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WACHOVIA COMPLETES SOUTHTRUST MERGER Retail Customers Will See Immediate Benefits CHARLOTTE, N.C. – Wachovia Corporation (NYSE: WB) announced today that it has completed the merger with SouthTrust Corporation (NASDAQ: SOTR). "We are delighted to welcome our SouthTrust teammates, customers and shareholders as we join forces," said Ken Thompson, chairman, president and chief executive officer. "We look forward to leveraging our companies' combined strengths and building sustained value for our customers, communities, employees and shareholders. As we integrate the two companies in the coming months, we are committed to offering best-in-class customer service and delivering strong performance for our shareholders." "We are all extremely pleased to officially be part of one of the nation's best and largest financial services companies," said Wallace Malone, former chairman and CEO of SouthTrust, who becomes vice chairman of Wachovia. "The strength of this combination is that we have merged with a company which, like SouthTrust, has a proven track record in excellent customer service and outstanding financial performance." Wachovia has the leading market share in numerous high-growth markets, with extensive product offerings. It is the largest bank in the Southeast. It is also among the top five in small business banking, a leading national brokerage firm and fund manager, an investment bank focused on growth companies and a well-positioned corporate bank. On a pro forma combined basis, Wachovia will have an estimated $500 billion in assets and a $79 billion market capitalization. The combined company's approximately 14 million households and businesses (2.6 million of them online) are served by more than 95,000 employees, approximately 3,200 banking branches, full-service telephone and Internet banking, 5,300 ATMs, nearly 700 brokerage offices and 10,500 registered representatives. As a result of the merger, SouthTrust shareholders will receive 0.89 shares of Wachovia common stock for each share of SouthTrust common stock they own. Shareholders may access additional information at Wachovia's Investor Relations Web site, wachovia.com/investor. The site provides access to the most current news and financial information on Wachovia. The company said that integration planning teams formed earlier this year are continuing to work on integration activities. As previously announced, the merger integration process is scheduled to be completed in the fourth quarter of 2005. Customer Benefits Retail customers of both SouthTrust and Wachovia will enjoy the following immediate benefits from the merger of the two holding companies:
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 west to Texas, and retail brokerage operations nationwide. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve approximately 14 million client relationships (including households and businesses), primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and Washington, D.C. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com. Wachovia had assets of $436.7 billion, stockholders' equity of $33.9 billion and market capitalization of $61.4 billion at Sept. 30, 2004. SouthTrust had assets of $53.8 billion and stockholders' equity of $4.7 billion at Sept. 30, 2004.
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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