Barry, Evans, Josephs & Snipes will retain its name and operate as a Wachovia company. Richard A. Snipes Jr. will continue as chairman and chief executive officer of the company and remain based in Charlotte. The company, which has about 30 employees, will expand its staff as opportunities grow.
Mecklenburg Securities Corp., a broker-dealer affiliate of Barry, Evans, Josephs & Snipes, will be merged with Wachovia Securities Inc. Mecklenburg Securities offers variable annuity and life insurance products.
The transaction is subject to approval by the Federal Reserve and is expected to close within 30 days. Terms of the transaction were not disclosed.
"Barry, Evans, Josephs & Snipes is one of the leading wealth transfer and executive benefits firms on the East Coast and among the top in the country," said L.M. Baker Jr., Wachovia’s chief executive officer. "This merger, like the previously announced planned merger with OFFITBANK, will strengthen Wachovia’s position as a leading financial institution for high net worth individuals and corporate executives. The cutting edge insurance products provided by Barry, Evans, Josephs & Snipes will complement those offered by Wachovia Insurance Services."
Barry, Evans, Josephs & Snipes was formed in 1983 and has clients located throughout the United States, with the greatest concentration along the East Coast. The firm has extensive experience designing life insurance solutions for high net worth individuals and manages more than $3 billion of inforce life insurance coverage.
"Our firm has built its foundation on serving clients through advanced planning solutions, innovative products and personalized service," Snipes said. "Joining Wachovia will allow us to bring our insurance expertise to its many affluent clients, while bringing added value to our current clients through access to additional services such as trust, asset management and corporate finance. The proposed merger is a natural evolution of our business objectives."
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. Wachovia also is a leading corporate bank, offering a broad range of credit, specialized finance, capital markets, investment, insurance and processing services tailored to meet the needs of companies of all sizes.
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