L. M. Baker Jr., Wachovia’s chief executive officer, said, "Joe Prendergast has direct responsibility for all Wachovia lines of business. His election to the board recognizes the significant leadership he provides to the development and to the execution of strategies. Under his guidance Wachovia has created excellent banking and investment products and services. He will bring good judgment, sound thinking and exceptional knowledge to the board."
Prendergast joined Wachovia in 1973 and has served as executive in charge of Wachovia International Banking Corporation, the International and National Banking Divisions, Wachovia Corporate Services and Georgia Banking. He has had oversight of consumer banking activities since 1994 and corporate banking functions since 1996. He was elected senior executive vice president in 1997 and president and chief operating officer in April 1999.
Prendergast is a native of Wilmington, Del. He graduated from Wesleyan University and received a master's degree from the Fletcher School of Law and Diplomacy in Medford, Mass. He serves as a director of Willamette Industries Inc. and Georgia Power Company.
Wachovia Corporation is an interstate bank holding company with dual headquarters in Atlanta and Winston-Salem, N.C. At June 30, 1999, Wachovia Corporation had assets of $67 billion. Wachovia Bank, the principal banking subsidiary, has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia. Other subsidiaries include Wachovia Corporate Services Inc. and Wachovia Securities Inc., which provides brokerage services through the IJL Wachovia Division and investment banking services through the Wachovia Capital Markets Division. Mergers are pending with OFFITBANK Holdings Inc., a private wealth management company headquartered in New York City, and Barry, Evans, Josephs & Snipes, a leading national life insurance broker located in Charlotte. Both companies specialize in wealth management strategies for highly affluent families and corporate executives.
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