WEST PALM BEACH, FL-The $70-billion Wachovia Bank hopes to reduce annual expenses by some $100 million through the elimination of 8% of its work force nationally, but few of those jobs are in South Florida where it operates 22 branches in Palm Beach and Broward counties.

The bank has disclosed it expects to open at least 10 more branches in the region within the next 12 months, including initial offices in Miami-Dade County.

In Palm Beach County, where Wachovia operates 14 offices, new locations are being scouted in Wellington, Jupiter, Delray Beach and Boca Raton. Additions to the bank’s present eight-office lineup in Broward County have yet to be reported.

The expansion into Miami-Dade could be via acquisitions or new branch openings. Wachovia entered the area in 1998 by purchasing 1st United Bank of Boca Raton.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.