"We are ready. That is the message we want customers to hear," said Stanhope A. Kelly, head of Wachovia’s Banking Division. "To achieve Year 2000 readiness we have completed testing of all systems and reviewed and developed extensive contingency plans. While no one can offer a guarantee that there won’t be some temporary disruptions along the way, we are confident that Wachovia has prepared well for the Year 2000 date change. Our customers can take comfort in knowing that Wachovia has taken the appropriate steps to be Y2K ready."
In June, Wachovia completed testing of all 250 application systems that support the bank’s operations – not just the 80 mission-critical systems as required by federal regulators. Contingency plans to address Y2K potential risks (such as the loss of electrical power) have been prepared carefully and the appropriate courses of actions identified.
"Wachovia’s diligent approach to preparing for the Year 2000 and communicating with our customers is a fulfillment of Wachovia’s brand promise to have our customers’ best interest at heart," said Kelly. "Some customers have asked if we are ready, and we want all of them to know that the answer is ‘Yes.’ "
As part of its communications effort, Wachovia will introduce a Y2K Resource Center in each branch to provide brochures for individuals and businesses. The brochures will include answers to frequently asked questions, a checklist for customers to use in making their banking-related preparations and a guide to other sources of information, including Wachovia’s special Y2K telephone line.
In addition, branches will have available copies of a videotape on the Year 2000 topic for use by individuals and community groups.
Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At March 31, 1999, Wachovia had $65.3 billion in assets and ranked 16th among U.S. banking firms. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.
Note: A digital photo of a Wachovia Y2K resource center is available for media use. Call Ed Hutchins at 336-732-4200.
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