Press Releases

In addition, Wachovia is committing $6 million over three years to support the organization’s expansion.

“When Wachovia embarked on a national partnership with Teach For America in 2002, it was because we believed in Wendy Kopp’s leadership, Teach For America’s vision and its results,” said Ken Thompson, chairman and CEO of Wachovia Corporation. “In the years since, we’ve seen that Teach For America backs its vision with specific, measurable objectives and documented results.  That’s why we’re proud to continue to support Teach For America as it works toward the day when every child in this country receives a high-quality education.”

Teach For America has received $4 million as the primary beneficiary of the Wachovia Championship golf tournament, a premier event on the PGA Tour. Beyond this event, Wachovia’s support for Teach For America includes:

• Wachovia Chairman and CEO Ken Thompson’s service on the Teach For America board of directors.
• More than $2.8 million in financial support from the Wachovia Foundation, including a $750,000 grant announced last year as part of the Wachovia Teachers and Teaching Initiative.
• Wachovia executives serving on local Teach For America boards and leading local fund-raising efforts.
• Employees volunteering in Teach For America classrooms and conducting school supply drives.

Today, some 4,400 Teach For America corps members are reaching nearly 375,000 students in 25 urban and rural regions nationwide, while more than 12,000 alumni are working in education, policy, law, medicine and other sectors to effect the broader changes needed to bring about educational equity in our country. Wachovia’s support will play an integral role in Teach For America’s ambitious growth plan, which calls on increasing the size of its teaching corps to 7,500 by 2010.

“Given the enormity of the problem we’re addressing, we feel a moral imperative to grow,” said Wendy Kopp, Teach For America’s president and founder. “Every additional recruit is another corps member who has the potential to have a life-changing impact in the lives of children growing up today and another alum who individually can be a lifelong leader for fundamental change.

“In Wachovia, we have a partner with the dedication, insight and knowledge who understands this better than anyone, and will help us to work more effectively to provide educational opportunity for all children in this nation.”

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on October 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. At September 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia’s combined assets were approximately $700 billion and combined market capitalization was $107 billion.

About Teach For America

Teach For America is the national corps of outstanding recent college graduates who commit two years to teach in urban and rural public schools and become lifelong leaders in expanding educational opportunity. This year, some 4,400 corps members are teaching in more than 1,000 schools in 25 regions across the country; more than 12,000 Teach For America alumni continue working from inside and outside the field of education for the fundamental changes necessary to ensure educational excellence and equity.  For more information, visit www.teachforamerica.org.