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Wachovia, PGA TOUR Announce the "Wachovia Championship" Charlotte May event offering $5.6 million purse in 2003; national non-profit Teach for America to benefit CHARLOTTE, N.C. - Ken Thompson, President and CEO of Wachovia Corporation, and Tim Finchem, Commissioner of the PGA TOUR, today announced that a new official PGA TOUR event will debut next year in Charlotte. Wachovia, the fourth-largest financial services company in the United States, will be the title sponsor of the Wachovia Championship for four years, beginning May 5-11, 2003, at Quail Hollow Club in Charlotte. "The PGA TOUR is excited to partner with Wachovia to bring a prominent tournament to Charlotte," Finchem said this morning during a press conference held at Wachovia Corporation’s corporate headquarters. "As a leader in financial services, and a company known for its support of communities, education and employees, Wachovia reflects the same values as the PGA TOUR and is an ideal sponsor for this key new stop on the TOUR schedule." "This unique opportunity comes on the heels of the launch of Wachovia’s new brand," said Thompson. "The Wachovia Championship allows us to further our brand on a national level, offer clients exclusive benefits, demonstrate our values through a significant commitment to a respected non-profit organization, and create considerable economic impact for the city of Charlotte, our region and our state. I can’t think of a more rewarding combination." The $5.6 million purse for the tournament is one of the highest on the TOUR, and guarantees the winner more than $1 million. The prize money, renowned golf course and facility, and coveted early May timeslot are expected to draw many of the stars on the PGA TOUR to the Charlotte event. The tournament marks the return of the PGA TOUR to Charlotte and Quail Hollow after a 24-year absence. "I am extremely pleased with the choice of Quail Hollow for this prestigious event," said Johnny Harris, President of Quail Hollow Club. "With recent improvements by Tom Fazio and minor modifications in the coming weeks, Quail will be ready to host the best golfers in the world. We look forward to providing an exceptional experience for players and guests at the Wachovia Championship." The tournament will be televised by USA Network on Thursday and Friday and by CBS on Saturday and Sunday. Proceeds from all PGA TOUR events benefit charities selected by the tournament organization. The nationally known educational foundation Teach For America has been selected as the primary charitable recipient of the Wachovia Championship for 2003, in keeping with Wachovia’s strong commitment to furthering education opportunities in local communities. "We are thrilled to be selected to receive proceeds from this event," said Wendy Kopp, founder and president of Teach For America. "The achievement gap that exists between children growing up in low-income communities and those growing up in more privileged areas is an urgent national priority. Our mission is to address this problem in both the short and long run, by providing excellent teachers who increase opportunity for underserved children and by building a force of civic-minded leaders who work to affect fundamental change." Champions for Education, Inc., a new 501(c) (3) foundation formed to raise funds for education, will manage and operate this event as the tournament host organization. Five members comprise the current board of directors:
About Wachovia Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 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. About the PGA TOUR The PGA TOUR is a tax-exempt membership organization of professional golfers. Its primary purpose is to provide significant competitive and earnings opportunities for past, current and future members of the PGA TOUR, SENIOR PGA TOUR and BUY.COM TOUR; to protect the integrity of the game; and to help grow the reach of the game in the U.S. and around the world. More than 125 events are being contested on the three tours in 2002, for approximately $260 million in prize money. In addition to providing competitive opportunities for its membership, TOUR events also generate significant sums of money for charity. TOUR events have raised nearly $650 million for charity since 1938, the first year such records were kept. The PGA TOUR's web site address is www.pgatour.com. About Quail Hollow Quail Hollow Club is a private member club, founded by James J. Harris on April 13, 1959. Quail Hollow is located at 3700 Glen Eagles Road in Charlotte, N.C. The Club has approximately 300 members, including Arnold Palmer and Jay Haas, and has hosted previous PGA TOUR events. About Teach For America Teach For America is the national corps of outstanding recent college graduates of all academic majors who commit two years to teach in urban and rural public schools. Corps members go above and beyond traditional expectations to impact the lives of children growing up in low-income communities. Beyond their two years, corps members take their insight and added commitment to assume leadership roles — inside and outside the field of education — and work toward the fundamental changes necessary to provide more equal opportunities for all children in our nation. Since its first 500 corps members entered classrooms in 1990, Teach For America has recruited more than 8,000 outstanding college graduates of all academic majors. Corps members teach in seventeen locations in underserved communities across the country: Atlanta, Baltimore, Chicago, Detroit*, Houston, Los Angeles, New Jersey, New Orleans, New York, Phoenix, St. Louis*, Washington, D.C., eastern North Carolina, southern Louisiana, the Mississippi Delta, the Rio Grande Valley in Texas, the San Francisco Bay Area and in the Navajo Nation in northwest New Mexico. For more information on Teach For America, please visit: www.teachforamerica.org. *Teach For America will place corps members in Detroit and St. Louis in the fall of 2002.
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