PRESS RELEASES

“Wealth Management is a strategic growth area for Wachovia, and Bob’s experience and knowledge make him uniquely qualified to lead our teams in the Carolinas to provide the wealth, asset and risk management services our clients need and expect,” said Stan Kelly, Wachovia senior executive vice president and head of the Wealth Management Division.

Newell and five regional managing directors have responsibility for private banking, estate planning, charitable and philanthropic services, insurance services and investment management. Each Wachovia Wealth Management team provides comprehensive planning services for business owners, corporate executives, entrepreneurs and others.

Newell joined Wachovia’s Raleigh office in 1981 and held a number of management positions including branch manager, corporate accounts officer, Southern Pines city executive, Triangle area sales manager and Coastal Plains area executive. He was elected senior vice president in 1993. Newell transferred to the Personal Financial Services Group in Winston-Salem in 1996 to assume overall responsibility for Private Banking, Personal Trust and Investment Management for Wachovia Corporation. He was elected executive vice president in 1998. He became regional executive for the Piedmont Triad Region in early 2001 and assumed his current position in September.

Newell is a native of Fayetteville, N.C., and a graduate of North Carolina State University with a bachelor's degree in business administration. He completed the Young Executives Institute at the University of North Carolina at Chapel Hill, the Executive Education program at Fuqua School of Business at Duke University and the Wachovia Senior Management Development Program at Fuqua.

The regional managing directors include:

• Jim Black – Triangle Region, including Raleigh, Cary, Durham and Chapel Hill, N.C. Black joined Wachovia in 1970 as a trust representative. He was elected vice president in 1976 and named corporate banking manager in 1981. He was elected senior vice president in 1987 and named manager of the Personal Financial Services Group for the Triangle area in 1996. Black is a native of Richmond, Va., and was a Morehead Scholar at the University of North Carolina at Chapel Hill.
• Brick Brown – Triad Region, including Winston-Salem, Greensboro and High Point, N.C. Brown joined Wachovia in 1982 in the Sales Finance Department. He was elected vice president in 1989 and named Chapel Hill office executive in 1992. In 1994 he was elected senior vice president and in 1999 was named Greensboro city executive. Brown is a native of Washington, N.C. He received a bachelor’s degree in business management from N.C. State University and is a 1991 graduate of the Young Executives Institute of the University of North Carolina at Chapel Hill.
• Bill Coleman – Coastal Region, including Wilmington and Greenville, N.C., and Columbia, Hilton Head and Charleston, S.C. Coleman joined Wachovia in the Southeast Corporate Group in 1981. He was elected vice president in 1985 and Salisbury office executive in 1990. He was elected senior vice president in 1991 and named Affluent Market Manager for the Charlotte market. Coleman is a native of Charleston, S.C., and a graduate of the University of South Carolina and the Banking School of the South at Louisiana State University.
• Stephen McCord – Upstate Region, including Greenville and Spartanburg, S.C., and Asheville, N.C. McCord joined First Union in 1984. He was named city executive for Cabarrus County and Concord in 1992. In 1998 he was named managing director with the Private Capital Management group in Asheville. McCord is a native of Baldwinsville, N.Y., and received a bachelor’s degree from the University of North Carolina at Chapel Hill.
• Joel Walters – Charlotte Region, including metro Charlotte, Concord and Hickory, N.C. Walters joined First Union in 1986 as a relationship manager. He was elected vice president in 1988 and named senior vice president and Carolinas regional managing director in 1995. His responsibilities were expanded to include Georgia this year. Walters is a native of Rockwell, N.C., and received a bachelor’s degree from the University of North Carolina at Chapel Hill. He also received a master’s degree in business administration from Wake Forest University.

“These managers have proven results in providing comprehensive financial planning for our wealth clients, and they make a great team with the experience and know-how that our clients demand,” said Newell.

Wachovia Corporation, created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of Sept. 30, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.