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Talk of the bay
Wachovia chief: Bank is open to another merger
By JEFF HARRINGTON
Published June 13, 2005
After First Union and Wachovia joined forces to create the new Wachovia Corp. in 2003 and followed up by buying SouthTrust, managers poo-pooed talk of another big merger.
Until now.
In a conference call with analysts last week, Wachovia chairman and chief executive Ken Thompson said the megabank is open to considering a merger of equals.
"We are in this for shareholders, and that means that mergers of equals could make sense and we are bound to consider them," Thompson reportedly said.
Considering Wachovia has $507-billion in assets and is the fourth-largest bank in the country, a merger of equals would take some doing. Among partners bandied about in the industry and trade journals last week: Wells Fargo, U.S. Bancorp and even nonbanks such as American Express.
A deal of such magnitude just might push Wachovia to once again rival its longtime, cross-town nemesis also headquartered in Charlotte, N.C.: the behemoth Bank of America.
Today, Bank of America is the largest bank operating in Florida; Wachovia is No. 2.
[Last modified June 10, 2005, 19:29:02]
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