The Fund, seeded by a grant from the Wachovia Foundation in 2002 but supported on an ongoing basis by employee donations, provides one-time grant assistance to Wachovia employees facing severe financial hardship.
"This achievement is even more remarkable because it's personal," said Shannon McFayden, director of Human Resources and Corporate Relations for Wachovia. "Wachovia's employees are passionately and tirelessly committed to service - and the WE Care Fund provides a unique way for them to help each other."
Grants have helped employees who have faced unexpected medical bills, lost homes in fires, or faced foreclosure due to unexpected changes in family expenses.
In 2005, the Fund distributed more than $335,000 in grants to 159 Wachovia employees whose lives were upended by Hurricanes Katrina, Rita and Wilma.
Employees can contribute to the Fund through ongoing payroll deductions of any amount they choose, or through one-time donations.
The WE Care Fund is administered by Foundation For The Carolinas.
"Foundation For The Carolinas is pleased to administer Wachovia's WE Care fund. This fund has placed Wachovia in the forefront of corporate philanthropy by creating a unique opportunity for employees to support each other when they need it most," said Michael Marsicano, president and CEO of Foundation For The Carolinas. "This milestone exemplifies the extraordinary generosity of Wachovia and its employees."
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 742 offices in 49 states and nine service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.
