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WACHOVIA AND SOUTHTRUST ANNOUNCE SHAREHOLDER MERGER APPROVAL CHARLOTTE, N.C., AND BIRMINGHAM, ALA. - Wachovia Corporation (NYSE: WB) and SouthTrust Corporation (NASDAQ: SOTR) announced today that the shareholders of both companies approved their merger. "We are delighted that shareholders of both companies agree that the SouthTrust/Wachovia combination will provide superior growth and long-term value to shareholders, customers, employees and our communities," said Ken Thompson, chairman, president and chief executive officer. "We received overwhelming support from our shareholders today and we are delighted with their enthusiasm," said Wallace Malone, chairman and CEO of SouthTrust. "Our shareholders will now be shareholders in Wachovia, a wonderful and high performing company. We are looking forward to a great future." SouthTrust and Wachovia announced their intention to merge in June 2004. The deal is expected to close on or about Nov. 1. ***
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders' equity of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com. SouthTrust Corporation (www.southtrust.com) is a $53.8 billion regional bank holding company with headquarters in Birmingham, Ala. SouthTrust operates 741 banking and loan offices and 913 ATMs in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. The company offers a complete line of banking and other related financial services to commercial and retail customers. SouthTrust is a Forbes Platinum 400 company that trades on the NASDAQ Stock Market under the symbol SOTR. The company is listed on the S&P 500 index and the Keefe, Bruyette & Woods BKX Index. ***
Investors seeking further information should contact Wachovia Investor Relations: Alice Lehman at 704-374-4139; or SouthTrust Investor Relations: Bill Prater at 205-254-5187. Media seeking further information should contact Wachovia Corporate Media Relations: Mary Eshet at 704-383-7777 or Christy Phillips at 704-383-8178; or SouthTrust Corporate Communications: David M. Oliver, 205-667-5429 or the media relations office at 205-667-5469.
The proposed Merger will be submitted to Wachovia's and SouthTrust's shareholders for their consideration, and Wachovia and SouthTrust will file a registration statement, a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. Shareholders are urged to read these documents when they become available because they will contain important information. You will be able to obtain copies of all documents filed with the SEC regarding the Merger, free of charge, at the SEC's Internet site (http://www.sec.gov). You will also be able to obtain these documents, free of charge, at www.wachovia.com under the tab "About Wachovia - Investor Relations" and then under the heading "Financial Reports - SEC Filings." You may also obtain these documents, free of charge, at www.SouthTrust.com under the tab "About SouthTrust," then under "Investor Relations" and then under "SEC Documents."
Wachovia Bank, N.A. is Member FDIC. SouthTrust is a registered trademark of Wachovia Corporation. Consumers rated us higher than our banking industry peer in the American Customer Satisfaction Index, an independent, national survey. Wachovia and SouthTrust, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and SouthTrust in connection with the Merger. Information about Wachovia's directors and executive officers and their ownership of Wachovia common stock is contained in Wachovia's proxy materials filed with the SEC by Wachovia on March 15, 2004. Information about SouthTrust's directors and executive officers and their ownership of SouthTrust common stock is contained in SouthTrust's proxy materials filed with the SEC by SouthTrust on March 8, 2004. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction will be included in the joint proxy statement/prospectus regarding the Merger when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
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