JUSTICE DEPARTMENT REQUIRES FIRST UNION CORPORATION AND
WACHOVIA CORPORATION TO MAKE DIVESTITURES IN FOUR STATES
WASHINGTON, D.C. -- The Department of Justice today announced that First Union
Corporation and Wachovia Corporation have agreed to sell 38 branch offices with approximately
$1.5 billion in deposits in Virginia, North Carolina, South Carolina, and Georgia in order to
resolve antitrust concerns about the companies' pending merger.
Under the agreement, the companies have agreed to divest nine branches in Virginia with
$420 million in deposits, 25 branches in North Carolina with $915 million in deposits, one branch
in South Carolina with $28 million in deposits, and three branches in Georgia with $148 million in
deposits. The divestitures will include the consumer and commercial loans associated with the
divested branches. The companies have also agreed that, for a period of time, they will sell
certain branches closed in Virginia, North Carolina, and South Carolina as a result of the merger
to any commercial bank as long as the bank's offer is equivalent to, or better than, any offer from
a non-bank bidder.
"These divestitures ensure that consumers and businesses in Virginia, North Carolina,
South Carolina, and Georgia will continue to have choices for banking services, and continue to
enjoy the benefits of competition," said Charles A. James, Assistant Attorney General in charge of
the Department's Antitrust Division.
The proposed merger is subject to the final approval of the Board of Governors of the
Federal Reserve System. The Department said that it will advise the Federal Reserve Board that,
subject to divestiture of the branch offices and associated loans and deposits, the Antitrust
Division will not challenge the merger.
First Union Corporation is headquartered in Charlotte, North Carolina. As of December
31, 2000, it had total assets of $254 billion and total deposits of $143 billion. First Union
operates branches throughout the eastern part of the United States.
Wachovia Corporation is headquartered in Winston-Salem, North Carolina. As of
December 31, 2000, it had total assets of $74 billion and total deposits of $44 billion. Wachovia
has branches located throughout the southeast portion of the United States.
A list of the branches to be divested is attached.
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(Table Attached)
01-360
First Union/Wachovia Branch Divestiture List
State |
County |
Bank |
Branch Name |
Address |
City |
GA |
Chatham |
First
Union |
Wilmington
Island |
319 Johnny Mercer
Drive |
Savannah |
GA |
Chatham |
First
Union |
Savannah
Main |
2 E Bryan Street |
Savannah |
GA |
Chatham |
First
Union |
Victory Drive |
2225 East Victory
Drive |
Savannah |
NC |
Buncombe |
First
Union |
Smoky Park
Highway |
159 Smoky Park
Highway |
Asheville |
NC |
Buncombe |
First
Union |
West Asheville |
700 Haywood Road |
Asheville |
NC |
Henderson |
First
Union |
Eastgate |
1452 7th Avenue East |
Hendersonville |
NC |
Henderson |
First
Union |
North Hills |
1321 Asheville
Highway |
Hendersonville |
NC |
Buncombe |
First
Union |
East Asheville |
771 Tunnel Road |
Asheville |
NC |
Buncombe |
First
Union |
Arden |
2397 Hendersonville
Road |
Arden |
NC |
Haywood |
First
Union |
Canton |
101 Main Street |
Canton |
NC |
Henderson |
First
Union |
Hendersonville
Main |
222 S. Main Street |
Hendersonville |
NC |
Buncombe |
First
Union |
Biltmore |
One Angle Street |
Asheville |
NC |
Buncombe |
First
Union |
North
Asheville |
711 Merrimon Avenue |
Asheville |
NC |
Buncombe |
First
Union |
Black
Mountain
Main |
200 Highway 9 |
Black
Mountain |
NC |
Buncombe |
First
Union |
Weaverville |
160 Weaver Blvd. |
Weaverville |
NC |
Forsyth |
First
Union |
First Stratford |
101 S. Stratford Road |
Winston-Salem |
NC |
Forsyth |
First
Union |
Ogburn Station |
4306 N. Liberty Street |
Winston-Salem |
NC |
Forsyth |
First
Union |
Silas Creek
Crossing |
3288 Silas Creek
Parkway |
Winston-Salem |
NC |
Forsyth |
First
Union |
Walkertown
Main |
2780 Old Hollow
Road |
Walkertown |
NC |
Forsyth |
First
Union |
Reynolda
Manor |
2801 Reynolda Road |
Winston-Salem |
NC |
Stokes |
First
Union |
Walnut Cove
Main |
234 S. Main Street |
Walnut Cove |
NC |
Pasquotank |
First
Union |
West
Ehringhaus |
1404 W. Ehringhaus
Street |
Elizabeth City |
NC |
Haywood |
Wachovia |
Waynesville
Main |
135 N Main Street |
Waynesville |
NC |
Rowan |
First
Union |
Salisbury Main |
215 West Innes Street |
Salisbury |
NC |
Wilkes |
First
Union |
North
Wilkesboro
Main |
924 B Main Street |
North
Wilkesboro |
NC |
Jackson |
First
Union |
Sylva Main |
624 W. Main Street |
Sylva |
NC |
Burke |
First
Union |
Morganton
Main |
300 North Green
Street |
Morganton |
NC |
Burke |
First
Union |
South Sterling |
612 S. Sterling Street |
Morganton |
VA |
City of
Roanoke |
Wachovia |
Towers Mall |
6700 Brandon Avenue
S.W. |
Roanoke |
VA |
City of
Salem |
Wachovia |
West Salem |
1395 W. Main Street |
Salem |
VA |
City of
Roanoke |
Wachovia |
Roanoke Main |
111 Franklin Road |
Roanoke |
VA |
City of
Roanoke |
Wachovia |
Crossroads
Mall |
1315 Hershberger
Road NW |
Roanoke |
VA |
Bedford |
Wachovia |
Smith
Mountain Lake |
13264 Booker T
Washington Hwy |
Hardy |
VA |
Roanoke |
Wachovia |
Cave Spring |
4110 Brambleton
Avenue SW |
Roanoke |
VA |
City of
Roanoke |
Wachovia |
460 East |
3565 Orange Avenue
NE |
Roanoke |
VA |
City of
Bedford |
Wachovia |
Bedford |
115 W Main Street |
Bedford |
VA |
Smyth |
Wachovia |
Chilhowie |
119 Lee Highway |
Chilhowie |
SC |
York |
First
Union |
York Main |
12 N Congress Street |
York |
|