Press Releases

The transaction, which was approved by federal and state regulators, was accounted for as a purchase in a tax-free exchange of 0.2284 of a share of Wachovia Corporation common stock for each OFFITBANK share. The transaction was valued at approximately $200 million based on Wachovia’s May 12 closing stock price. The merger agreement was announced May 13.

OFFITBANK has more than $11 billion in assets under management. The bank has offices in New York City and San Francisco and serves individual clients in 39 states, Latin America, Europe and Asia. In addition, the company provides services to more than 100 nonprofit organizations and other institutions.

"This merger creates a fine combination of resource and talent for our clients," said L.M. Baker Jr., Wachovia chief executive officer. "We share a common vision of the future and a commitment to being an exceptional provider of wealth management services."

Morris W. Offit will continue as chief executive officer of OFFITBANK and become a member of the Wachovia board of directors in October.

"The merger will provide our clients the benefits of a broader base of resources and products," said Offit. "It also will offer the long-term continuity that is critical in trust and estate services. The commitment of Wachovia to OFFITBANK will strengthen our capacity to serve high net worth clients."

Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At June 30, 1999, Wachovia had $67 billion in assets and ranked 16th among U.S. banking firms. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in the Carolinas, Florida, Georgia and Virginia.

For more information about OTTIFBANK, visit the OFFITBANK Web site at www.OFFITBANK.com.