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July 08, 2003
Wachovia Corporate and Institutional Trust Named Nation's Fourth-largest Trustee
CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust has been ranked the fourth-largest municipal trustee for the second quarter in a row, according to Thomson Financial's quarterly ranking of top trustee banks. The group acted as trustee on 150 deals worth $8.5 billion thus far in 2003, up significantly from this time last year. This solid performance, which moved the bank from its December 2002 fifth-place ranking, is the result of the group's strong momentum in 2003 and continuing commitment to growing its business.
"Wachovia is dedicated to this business and continues to be a leading player in the trustee arena," said Darryl Fluhme, president of Corporate and Institutional Trust. "This favorable ranking is evidence that clients have confidence in our ability to meet their trustee needs, despite a challenging financial environment."
"We have been doing extremely well this year, and this ranking illustrates our successes," said John Shope, national sales director of Corporate and Institutional Trust. "We have hired excellent people, expanding our teams in strategic locations, and refocused these teams so they have a dedicated attention to this product."
In the past year, the group has added six business development officers and expanded its presence into Kentucky, Ohio and throughout the West.
"Our group is unique because of our targeted, regional focus. We have the right team in place and an unmatched distribution channel, and we look forward to continuing this momentum in the future," added Shope.
Wachovia Corporate and Institutional Trust, part of the Capital Management Group headed by Don McMullen, offers retirement services, bond administration, custodial services and investment management to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has 37 regional locations in 17 states plus the District of Columbia.
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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