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FOR IMMEDIATE RELEASE
PR- 213-03
July 28, 2003

MAYOR MICHAEL R. BLOOMBERG WELCOMES WACHOVIA BANK TO NEW YORK CITY

Wachovia to Open Twelve Locations Over Next 18 Months and Create Over 300 Jobs

Mayor Michael R. Bloomberg today welcomed Wachovia Bank, N.A., one of America’s leading banks and the largest retail bank on the East Coast, to New York City. Two retail financial centers opened today, one at Rockefeller Plaza and another at Madison Avenue & 45th Street. These are the first two of twelve locations Wachovia plans to open in the City over the next eighteen months that will create over 300 jobs in New York City.  Joining the Mayor were General Bank Senior Executive Vice President and President Ben Jenkins, Wachovia CEO of the Atlantic Region Reggie Davis, Regional President for New York and Connecticut Jim Fitzgerald, Small Business Services Commissioner Robert Walsh, Economic Development Corporation President Andrew Alper and North Carolinian and “American Idol” celebrity Clay Aiken at the Rockefeller Plaza location for the ceremony.

“I am delighted to welcome Wachovia’s first retail financial centers to New York City and applaud the company’s commitment to creating over 300 jobs here over the next 18 months,” said Mayor Bloomberg. “Wachovia may be one of the largest financial institutions in the country, but it got that way by maintaining the customer service practices of a small business.  And I want City government to treat its customers, and potential customers, exactly the same way.  That’s especially important when it comes to bringing new jobs to the city, one of the top priorities of this administration.  Deputy Mayor Dan Doctoroff and Small Business Services Commissioner Rob Walsh personally worked with Wachovia to help make this expansion possible, and we plan to continue that one-on-one involvement in order to bring many more jobs to New York City in the months ahead.  I applaud Wachovia for its confidence in New York City and am certain these new retail financial centers will succeed and expand, as well as offer quality employment opportunities to the people of New York City.”

“The merger of Wachovia and First Union created one of the strongest and best financial institutions in the country.  The opening of our Manhattan financial centers symbolizes another important milestone for Wachovia,” said Wachovia Chairman and CEO Ken Thompson. “Wachovia has been a part of the Manhattan financial community since 1948, but this is the first time we’ve offered our retail banking services here.  We look forward to growing our presence in Manhattan and the surrounding areas and serving Manhattanites and commuters alike for years to come.”

“Our Manhattan financial centers represent Wachovia’s unique approach to retail banking a high-touch banking experience that provides customers with uncommon convenience and access,” said Wachovia Regional President for New York and Connecticut Jim Fitzgerald. “We’ve literally designed our new financial centers to simplify a customer’s visit and make it more productive.”

Wachovia’s retail financial centers opened today, one at Rockefeller Plaza and another at Madison Avenue & 45th Street, are the first two of twelve locations Wachovia plans to open in the City over the next eighteen months.  The financial centers will be the first to offer smarter, easier ways to manage money for customers and will join Wachovia’s Securities, Insurance, Wealth Management and suburban retail locations already in the Northeast.  Features of the Manhattan locations include specialized lighting, video monitors with up-to-the-minute interest rates and other financial information, a customer welcome area staffed by a financial center manager, a Community Center that serves as a self-help area carrying Wachovia literature and other merchandising, and a community outreach area where community initiatives will be highlighted and promoted. 

Although these are the first two retail outlets here, Wachovia is not new to New York City.  Through its predecessor institutions, the bank has had a Manhattan presence since 1948, and currently employs more than 800 people at seven locations in midtown that offer financial services other than retail banking. 

In the coming weeks, the Department of Small Business Services (SBS) will be briefing Wachovia on all of the City’s business incentive programs.  Wachovia will have a full menu of offerings for their small business clients, which in turn promotes New York City’s tax incentive programs to companies thinking about moving here.    

Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders’ equity of $32 billion at June 30, 2003.  Its four core businesses, the General Bank, Capital Management, Wealth Management and the Corporate and Investment Bank, serve nine million households including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, currently operating under the names Wachovia Securities, LLC, and Prudential Securities Division of Wachovia Securities, LLC, serves clients through 700 offices in 48 states. Global services are provided through more than 30 international offices.  For more information, visit their website at www.wachovia.com.





CONTACT:

Edward Skyler/Jennifer Falk   (212) 788-2958

Michael Sherman   (EDC)
(212) 312-3523

Fran Durst (Wachovia)   (908) 598-3062


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