Rating Reflects Company's Commitment To Supporting Low- and Moderate-Income
Communities
CHARLOTTE, N.C., Feb. 28 /PRNewswire-FirstCall/ -- Wachovia has earned
an "Outstanding" Community Reinvestment Act (CRA) rating, the highest
possible, from the Office of the Comptroller of the Currency (OCC). Only 16
percent of banks regulated by the OCC achieve the "Outstanding" rating.
Regulators from the OCC analyzed Wachovia's lending, investing and
service activities for the period of July 1, 2003, to June 30, 2006. The
merger of SouthTrust Corp. and Wachovia Corp. occurred during this time.
"I'm proud that Wachovia has earned continuous "Outstanding" CRA
ratings, the highest rating possible, since 1995," said Ken Thompson,
Wachovia Chairman and CEO. "This achievement shows that reaching low- and
moderate-income families and communities remains a priority for us, even as
we expand into new markets."
The Community Reinvestment Act was enacted in 1977 to encourage banks
to meet the credit needs of all segments of their communities. The act
requires that the OCC assess national banks' distribution of loans,
investments and services, particularly in low- and moderate-income
communities. The OCC also considers a bank's community involvement
activities when determining its rating.
In its report, the OCC lauded Wachovia for:
-- Its leadership in the New Markets Tax Credit (NMTC) program. Wachovia
has committed or invested $457 million through the NMTC program, which
was created by Congress in 2000 to spur investment in businesses
located in lower-income communities. Wachovia's NMTC developments have
created grocery stores, charter schools and other services and low-
and moderate-income communities, as well as 6,887 permanent jobs for
neighborhood residents.
-- Offering low-cost or no-cost deposit products and flexible mortgage
products targeted to low- and moderate-income borrowers or borrowers
purchasing homes in low- and moderate-income geographies.
-- Its "Wachovia at Work" alternative delivery channel, which delivers
banking access, financial literacy and special product offers directly
to the workplace. Over 3,000 participating worksites are located in
low- and moderate-income geographies, and the majority of employees
using this program are low- or moderate-income individuals.
"At Wachovia, we are passionate about creating strong, vibrant
neighborhoods and reaching low- and moderate-income families and
individuals with a full range of financial products and services," said
Mike Rizer, director of Community Relations for Wachovia. "We're proud that
the OCC has recognized us for our continued efforts to build communities in
innovative and thoughtful ways."
In 2007*, Wachovia:
-- Provided $42 billion in community loans and investments to revitalize
neighborhoods.
-- Provided more than $11.5 million in CRA-qualified community
development grants and in-kind donations.
-- Provided nearly $15 billion in small business loans to more than
100,000 entrepreneurs building their businesses.
-- Invested more than $227 million in equity to create more than 1,700
affordable rental-housing units.
-- Helped an average of 496 low- and moderate-income families and
families in low- and moderate-income neighborhoods buy a home each
week.
-- Trained more than 21,000 families and individuals in PC, Internet and
money management skills through our financial literacy programs, Money
Smart and eCommunitiesfirst(R). Employee volunteers partnered with
community groups to offer classes in English and Spanish.
*Preliminary 2007 numbers; final numbers expected to increase.
ABOUT WACHOVIA
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $782.9 billion and
market capitalization of $75.3 billion at December 31, 2007. Wachovia
provides a broad range of retail banking and brokerage, asset and wealth
management, and corporate and investment banking products and services to
customers through 3,400 retail financial centers in 21 states from
Connecticut to Florida and west to Texas and California, and nationwide
retail brokerage, mortgage lending and auto finance businesses. Globally,
clients are served in selected corporate and institutional sectors and
through more than 40 international offices. Our retail brokerage operations
under the Wachovia Securities brand name manage more than $1.2 trillion in
client assets through 14,600 financial advisors in 1,500 offices
nationwide. Online banking is available at wachovia.com; online brokerage
products and services at wachoviasec.com; and investment products and
services at evergreeninvestments.com.
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
CONTACT:
Aimee Worsley of Wachovia Corporation,
+1-704-715-2005
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