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November 07, 2002
Wachovia Corporation Lowers Prime Rate
CHARLOTTE, N.C. - Wachovia Corporation (NYSE:WB) today announced that it is lowering its prime interest rate to 4.25 percent from 4.75 percent at all of its banking subsidiaries, First Union National Bank and Wachovia Bank, N.A., effective today.
The prime rate is a benchmark used to set interest rates on various forms of corporate and consumer credit. It 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 December 12, 2001. About Wachovia CorporationWachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $334 billion and stockholder's equity of $32 billion at September 30, 2002. Wachovia is a leading provider of financial services to 20 million 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 49 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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