History of Wachovia Bank

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.”

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GOBankingRates Staff

These articles are written by the in-house GOBankingRates team.

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