Media Contact:
Carrie Ruddy
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November 06, 2001
Wachovia Lowers Prime Rate to 5.0 Percent
CHARLOTTE, N.C. - Wachovia Corporation (NYSE:WB) announced today that it is lowering its prime interest rate to 5.0 percent from 5.5 percent at all of its banking subsidiaries, First Union National Bank and Wachovia Bank, N.A., effective tomorrow, November 7, 2001.
The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. The prime rate is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate. The prime rate last changed on October 2, 2001.
About Wachovia Corporation
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of September 30 and $29 billion in stockholders' equity, 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. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.
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