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Media Contact: Aimee Worsley
(704) 715-2005

June 28, 2004
Wachovia's Community Development Initiatives Total More Than $20 Billion In 2003
FANNIE MAE RECOGNIZES COMPANY FOR ITS EFFORTS TO CREATE AFFORDABLE HOMEOWNERSHIP OPPORTUNITIES

(Charlotte, N.C.) - As part of National Homeownership Month, Wachovia Corp. today announced that its community loans, investments and contributions totaled more than $20 billion in 2003, increasing the availability of affordable housing and homeownership across the East Coast. The federal Department of Housing and Urban Development has designated June as National Homeownership Month.

"To help families achieve the dream of homeownership, we focus on helping people become homeowners and increasing the supply of affordable housing," said Jane Henderson, director of Community Development for Wachovia. "As a result, we’re passionate about both of these business areas -- for the good of our communities and the good of our company."

Fannie Mae recently presented Wachovia with its "Community Lending Hero" award. The award recognizes Wachovia’s creativity and leadership in addressing low- and moderate-income homeownership issues and its dedicated efforts to meeting the needs of emerging markets. A longtime partner of Fannie Mae, Wachovia has been a leader in Fannie Mae product rollouts and technology implementation.

Wachovia became the top community development lender in the country in 2003 with $1.2 billion in loans. In addition, the company invested $240 million in equity to create 6,700 affordable rental housing units.

During 2002 and 2003, Wachovia originated more than $56 billion in mortgage loans, with $12 billion in loans directly benefiting lower-income families and neighborhoods. Available through Wachovia mortgage consultants throughout the East Coast or at 1-800-922-6267, these affordable mortgages offer low/no down payments and flexible terms.

"We provide a full array of mortgage products to help all of our customers, including low- and moderate-income families, achieve the dream of homeownership," said C.D. Davies, president of Wachovia Mortgage. "In fact, we helped an average of 440 lower-income families buy homes every single week of 2003."

Other highlights of Wachovia’s support for homeownership include:

$18 million in community development grants and in-kind donations in 2003.
$1 million in down-payment assistance to 312 low-income homebuyers in Florida, Georgia, the Carolinas and Virginia.
Partnerships with more than 170 community-based non-profit organizations across Wachovia’s markets to provide homeownership counseling to more than 1,000 families.
Habitat for Humanity building projects in markets up and down the East Coast.
First-time homebuyer seminars and housing fairs in multiple locations, to provide an easy way for prospective homebuyers to get information and apply for mortgage loans.

ABOUT WACHVOIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $411.0 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 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 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.