AT (202) 514-2007WWW.USDOJ.GOV
TDD (202) 514-1888
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