June 19, 2003
Wachovia Agrees to Purchase Seitlin and Company
CHARLOTTE, N.C. - Wachovia Corporation (NYSE: WB) today announced that it has reached a definitive agreement to acquire Seitlin and Company, an insurance broker that brings exceptional expertise in the property and casualty arena as well as employee benefits and financial planning. Seitlin has approximately $23 million in annual revenue and is the largest privately held insurance broker in Florida with locations in Fort Lauderdale and Miami.
"South Florida is a fast growing market for Wachovia, and this addition provides us a highly recognized insurance presence to serve this strategic market," said David Holton, president of Wachovia Insurance Services. "Our growth strategy of acquiring relationship-focused, market-leader agencies and attracting talented producers remains on track with this transaction. Seitlin offers an excellent strategic fit by strengthening Wachovia's ability to serve both the wealth management and the general banking needs of their customers, commercial as well as consumer. We are very excited to have Seitlin on board."
Bob Helms, Florida CEO of Wachovia Bank, N.A. added, "We've had tremendous success with Wachovia Insurance Services' Tampa and Orlando locations, and we're confident our South Florida customers will benefit greatly from the expertise of the Seitlin teams."
The approximately 140 Seitlin employees will join Wachovia, including Stephen Jackman, Chairman and CEO; Barry Ladis, President, Property and Casualty; Carolyn Davis, President, Seitlin Benefits Corp; Neal Slafsky, President, Capital Planning Group; and Dr. Jack Mitchell, President, Seitlin Human Resources. Jackman will be a managing director for South Florida.
"Seitlin and Wachovia have very similar approaches to the insurance business, and we look forward to combining our resources to provide our clients with strategic solutions for addressing financial and operational risks," said Jackman. "Seitlin gains a significant business opportunity across Wachovia's extensive customer base as well as enhanced individual opportunity for our principals and associates. I look forward to building this business and expanding our client relationships."
The Seitlin transaction marks the latest development in a highly successful growth strategy that has dramatically expanded Wachovia's commercial insurance group over the past three years. This strategic expansion will bring the projected year-end combined revenues of Wachovia Insurance Services to approximately $200 million, ranking it among the Top 15 insurance brokers in the United States.
Wachovia purchased Barry, Evans, Josephs & Snipes in 1999; Davis Baldwin and The Tribus Companies in 2000; Hamilton Dorsey Alston and the assets of Crawford, Slevin & Hicks in 2001; and Cameron Harris in 2002. Each of these agencies was a premier agency for its region with nationally recognized programs and services. Also in the past two years, additional smaller agencies have been purchased to enhance Wachovia's insurance capabilities geographically and within various industries. The growth strategy has extended Wachovia's presence in key markets along the East Coast.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage 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 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.
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