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September 04, 2002
Wachovia Completes the Purchase of Cameron M. Harris & Company
Charlotte, N.C. - Wachovia Corporation (NYSE: WB) today completed its acquisition of Cameron M. Harris & Company (CMH), a Charlotte-based insurance broker that specializes in commercial and personal risk management and employee benefits. With $27 million in revenues, Cameron M. Harris & Co. is the largest privately held insurance broker headquartered in the Carolinas and ranks in the top 50 largest brokers in the United States. CMH has offices in Charlotte, Raleigh and Columbia, South Carolina.
The CMH transaction marks the latest development in a highly successful growth strategy that has dramatically expanded Wachovia’s commercial insurance group over the past two years. This strategic expansion will bring the projected year-end combined revenues of Wachovia Insurance Services to approximately $150 million, ranking it among the Top 15 insurance brokers in the United States.
Wachovia purchased Barry, Evans, Josephs & Snipes in 1999; Davis Baldwin and The Tribus Companies in 2000; and Hamilton Dorsey Alston and the assets of Crawford, Slevin & Hicks in 2001. Each of these agencies was a premier agency for its region with nationally recognized programs and services. Also in the past two years, additional smaller agencies have been purchased to enhance Wachovia’s insurance capabilities geographically and within various industries. The growth strategy has extended Wachovia’s presence in markets along the East Coast including Tampa, Atlanta, Northern Virginia, Maryland, New Jersey, New York and Washington, D.C.
Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholders' equity of $30 billion at June 30, 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.
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