Wachovia

The name of Wachovia is filled with historic lineage. Moravian settlers purchased approximately 100,000 acres in the North Carolina Piedmont in 1753. To honor Count Nicholas Ludwig von Zinzendorf, their benefactor, the area was named after regions in Austria. The root of the word originates from the Latin form of the name "Wachau," meaning the "place of water." Over time the name ceased being used as a town name and stuck with several of the local business, and Wachovia Bank was one of them.

Wachovia Origins

Wachovia Loan and Trust Company, North Carolina's first, opened in 1893. With a starting balance sheet of over $4 million in deposits, $1.25 million capital stock and resources totaling $7 million, the financial institution was the largest bank in the South.

Wachovia and Wells Fargo

Nearly 100 years later, several other changes have taken place to Wachovia. In 2001, First Union Corporation and the former Wachovia Corporation merged and First Union changed its name to Wachovia Corporation. Then in 2009, Wachovia became part of Wells Fargo, making the financial institution part of the one of the nation's biggest and most varied financial services businesses. Under the wing of Wells Fargo, Wachovia is now part of a stronger network that offers mortgage originations, small business lending, middle market commercial banking, agricultural lending, commercial real estate lending, commercial real estate brokerage and bank-owned insurance brokerage."

Wachovia Bank, now owned by Wells Fargo, is offering some competitive CD rates depending on the term limit you choose. Some of the rates they are offering as of today are a 2.75% APY CD for 32 months, a 2% APY CD for 21 months, and a 1.40% APY CD for 13 months.

Here are some important details when opening a CD with Wachovia Bank:

• For CD terms that are 1 year or greater, 180 days of interest will be charged for early withdrawal
• Grace period of 7 days after maturity
• Interest can be withdrawn without penalty at anytime
• CD automatically renews unless you stop it

Wells Fargo is also offering their own competitive 25-month CD with a 2.30% APY rate.

For more of the best CD rates, visit with Go Banking Rates daily for the hottest bank deals.

Other Terms and Conditions may apply to this offer - please contact the financial institution to review.

I now pronounce you..what?

Wells Fargo Beats out Citigroup

A few weeks ago Citigroup , with a little help from the Fed, had agreed to support and marry Wachovia . Yesterday, the Federal Reserve Board approved the sale of Wachovia to Wells Fargo in a transaction that would not require the...

Another bank bites the dust. Citigroup agreed to a takeover of the troubled Wachovia in yet another government engineered rescue.

With huge losses in its mortgage portfolio, the nation's sixth largest bank is now the latest to fail sort of. "Wachovia did not fail; rather, it is to be acquired...