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Wachovia Corporation Declares Cash Dividend on Common Stock CHARLOTTE, N.C. - Wachovia Corporation (NYSE:WB) today announced that its board of directors approved the company's regular quarterly cash dividend on its common stock of 35 cents per share. The common stock dividend is payable on Dec. 15, 2003, to shareholders of record as of the close of business on Nov. 28, 2003. As the fourth quarter common stock dividend of 35 cents per share will exceed the 30 cents per equivalent share historical dividend of legacy Wachovia, there will be no quarterly cash dividend declared on the Dividend Equalization Preferred Shares (DEPS). Upon payment of the fourth quarter dividend, the future dividend rights of the DEPS will cease because Wachovia's total dividends paid to common stockholders for four consecutive quarters will have equaled at least $1.20 per common share. The DEPS were issued in connection with the merger between First Union Corporation and the former Wachovia Corporation on Sept. 1, 2001. Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com. |
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