CHARLOTTE, N.C., and BIRMINGHAM, Ala., June 30 /PRNewswire-FirstCall/ -- Wachovia Corporation and SouthTrust Corporation announced today new leadership for the General Bank, Risk Management and Wealth Management groups in the combined company, effective upon completion of the merger of the two companies. The merger was announced last week, and the transaction is expected to close in the fourth quarter.
"I am excited about the opportunity to combine our two great companies," said Wallace Malone, chairman and CEO of SouthTrust. "I believe we have selected an outstanding group of leaders who will continue our legacy of solid performance, good growth and excellent customer service. This early identification of leaders sets the stage for a smooth, well-organized transition, which is essential as we continue to provide outstanding service and prepare to do business together as a new company when the merger is complete."
"Leadership selection is an important step in our merger integration efforts," said Ken Thompson, chairman, president and CEO of Wachovia Corporation. "The new leadership combines the talent of two powerful companies and will ensure that upon consummation, Wachovia continues to be a strong competitor and an industry leader in customer service. Our new leadership team is committed to making the transition as seamless as possible for our customers and employees, and to maintaining lasting relationships with the communities in which we do business."
As previously announced, Frank Schmidt, SouthTrust Bank vice chairman, and David Carroll, Wachovia senior executive vice president, will co-lead the integration of the two companies. SouthTrust's Lachelle Koon and Wachovia's Steve Boehm will manage the Merger Project Office.
To support the company's growing regional presence, the General Bank, led by Wachovia's Ben Jenkins, will be divided into a Northern Banking Group and a Southern Banking Group. The Northern Banking Group, which will be headquartered in Charlotte, will include North Carolina, Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and Washington, D.C. It will be led by Reggie Davis, currently Wachovia's CEO of the Atlantic region, which includes Connecticut, New Jersey and New York. The Southern Banking Group, which will be headquartered in Atlanta, will include Georgia, Alabama, Florida, Mississippi, Tennessee and Texas. It will be led by Tom Coley, who is currently SouthTrust's vice chairman.
Also reporting to Jenkins, SouthTrust's Glenn Eubanks will lead Real Estate Financial Services for the combined company's General Bank. Mike Slocum, currently head of Real Estate Financial Services for Wachovia, will become CEO of the Atlantic region.
In addition, Chuck Whitfield, currently head of Human Resources at SouthTrust, will lead the Human Resources team for the General Bank Southern Banking Group, reporting to David Furman, Wachovia's Human Resources business partner director for the General Bank. SouthTrust's Al Yother will be the chief financial officer for the Southern Banking Group and Real Estate Financial Services organizations. He will report to Bob McGee, Wachovia's General Bank chief administrative officer and head of General Bank Finance.
Risk Management also will modify its structure effective with merger consummation to parallel the General Bank structure with Northern and Southern Banking Groups. Bill Wells, currently chief risk officer (CRO) of SouthTrust, will assume the newly created position of CRO for the General Bank, reporting to Don Truslow, head of Risk Management at Wachovia. Reporting to Wells will be Wachovia's Spurgeon Mackie, who will be responsible for wholesale credit for the Northern Banking Group, and Fred Crum, currently president of the Credit Division at SouthTrust, who will have responsibility for wholesale credit for the Southern Banking Group.
The new leadership teams for the Wealth Management, General Bank and Risk Management organizations are listed below.
Wealth Management Leaders Stan Kelly - head of Wealth Management Anne Alexander - Florida Wealth Management director - Karen Dee, formerly with the General Bank, will be the Wealth Management regional managing director for North Florida Linda Bowden - Atlantic Wealth Management director Morrison Creech - managing executive, Credit and Deposit Services Anne Doss - managing executive, Wealth Management Strategy Jeff Hartman - Mid-Atlantic Wealth Management director Bob Kniejski - president, Wachovia Trust Mary Mack -- director, Wachovia Client Partnership Glenn McCoy -- chief financial officer Stewart McDowell -- president, Wachovia Insurance Services John Lotz -- Alabama Wealth Management director Bob Newell -- Carolinas Wealth Management director Sherry Pailet - Pennsylvania/Delaware Wealth Management director Dan Prickett -- director, Wealth Management Investments Isaiah Tidwell - Georgia Wealth Management director The General Bank Organization (Cities in parenthesis indicate regional headquarters) Ben Jenkins - head of the General Bank State and Regional Leadership: Northern Banking Group, led by Reggie Davis: Atlantic Banking Group, led by Mike Slocum: Connecticut/New Jersey/New York Jim Fitzgerald - regional president for New York, Connecticut (New York City) Lucia Gibbons - regional president for Northern New Jersey (Summit) Susanne Svizeny - regional president for Southern New Jersey (Trenton) PennDel Banking Group, led by Hugh Long: Pennsylvania/Delaware Vik Dewan - regional president for Philadelphia and Delaware (Philadelphia) Pam Frey - regional president for the Suburban Region (Plymouth Meeting) Jan Armfield - regional president for Northeast Pennsylvania (Allentown) Katie Smarilli - regional president for Central Pennsylvania (Reading) Mid-Atlantic Banking Group, led by Jim Cherry: Maryland/Virginia/Washington, D.C. Jeff Dyckman - regional president for Eastern Virginia (Norfolk) Randy Kaporc - regional president for Northwest Virginia (Charlottesville) Paul Menk - regional president for Southwest Virginia (Roanoke) Mitch Hunt - regional president for Central Virginia (Richmond) Sam Schreiber - regional president for the Greater Washington, D.C., area (McLean) Bill Knott - regional president for Baltimore Carolinas Banking Group, led by Walter McDowell: North Carolina/South Carolina David Parker - regional president for Eastern North Carolina (Wilmington) Jack Clayton - regional president for Central North Carolina (Raleigh) Ron Hankins - regional president for Mid-Carolina Bill Crawford - regional president for Piedmont Triad area (Greensboro) Rebekah Lowe - regional president for Western North Carolina (Asheville) Paul Grube - regional president for Metro Charlotte Kendall Alley - regional president for South Carolina (Columbia and Greenville) Southern Banking Group, led by Tom Coley Georgia Banking Group, led by Bill Linginfelter: (Gary Thompson, currently Georgia CEO, will retire upon consummation) Scott Fisher - regional president for Atlanta Rob Hoak - regional president for Greater Georgia Florida Banking Group, led by Bob Helms: Shaun Merriman - regional president for North Florida (Jacksonville) (Winston Wilkinson, currently North Florida regional president, will be head of traditional retail lending for Wachovia Mortgage, which is based in Charlotte) Roy McCraw - regional president for Tampa/St. Petersburg Marshall Vermillion - regional president for Central Florida (Orlando) Kent Ellert - regional president for Broward County (Ft. Lauderdale) Harry Weede - regional president for Palm Beach County (West Palm Beach) Adria Starkey - regional president for Gulf Coast (Naples) Carlos Migoya - regional president for Dade and Monroe counties (Miami) Alabama, Mississippi, Northwest Florida, Tennessee Banking Group, led by Ronald DeVane: Randy Jordan - regional president for Birmingham Ray Petty - regional president for Alabama South, includes Mississippi and Northwest Florida (Montgomery) Bill Watson - regional president for Alabama North, includes Tennessee (Huntsville) Texas Banking Group, led by Guy Bodine: Connie Beck - regional president for Dallas Lori Vetters - regional president for Houston Bill Wilson - regional president for Central Texas (San Antonio/Austin) Segment Leadership: Community Banking Segment, led by Bill Holt Retail Banking Segment, led by Cece Sutton Business Banking Segment, led by David Pope Wholesale Banking Segment, led by Carlos Evans Dealer Financial Services, led by David Stevens Real Estate Financial Services, led by Glenn Eubanks Other General Bank Leadership: Bob McGee - chief administrative officer and head of General Bank Finance Steve Boehm - head of Wachovia Direct Access and Merger Project Office co-head Gwynne Whitley - head of Corporate Customer Service Excellence Jon Witter - head of General Bank Distribution Bob Burton - head of Retail Credit Products and Businesses Risk Management Leaders Don Truslow - head of Risk Management David Gaines - chief risk officer for Corporate & Investment Banking Bill Dawson - chief risk officer for Wealth and Capital Management Group Bill Wells - chief risk officer for the General Bank - Spurgeon Mackie - Wholesale Credit, Northern Banking Group - Fred Crum - Wholesale Credit, Southern Banking Group - Mark Midkiff - Real Estate Financial Services - Dave Nole - Consumer - Joe Hanssen - Operational Risk manager - Ray Johnson - chief operating officer Russ Playford - Credit Risk Management Yousef Valine - Operational Risk Management Ann Watkins - Treasury Services Risk Management Bill Langley - Compliance Risk Management Talal Hamadah - Market Risk Management Jeanne Dornbos - chief financial officer
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 $411.0 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
SouthTrust Corporation is a $52.7 billion regional bank holding company with headquarters in Birmingham, Ala. SouthTrust operates 712 banking and loan offices and 894 ATMs in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. The company offers a complete line of banking and other related financial services to commercial and retail customers. The company's web site is http://www.southtrust.com/ .
Additional Information
The proposed transaction will be submitted to Wachovia's and SouthTrust's shareholders for their consideration, and Wachovia and SouthTrust will file a registration statement, a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. Shareholders are urged to read the registration statement and the joint proxy statement/prospectus regarding the proposed transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about Wachovia and SouthTrust, at the SEC's Internet site ( http://www.sec.gov/ ). You will also be able to obtain these documents, free of charge, at http://www.wachovia.com/ under the tab "Inside Wachovia - Investor Relations" and then under the heading "Financial Reports - SEC Filings". You may also obtain these documents, free of charge, at http://www.southtrust.com/ under the tab "About SouthTrust", then under "Investor Relations" and then under "SEC Documents". Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782, or to SouthTrust Corporation, P. O. Box 2554, Birmingham, AL 35290, (205)-254-5187.
Wachovia and SouthTrust, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and SouthTrust in connection with the merger. Information about the directors and executive officers of Wachovia and their ownership of Wachovia common stock is set forth in the proxy statement, dated March 15, 2004, for Wachovia's 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Information about the directors and executive officers of SouthTrust and their ownership of SouthTrust common stock is set forth in the proxy statement, dated March 8, 2004, for SouthTrust's 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
Wachovia Corporation; SouthTrust Corporation
"I am excited about the opportunity to combine our two great companies," said Wallace Malone, chairman and CEO of SouthTrust. "I believe we have selected an outstanding group of leaders who will continue our legacy of solid performance, good growth and excellent customer service. This early identification of leaders sets the stage for a smooth, well-organized transition, which is essential as we continue to provide outstanding service and prepare to do business together as a new company when the merger is complete."
"Leadership selection is an important step in our merger integration efforts," said Ken Thompson, chairman, president and CEO of Wachovia Corporation. "The new leadership combines the talent of two powerful companies and will ensure that upon consummation, Wachovia continues to be a strong competitor and an industry leader in customer service. Our new leadership team is committed to making the transition as seamless as possible for our customers and employees, and to maintaining lasting relationships with the communities in which we do business."
As previously announced, Frank Schmidt, SouthTrust Bank vice chairman, and David Carroll, Wachovia senior executive vice president, will co-lead the integration of the two companies. SouthTrust's Lachelle Koon and Wachovia's Steve Boehm will manage the Merger Project Office.
To support the company's growing regional presence, the General Bank, led by Wachovia's Ben Jenkins, will be divided into a Northern Banking Group and a Southern Banking Group. The Northern Banking Group, which will be headquartered in Charlotte, will include North Carolina, Connecticut, Delaware, Maryland, New Jersey, New York, Pennsylvania, South Carolina, Virginia, and Washington, D.C. It will be led by Reggie Davis, currently Wachovia's CEO of the Atlantic region, which includes Connecticut, New Jersey and New York. The Southern Banking Group, which will be headquartered in Atlanta, will include Georgia, Alabama, Florida, Mississippi, Tennessee and Texas. It will be led by Tom Coley, who is currently SouthTrust's vice chairman.
Also reporting to Jenkins, SouthTrust's Glenn Eubanks will lead Real Estate Financial Services for the combined company's General Bank. Mike Slocum, currently head of Real Estate Financial Services for Wachovia, will become CEO of the Atlantic region.
In addition, Chuck Whitfield, currently head of Human Resources at SouthTrust, will lead the Human Resources team for the General Bank Southern Banking Group, reporting to David Furman, Wachovia's Human Resources business partner director for the General Bank. SouthTrust's Al Yother will be the chief financial officer for the Southern Banking Group and Real Estate Financial Services organizations. He will report to Bob McGee, Wachovia's General Bank chief administrative officer and head of General Bank Finance.
Risk Management also will modify its structure effective with merger consummation to parallel the General Bank structure with Northern and Southern Banking Groups. Bill Wells, currently chief risk officer (CRO) of SouthTrust, will assume the newly created position of CRO for the General Bank, reporting to Don Truslow, head of Risk Management at Wachovia. Reporting to Wells will be Wachovia's Spurgeon Mackie, who will be responsible for wholesale credit for the Northern Banking Group, and Fred Crum, currently president of the Credit Division at SouthTrust, who will have responsibility for wholesale credit for the Southern Banking Group.
The new leadership teams for the Wealth Management, General Bank and Risk Management organizations are listed below.
Wealth Management Leaders Stan Kelly - head of Wealth Management Anne Alexander - Florida Wealth Management director - Karen Dee, formerly with the General Bank, will be the Wealth Management regional managing director for North Florida Linda Bowden - Atlantic Wealth Management director Morrison Creech - managing executive, Credit and Deposit Services Anne Doss - managing executive, Wealth Management Strategy Jeff Hartman - Mid-Atlantic Wealth Management director Bob Kniejski - president, Wachovia Trust Mary Mack -- director, Wachovia Client Partnership Glenn McCoy -- chief financial officer Stewart McDowell -- president, Wachovia Insurance Services John Lotz -- Alabama Wealth Management director Bob Newell -- Carolinas Wealth Management director Sherry Pailet - Pennsylvania/Delaware Wealth Management director Dan Prickett -- director, Wealth Management Investments Isaiah Tidwell - Georgia Wealth Management director The General Bank Organization (Cities in parenthesis indicate regional headquarters) Ben Jenkins - head of the General Bank State and Regional Leadership: Northern Banking Group, led by Reggie Davis: Atlantic Banking Group, led by Mike Slocum: Connecticut/New Jersey/New York Jim Fitzgerald - regional president for New York, Connecticut (New York City) Lucia Gibbons - regional president for Northern New Jersey (Summit) Susanne Svizeny - regional president for Southern New Jersey (Trenton) PennDel Banking Group, led by Hugh Long: Pennsylvania/Delaware Vik Dewan - regional president for Philadelphia and Delaware (Philadelphia) Pam Frey - regional president for the Suburban Region (Plymouth Meeting) Jan Armfield - regional president for Northeast Pennsylvania (Allentown) Katie Smarilli - regional president for Central Pennsylvania (Reading) Mid-Atlantic Banking Group, led by Jim Cherry: Maryland/Virginia/Washington, D.C. Jeff Dyckman - regional president for Eastern Virginia (Norfolk) Randy Kaporc - regional president for Northwest Virginia (Charlottesville) Paul Menk - regional president for Southwest Virginia (Roanoke) Mitch Hunt - regional president for Central Virginia (Richmond) Sam Schreiber - regional president for the Greater Washington, D.C., area (McLean) Bill Knott - regional president for Baltimore Carolinas Banking Group, led by Walter McDowell: North Carolina/South Carolina David Parker - regional president for Eastern North Carolina (Wilmington) Jack Clayton - regional president for Central North Carolina (Raleigh) Ron Hankins - regional president for Mid-Carolina Bill Crawford - regional president for Piedmont Triad area (Greensboro) Rebekah Lowe - regional president for Western North Carolina (Asheville) Paul Grube - regional president for Metro Charlotte Kendall Alley - regional president for South Carolina (Columbia and Greenville) Southern Banking Group, led by Tom Coley Georgia Banking Group, led by Bill Linginfelter: (Gary Thompson, currently Georgia CEO, will retire upon consummation) Scott Fisher - regional president for Atlanta Rob Hoak - regional president for Greater Georgia Florida Banking Group, led by Bob Helms: Shaun Merriman - regional president for North Florida (Jacksonville) (Winston Wilkinson, currently North Florida regional president, will be head of traditional retail lending for Wachovia Mortgage, which is based in Charlotte) Roy McCraw - regional president for Tampa/St. Petersburg Marshall Vermillion - regional president for Central Florida (Orlando) Kent Ellert - regional president for Broward County (Ft. Lauderdale) Harry Weede - regional president for Palm Beach County (West Palm Beach) Adria Starkey - regional president for Gulf Coast (Naples) Carlos Migoya - regional president for Dade and Monroe counties (Miami) Alabama, Mississippi, Northwest Florida, Tennessee Banking Group, led by Ronald DeVane: Randy Jordan - regional president for Birmingham Ray Petty - regional president for Alabama South, includes Mississippi and Northwest Florida (Montgomery) Bill Watson - regional president for Alabama North, includes Tennessee (Huntsville) Texas Banking Group, led by Guy Bodine: Connie Beck - regional president for Dallas Lori Vetters - regional president for Houston Bill Wilson - regional president for Central Texas (San Antonio/Austin) Segment Leadership: Community Banking Segment, led by Bill Holt Retail Banking Segment, led by Cece Sutton Business Banking Segment, led by David Pope Wholesale Banking Segment, led by Carlos Evans Dealer Financial Services, led by David Stevens Real Estate Financial Services, led by Glenn Eubanks Other General Bank Leadership: Bob McGee - chief administrative officer and head of General Bank Finance Steve Boehm - head of Wachovia Direct Access and Merger Project Office co-head Gwynne Whitley - head of Corporate Customer Service Excellence Jon Witter - head of General Bank Distribution Bob Burton - head of Retail Credit Products and Businesses Risk Management Leaders Don Truslow - head of Risk Management David Gaines - chief risk officer for Corporate & Investment Banking Bill Dawson - chief risk officer for Wealth and Capital Management Group Bill Wells - chief risk officer for the General Bank - Spurgeon Mackie - Wholesale Credit, Northern Banking Group - Fred Crum - Wholesale Credit, Southern Banking Group - Mark Midkiff - Real Estate Financial Services - Dave Nole - Consumer - Joe Hanssen - Operational Risk manager - Ray Johnson - chief operating officer Russ Playford - Credit Risk Management Yousef Valine - Operational Risk Management Ann Watkins - Treasury Services Risk Management Bill Langley - Compliance Risk Management Talal Hamadah - Market Risk Management Jeanne Dornbos - chief financial officer
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 $411.0 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.
SouthTrust Corporation is a $52.7 billion regional bank holding company with headquarters in Birmingham, Ala. SouthTrust operates 712 banking and loan offices and 894 ATMs in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia. The company offers a complete line of banking and other related financial services to commercial and retail customers. The company's web site is http://www.southtrust.com/ .
Additional Information
The proposed transaction will be submitted to Wachovia's and SouthTrust's shareholders for their consideration, and Wachovia and SouthTrust will file a registration statement, a joint proxy statement/prospectus and other relevant documents concerning the proposed transaction with the SEC. Shareholders are urged to read the registration statement and the joint proxy statement/prospectus regarding the proposed transaction when it becomes available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about Wachovia and SouthTrust, at the SEC's Internet site ( http://www.sec.gov/ ). You will also be able to obtain these documents, free of charge, at http://www.wachovia.com/ under the tab "Inside Wachovia - Investor Relations" and then under the heading "Financial Reports - SEC Filings". You may also obtain these documents, free of charge, at http://www.southtrust.com/ under the tab "About SouthTrust", then under "Investor Relations" and then under "SEC Documents". Copies of the joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704)-374-6782, or to SouthTrust Corporation, P. O. Box 2554, Birmingham, AL 35290, (205)-254-5187.
Wachovia and SouthTrust, and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and SouthTrust in connection with the merger. Information about the directors and executive officers of Wachovia and their ownership of Wachovia common stock is set forth in the proxy statement, dated March 15, 2004, for Wachovia's 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Information about the directors and executive officers of SouthTrust and their ownership of SouthTrust common stock is set forth in the proxy statement, dated March 8, 2004, for SouthTrust's 2004 annual meeting of shareholders, as filed with the SEC on a Schedule 14A. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the joint proxy statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.
Wachovia Corporation; SouthTrust Corporation
