Company continues its expansion in California as part of Western growth
strategy
LOS ANGELES, Aug. 21 /PRNewswire-FirstCall/ -- Wachovia Corporation
(NYSE: WB) today announced its first full-service retail financial center
location in downtown Los Angeles at 717 Olympic Blvd.
The move follows the July opening of the company's new wholesale and
government banking office at 333 S. Hope Street. The 7,500 square foot
facility provides a downtown base for Wachovia's Commercial, Business, and
Government banking operations as well as Wealth Management, Treasury
Services and Risk Management.
"Wachovia's downtown expansion demonstrates two things: our appetite
for growing our business in the dominant professional market of L.A., and
our commitment to keeping the momentum going for downtown's renaissance,"
said Frank Newman, Wachovia's Southern California President. "As downtown
continues to thrive, Wachovia plans to be front and center to offer our
award-winning brand of customer service to corporations, government
entities residents and visitors alike."
For each of the past seven years, customers across the country have
ranked Wachovia No. 1 in customer satisfaction on the American Customer
Satisfaction Index, the nation's most prestigious independent survey of
customer service. In addition, J.D. Power and Assoc. ranked Wachovia No. 1
for customer satisfaction in home equity and mortgage lending.
The flagship financial center, slated to open in early 2009, will be
located at the corner of W. Olympic Blvd. and S. Figueroa St., near L.A.
LIVE. Wachovia is the sole financial partner for L.A. LIVE, the $2.5
billion, 5.6 million square-foot sports, residential and entertainment
complex developed by AEG. L.A. LIVE is widely regarded as a key factor in
downtown's continuing revitalization.
Timothy J. Leiweke, president and CEO, AEG, developers of L.A. LIVE,
said, "Wachovia, under the leadership of Frank Newman, has been an
invaluable partner throughout the development of L.A. LIVE, helping execute
a vision that has created a stronger, more vibrant downtown. By expanding
its business here, Wachovia is taking its commitment a step further-casting
a vote of confidence for downtown's future growth."
Carol Schatz, president and CEO of the Central City Association of Los
Angeles, said, "It's significant that Wachovia, a major national bank, is
growing its presence across the board downtown-from retail to wholesale to
government banking. It proves that world-class companies view downtown Los
Angeles as an attractive, high-potential growth market. That really speaks
to the successful mix of residential and commercial growth that downtown is
experiencing."
Beyond downtown L.A., Wachovia continues to increase its California
presence, which now includes 179 financial centers, 233 ATMs, 142 Wachovia
Securities retail brokerage offices, and more than 9,000 employees. The
company employs nearly 1,500 in Los Angeles County alone.
Wachovia has seen significant growth in many of its lines of business
in the state. The company's 10 top financial centers in deposits are all
located in California. Wholesale loans and deposits have exceeded
expectations, with more than $850 million in loans and more than $300
million in deposits.
In addition to growing its business, Wachovia is increasing its impact
on the California community. Wachovia gives all of its employees four paid
hours per month-or six paid days a year-to volunteer for the causes they
care about. In 2007 in California, Wachovia:
-- Contributed more than $11.4 million to charitable organizations through
company and foundation giving.
-- Provided more than $8.9 billion in community development loans and
investments to revitalize neighborhoods.
-- Logged nearly 26,000 hours of employee volunteer community service.
Wachovia and The Wachovia Foundation have contributed millions of
dollars to support organizations that serve the residents of Los Angeles,
including Teach For America, The Library Foundation of Los Angeles, and Los
Angeles Neighborhood Housing Services. In addition, Wachovia partnered with
the City of Los Angeles to fund the New Generation Fund, which will
increase the city's supply of affordable housing.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest
diversified financial services companies, with assets of $812.4 billion and
market capitalization of $33.5 billion at June 30, 2008. 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 3,300 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 $1.1 trillion in client assets
through 14,600 financial advisors in 1,500 offices nationwide. Online
banking is available at http://www.wachovia.com ; online brokerage products
and services at http://www.wachoviasec.com ; and investment products and
services at http://www.evergreeninvestments.com .
SOURCE Wachovia Corporation
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Related links:
http://www.wachovia.com
http://www.wachoviasec.com
http://www.evergreeninvestments.com
CONTACT:
Aimee Worsley of Wachovia Corporation,
+1-310-789-8951, aimee.worsley@wachovia.com
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