Wachovia Community News

Media Contact: Carrie Ruddy
(704) 383-5392

September 13, 2001
Wachovia Recommits to America's Promise: Pledges $25 Million and Three Million Volunteer Hours

CHARLOTTE, N.C. - Mac Everett, head of Corporate and Community Affairs for Wachovia Corporation, announced today Wachovia's recommitment to America's Promise, The Alliance For Youth, pledging $25 million and three million volunteer hours to help young people across its franchise over the next three years.

Everett said the commitment to America's Promise continues the historic emphasis on education and youth of Wachovia and First Union, which merged on Sept. 1.

First Union joined America's Promise in 1997 with a commitment to fulfill 1.2 million volunteer hours for education through the year 2000. The goal was increased to 2.4 million hours after employees exceeded 1.2 million hours by the end of 1998. First Union was recognized at a White House ceremony in July for fulfilling the 2.4 million-hour pledge.

Wachovia also has long placed a high priority on education and youth through its contributions and community involvement activities.

Everett made the new pledge at the "Vision 2005: Prepare for Greatness" luncheon at the Charlotte Convention Center, which was held as part of "America's Promise, The Charlotte Region's Commitment to Youth" workshops.

"In the state of North Carolina alone, more than one in eight teenagers are considered to be 'at risk,' " Everett said. "More than one in 10 of our students drop out of high school, almost one in five children live in poverty and more than 30 percent of our fourth graders are not reading at grade level.

"America's Promise was formed in 1997 to help young people like these all over the country — young people who need a helping hand to take full advantage of all this nation has to offer."

America's Promise is comprised of Five Promises to young people:

Ongoing relationships with caring adults in their lives such as parents, mentors, tutors and coaches.
Safe places with structured activities during nonschool hours.
Healthy start and future.
Marketable skills through effective education.
Opportunities to give back through community service.

The nearly 500 national partners of America's Promise commit their time and money in one or more of these five areas.

Everett said Wachovia would continue its emphasis through the Education First Program begun by First Union. That program allows employees to take up to four hours of paid time off a month to volunteer in schools. Last year, about 43,000 First Union employees contributed 1.5 million volunteer hours to education, nearly half of which was during work time.

The America's Promise pledge also will include contributions to youth programs and services in the areas of health, human services, education and the arts.

"When America's Promise was formed in 1997, founding chairman General Colin Powell said, 'We can't go forward unless everybody moves forward,' " Everett said. "We at Wachovia firmly believe that and are proud to be able to contribute to the improvement of our nation's future."

Wachovia Corporation, with pro forma assets of $322 billion as of June 30, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.

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