美联银行
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2008年9月29日，美国花旗集团宣布，该公司已在联邦储蓄保险公司的协助下与原美国第四大商业银行美联银行达成原则性收购协议，花旗集团将以总价530亿美元的价格收购后者。根据协议，花旗以换股以及购买对方债务的方式收购美联银行，花旗将支付给美联银行21.6亿股股票。美国联邦储蓄保险公司将为花旗的收购提供保护。[1]2008年10月04日Wachovia Corp.同意作价154亿美元将自身出售给富国银行(Wells Fargo & Co.)，此项交易无需政府帮助。这一交易的达成使此前在联邦政府支持下的花旗集团收购案破裂。[2]
美联银行(Wachovia Corporation）目前是美国第四大银行，总资产为7830亿美元（ 2007年），总部位于北卡罗来纳州夏洛特。美国银行业目前名列前三位的银行分别是花旗银行、摩根大通和美国银行。
美联银行（纽约证券交易所代码：WB）是美国最大的多样化金融服务公司之一，向1340万个家庭和企业客户提供银行业务、资产管理、财富管理、企业及投资银行业务产品及服务。美联银行作为Wachovia Bank在15个州（从康涅狄格州到佛罗里达、西到得克萨斯州）的3,131个办事处运营，在兼并整合活动完成前，该公司作为加州 Western Financial Bank 运营。美联银行证券品牌名下运营的两个核心业务包括：在49个州和6个拉丁美洲国家中的零售代理业务，以及在美国精选行业中的企业及投资银行业务。在全球，美联银行通过40多个国际办事处为客户服务。
Wachovia Corporation (NYSE: WB), based in Charlotte, North Carolina, is a diversified financial services holding company provided via its operating subsidiaries a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. It is one of the largest providers of financial services in the United States, operating financial centers in 21 states and Washington, D.C., with locations from Connecticut to Florida and west to California.[3] It also serves retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. Wachovia provides global services through more than 40 offices around the world. Presently it is the fourth-largest bank holding company in the United States based on total assets.
On September 29, 2008, Wachovia announced its intention to sell its banking operations to Citigroup for $2.2 billion in an open bank transaction facilitated by the Federal Deposit Insurance Corporation; according to the FDIC, Wachovia "did not fail." Wachovia would have continued to operate as a separate, publicly traded company as the owner of Wachovia Securities, AG Edwards and Evergreen Investments.
On October 3, 2008, Wells Fargo and Wachovia announced they had agreed to merge in an all-stock transaction requiring no FDIC involvement, apparently nullifying the Citigroup deal. Wells Fargo announced it had agreed to acquire Wachovia for $15.1 billion in stock. Wachovia prefers the Wells Fargo deal, as it is a much higher valuation than the Citigroup deal, and it keeps the banking and brokerage businesses together. Citigroup is exploring their legal options, demanding that Wachovia and Wells Fargo cease discussions, citing an exclusivity agreement between Citigroup and Wachovia. The deal still requires shareholder and regulatory approval.
On October 4, 2008 a New York judge issued a temporary injunction blocking the transaction from going forward while the situation is sorted out.Wachovia is contending that the injunction does not have "any effect on the validity of the Wells Fargo agreement with Wachovia."
Wachovia is divided into four divisions: General Bank, Wealth Management, Capital Management, and Corporate and Investment Banking.
The general bank services retail, small business and commercial customers. The bank is number two by national deposit market share. Wealth management serves the high net worth, personal trust, and insurance business. Wachovia is the fourth largest wealth manager in the United States. Capital management provides asset management, retirement, and retail brokerage services. Wachovia is currently the third largest full service retail brokerage house. The corporate and investment bank is a fully integrated capital raising, market making, and financial advisory services bank.
Origin of corporate name
Wachovia, pronounced [wəˈkoʊvijə] (wah-KO-vee-yah), has its origins in the Latin form of the Austrian name Wachau.[3] When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River.[3] The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.
Today's Wachovia Corporation was originally created by the merger of the legacy Wachovia Corporation and First Union Corporation. While the transaction was billed as a union of equals, the transaction was actually a purchase of the legacy Wachovia by Charlotte-based First Union. First Union then took the Wachovia name.
Wachovia National Bank
Legacy Wachovia Corporation traced its history to 1879, when it was established as the Wachovia National Bank in Winston-Salem, North Carolina. The bank merged with Wachovia Loan and Trust (founded 1893) in 1911 and remained located in Winston-Salem. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Legacy Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1998, Legacy Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, legacy Wachovia made its final purchase, which was Republic Security Bank.
First Union
First Union Corporation had its beginning as Union National Bank on June 2, 1908. The bank merged with First National Bank and Trust Company of Asheville in 1958 to become the First Union National Bank of North Carolina.Over subsequent decades, but particularly during the 1990s, First Union purchased over 80 other banks before purchasing Wachovia.
CoreStates Financial purchase
CoreStates Financial Corporation, headquartered in Philadelphia, was acquired by First Union in April 1998. At the time, this was the largest merger in US banking history. The company traced its history to 1781, when the first bank in the United States was chartered as Bank of North America.
After the First Union-CoreStates merger, First Union began claiming a 1781 founding date. The Bank of North America's first branch, opened in 1782, is still operated by Wachovia today, making it the longest continuously operated branch in America.[4]
This acquisition was burdened with many problems. Many of these problems arose when First Union attempted to rapidly integrate CoreStates' systems into First Union's. CoreStates tellers did not receive sufficient training with the new systems and First Union and CoreStates' systems were unable to communicate with each other. This led to such problems as account access issues and payments not being correctly applied to loans.
The Money Store
On June 30, 1998, First Union paid $2.1 billion for The Money Store, a loan outfit known for their commercials featuring Baseball Hall of Fame shortstop Phil Rizutto and pitcher Jim Palmer. Two years later, it closed the unit, writing off $1.7 billion.
Merger of First Union and Wachovia
On April 16, 2001, Charlotte based First Union Corporation announced it would merge with Winston-Salem based Wachovia Corporation. This was viewed with great surprise by the financial press and security analysts. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to SunTrust.
As an important part of the deal, First Union would shed its name and assumed the Wachovia identity and stock ticker. Analysts said this move was most likely to help First Union acquire a new identity, as Wachovia's reputation was far better with consumers than First Union. At the same time, Wachovia's name and corporate identity would survive.
The deal was met with criticism and doubt by several groups. Analysts were concerned of First Union's ability to merge with another large company because of the CoreStates deal. Citizens and politicians of Winston-Salem suffered from a hurt of their civic pride because the city would lose Wachovia's corporate headquarters to Charlotte, partly because Winston-Salem is a much smaller city than Charlotte. The city of Winston-Salem was concerned both by job losses by the move and the loss of stature from losing a corporation. First Union was alarmed by the potential deposit attrition and customer loss in the city.[5]First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.
On May 14, 2001, Atlanta-based SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.
Wachovia's board of directors rejected SunTrust's offer and pledged to continue its merger with First Union. SunTrust continued its hostile takeover attempt, and a bitter battle between SunTrust and First Union took place over the summer. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids.
On August 3, 2001, Wachovia shareholders approved the First Union deal. They rejected SunTrust's attempts to elect a new board of directors for Wachovia, and thus, ended SunTrust's hostile takeover attempt.
Another problem concerned each bank's credit card division. In April 2001, Wachovia agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000. After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.
On September 4, 2001, First Union and Wachovia officially merged to form the new Wachovia Corporation. In order to prevent a repeat of the CoreStates fiasco, the new Wachovia took a deliberately long period of time to combine the banking operations of the new company. Over a period of several years, legacy Wachovia computer systems were converted to First Union systems. The company first began converting systems in the southeast United States (where both banks had branches) before moving to the Northeast, where First Union branches only had to change their signs to reflect the new company name and logo. This process officially ended on August 18, 2003, almost 2 years after the merger took place.
In comparison to the CoreStates purchase, the merger of First Union and Wachovia has been a success. The company's slow strategy to combine seems to have prevented large customer attrition rates. In fact, every year since the merger, Wachovia has been ranked number one in customer satisfaction among major banks by the University of Michigan's annual American Customer Satisfaction Index.
When Wachovia and First Union merged, the multiple skyscrapers with First Union's name came under Wachovia's name. Charlotte, North Carolina's One, Two, Three, and Four First Union buildings became One, Two, Three, and Four, Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became the Wachovia Financial Center. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they are now known as the Wachovia Center, Wachovia Spectrum, and Wachovia Arena at Casey Plaza.
Prudential Securities
Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owns 62% of this entity, while Prudential Financial owns 38%.
Metropolitan West Securities
On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial.This acquisition added a portfolio of over $50 billion of securities on loan to the Wachovia Global Securities Lending division.
On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama-based banking competitor SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast United States, and the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration was completed by the end of 2005.[6][7]
Wachovia expected to continue as a publicly traded company and would retain its retail brokerage and Evergreen asset management subsidiaries.
The announcement drew some criticism from Wachovia stockholders who felt the dollar-per-share price was too cheap. Some of them planned to try to defeat the deal when it came up for shareholder approval. However, institutional investors such as mutual funds and pension funds control 73 percent of Wachovia's stock; individual stockholders would have had to garner a significant amount of support from institutional shareholders to derail the sale. Also, several experts in corporate dealmaking told the Observer that such a strategy is very risky since federal regulators helped broker the deal. A finance professor at the University of North Carolina at Charlotte told the Observer that if Wachovia's shareholders voted the deal down, the OCC could simply seize Wachovia and place it into the receivership of the FDIC, which would then sell it to Citigroup. If this were to happen, the professor said, Wachovia's shareholders risk being completely wiped out.
Proposed merger with Wells Fargo
On October 3, Wachovia announced the entire company would instead be merging with Wells Fargo. Wells Fargo will pay $15.1 billion--roughly $7 per share--to buy Wachovia. Unlike the Citigroup deal, the Wells Fargo deal will require no assistance from the federal government. The combined company will be headquartered in San Francisco, home to Wells Fargo. However, Charlotte will be the headquarters for the combined company's East Coast banking operations, and Wachovia Securities will remain in St. Louis. Three members of the Wachovia board will join the Wells Fargo board. Both companies' boards unanimously approved the merger on the night of October 2, but the deal must still be approved by the shareholders of both companies as well as regulators. [8]Citigroup has already taken measures to stop the Wells Fargo-Wachovia merger, claiming that Wells Fargo has engaged in "tortious interference" with an exclusivity agreement between Citigroup and Wachovia. That agreement states in part that until October 6, 2008 "Wachova shall not, and shall not permit any of its subsidiaries or any of its or their respective officers, directors, [...] to [...] take any action to facilitate or encourage the submission of any Acquisition Proposal."
美联银行企业及投资银行集团为上市和非上市公司、机构投资者、金融机构和担保人社区提供全套产品和服务。投资银行和全球市场业务（固定收益、证券和研究）在美联银行证券 (Wachovia Securities) 品牌下运营，通过提供全面的咨询、筹资、构建、研究和执行服务，该业务已成为资本市场的全球主力军。美联银行企业及投资银行还包括美国第三大理财服务公司以及一流的基于资产的贷款和全球代理行服务。该公司建基于鼓励向所有客户提供创新思想、资本解决方案和富有经验的意见的具有凝聚力的文化上。
美联银行证券是美联银行及其子公司旗下公司、投资银行、资本市场和机构证券业务的交易名称。这些业务通过下列机构运营：Wachovia Capital Markets, LLC (WCM)、全美证券交易商协会 (NASD) 成员、纽约证券交易所 (NYSE) 和美国证券投资者保护基金 (SIPC)、金融服务局 (Financial Services Authority) 在英国批准和管制的 Wachovia Securities International Limited 以及美联银行旗下其他银行和非银行经纪人/代理商子公司（包括在香港获批有限制牌照银行并受香港金融管理局 (Hong Kong Monetary Authority) 管制的 Wachovia Bank, National Association）。
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