Wachovia Community News

Media Contact: Aimee Worsley
(704) 715-2005

Media Contact: Alison Rice
(704) 383-5644

April 28, 2005
WACHOVIA NAMES MIKE RIZER DIRECTOR OF COMMUNITY RELATIONS

CHARLOTTE, N.C. - Wachovia Corp. announced today that Mike Rizer has been named Community Relations Director.

In this role, Rizer will be responsible for developing and leading Wachovia's community strategy, including its philanthropic and employee volunteerism programs, as well as its community development efforts. Wachovia is combining its Community Affairs and Community Development groups to deliver a uniquely aligned and powerfully focused community strategy through a new department called Community Relations.

"Community involvement and service are at the heart of how we do business at Wachovia," said Shannon McFayden, Wachovia's director of Human Resources and Corporate Relations. "Mike's passion for Wachovia's commitment to its communities, combined with his extensive experience in community development and his vision for the future, make him the right leader to take our community relations work to the next level."

In 2004, Wachovia and its employees contributed more than $104 million to charitable organizations. The company also provided $25 billion in community loans and investments to revitalize neighborhoods and invested $223 million in equity to create more than 5,000 affordable rental-housing units. Wachovia employees logged more than 600,000 hours of volunteer community service. Also, Wachovia launched the Wachovia Teachers and Teaching Initiative, a $20 million program that provides grants to organizations that help teachers develop skills to advance student achievement in under-resourced schools.

A nine-year veteran of Wachovia, Rizer has extensive experience in community development, CRA/Fair Lending compliance, reputation risk management and community involvement. Prior to his current position, he created and managed the corporation's CRA Fair Lending strategy. A resident of Charlotte, Rizer chairs the board of the Charlotte-Mecklenburg Housing Partnership.

"I am excited about building on the strong foundation we've already established in our communities, " said Rizer. "The new Community Relations department will position us to have an even greater impact on the communities we serve."

About Wachovia Corporation

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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communityaffairs@wachovia.com

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