to partner with community organizations that are experts in furthering awareness and education of African-American history, in order to help preserve the African-American experience and incorporate this important piece of our country’s history in educational forums.  Wachovia will approach this effort as it does all community partnerships, bringing a dedicated relationship, commitment of financial resources and the power of its employee volunteer network. 

“We know that we cannot change the past, and we can’t make up for the wrongs of slavery,” said Thompson.  “But we can learn from our past, and begin a stronger dialogue about slavery and the experience of African-Americans in our country.  Today Wachovia is a company that is committed to respecting individuals and building an inclusive work environment.  We want to promote a better understanding of the African-American experience, including the unique struggles, triumphs and contributions of African-Americans, and their important role in America’s past and present.  This is a natural fit with our company’s strong focus on diversity, education and communities.” 
 
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.