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September 26, 2003
WACHOVIA NAMES MCDOWELL CEO FOR CAROLINAS
WINSTON-SALEM, N.C. - Wachovia Bank, N.A. announced that J. Walter McDowell will succeed Will Spence as CEO for North and South Carolina banking operations. Spence recently announced his year-end retirement.
McDowell, who currently is the head of Wholesale Banking, has been with Wachovia for 30 years. Prior to this role, he spent six years as the president and chief executive officer for North Carolina Banking. McDowell joined Wachovia in 1973 from the University of North Carolina at Chapel Hill, where he earned a bachelor's degree in economics.
"We are fortunate to have an executive of Walter's caliber and background to succeed Will at his retirement," said Ben Jenkins, head of Wachovia's General Bank. "Walter combines a deep understanding of Wachovia with a knowledge of the market that has developed throughout his career. He is familiar with our employees and customers in the Carolinas, which should ensure a smooth leadership transition."
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services 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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