Commercial banking manager for Wachovia in Georgia, David A. Stevens, is now regional president for greater Georgia. Hugh C. Long is also regional president for Atlanta.
First Union plans to pay $13.4 billion for Wachovia, which has dual headquarters in Atlanta and Winston-Salem, NC. Up to 300 branch consolidations are planned, mostly in the Southeast.
The total amount of office space that will be vacated by the consolidations hasn't been determined.
The merged bank, based in Charlotte, will be called Wachovia. The new bank will have the No. 1 market share in eight of the top 15 markets the combined company serves.
First Union has $253 billion in assets and serves 15 million corporate and retail customers throughout the East Coast and the nation. Wachovia has assets of $75.6 billion.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
