Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

Wachovia Corp. and SouthTrust Corp. announced today they have signed a definitive merger agreement that will create the No. 1 bank in the Southeast. "This transaction gives us clear leadership in a number of attractive, high-growth states, and extends our reach into new southeastern and southwestern states," said Ken Thompson, Wachovia's chairman and CEO. The merger gives Charlotte, N.C.-based Wachovia an immediate scale in the fast-growing Texas market. Wachovia has assets of $411 billion. It serves customers primarily in 11 East Coast states and Washington, D.C. SouthTrust is a $52.7 billion regional bank holding company with headquarters in Birmingham, Ala. SouthTrust operates banking and loan offices and ATMS in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, ...