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March 19, 2002
First Union Securities Wins Top Award for Brokerage Executive
Bank Securities Association names Susan Sherrill Executive of the Year
CHARLOTTE, N.C. - Bank Securities Association has named First Union's Susan Sherrill Executive of the Year. Sherrill, First Union Securities' Licensed Financial Specialist Manager for the Investment Services Group, has managed First Union's branch licensing program from its inception in 1993. First Union was a pioneer in the banking industry in licensing branch employees to sell securities.
"Susan’s efforts have proven to our industry that an LBE program can not only be successful, but can drive significant, bottom-line investment revenue for the corporation," said Dwight Moody, head of First Union Securities' Investment Services Group. "Susan has kept her focus on advancing the Licensed Financial Specialist program to ensure that it is the best in the industry."
Between 1998 and 2001, the Licensed Financial Specialist (LFS) program under Sherrill's guidance produced over $10 billion in investment sales. Sherrill has continued to lead the platform program in generating outstanding investment sales and revenue while ensuring that the LFSs maintain and expand their sales in Deposit and Loan products.
Sherrill was selected in 1993 to be the project manager of First Union’s Branch Licensing Cooperative Initiative. Her mission was to lead the NASD licensing and financial services training of branch personnel to sell mutual funds and annuities. The program has grown to over 2,800 NASD Series 6 Licensed Branch Employees who, in 2001, accounted for over 35 percent of the Bank Channel broker dealer revenue.
With more than 8,000 registered representatives serving clients through offices in 49 states, Wachovia’s combined brokerage organization has $274 billion in client assets. First Union Securities, IJL Wachovia and Wachovia Investments are trade names under which Wachovia Corporation provides brokerage services through three registered broker/dealers: First Union Securities, Inc., Member NYSE/SIPC, First Union Securities Financial Network, Inc., member NASD/SIPC and Wachovia Securities, Inc., member NYSE/SIPC.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services 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.
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