WACHOVIA COMPLETES RESEARCH

Earlier this year, Wachovia contracted with The History Factory, a leading historical research firm, to conduct research on the predecessor institutions that, over many years, formed our company.

The resulting research revealed that two of our predecessor institutions, the Georgia Railroad and Banking Company and the Bank of Charleston, owned slaves.

Due to incomplete records, we cannot determine precisely how many slaves either the Georgia Railroad and Banking Company or the Bank of Charleston owned.  Through specific transactional records, researchers determined that the Georgia Railroad and Banking Company owned at least 162 slaves, and the Bank of Charleston accepted at least 529 slaves as collateral on mortgaged properties or loans, and acquired an undetermined number of these individuals when customers defaulted on their loans.

We are deeply saddened by these findings.  We apologize to all Americans, and especially to African-Americans and people of African descent.

While we can in no way atone for the past, we can learn from it, and we can continue to promote a better understanding of the African-American story, including the unique struggles, triumphs and contributions of African-Americans, and their important role in America’s past and present.

In this vein, Wachovia plans to partner with community organizations that are experts in furthering awareness and education of African-American history.  Our aspiration is to preserve the African-American story and ensure that this important piece of our country’s history is incorporated in educational forums.  This is a natural fit with our company’s strong focus on diversity, education and communities.

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