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Wachovia Corp

BUSINESS
October 22, 2008 | Times Wire Reports
Wachovia Corp. is seeking at least $358 million in a lawsuit against six home builders including KB Home, Toll Bros. Inc. and Lennar Corp. over a failed Nevada development. Wachovia Bank, a unit of Charlotte, N.C.-based Wachovia, sued in Manhattan federal court. Wachovia said land developer Focus Kyle and eight builders, two of which weren't sued, defaulted on guarantees to develop a planned community in Las Vegas. The $565-million development was to be called Kyle Canyon Gateway, with 16,000 homes on 1,710 acres, according to Commercial Property News Magazine.
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BUSINESS
July 22, 2008 | From Bloomberg News
Wachovia Corp., will stop accepting home loans made by mortgage brokers as it struggles with the fallout from its 2006 acquisition of Golden West Financial Corp. The move by the fourth-largest U.S. bank in terms of assets takes effect Friday, said spokesman Don Vecchiarello. About 40% of Wachovia's home-loan volume in 2007 was made through third parties such as mortgage brokers. The Charlotte, N.C.-based company will continue to make loans through its offices.
BUSINESS
May 14, 2005 | From Associated Press
Wachovia Corp. and Bank of America Corp. are notifying thousands of customers that their accounts may have been breached in a theft of financial records from four banks. The theft was exposed last month when police in Hackensack, N.J., charged nine people, including a business owner, a New Jersey state worker and seven bank employees, in a plot to steal financial records of thousands of customers, which were then sold to collection agencies.
BUSINESS
January 3, 1997 | Times Staff and Wire Reports
Wachovia Corp. agreed to buy a controlling stake in the Brazilian unit of Portugal's Banco Portugues do Atlantico, venturing for the first time into Latin America. Winston-Salem, N.C.-based Wachovia, the 21st-largest U.S. bank, said it formed a joint venture with Saenz Hofman International, a closely held Brazilian financial services firm, to acquire Banco Portugues do Atlantico-Brasil, a $100 million-asset commercial bank subsidiary whose clients are mainly engaged in foreign trade.
BUSINESS
September 14, 2005 | From Bloomberg News
Wachovia Corp. agreed Tuesday to buy San Diego-based AmNet Mortgage Inc. for $83 million in cash, adding a residential mortgage banker with more than 7,000 brokers. Wachovia will pay $10.30 a share for AmNet, the companies said. That amounts to a 5.4% premium over AmNet's closing share price of $9.77 on Monday. AmNet shares rose 43 cents Tuesday to $10.20, and Wachovia shares fell 57 cents to $49.
BUSINESS
August 1, 2001 | Reuters
First Union Corp. shareholders approved a proposed $14.4-billion stock acquisition of Wachovia Corp., the latest chapter in a hotly contested takeover battle with SunTrust Banks Inc. for the Southeastern U.S. bank. Wachovia shareholders Friday are set to vote on the First Union merger, which the board of the Winston-Salem, N.C., company has backed. At its annual meeting, First Union said stockholders cast about 730.2 million shares--nearly 75% of the 979.
BUSINESS
April 14, 2008 | From Bloomberg News
Wachovia Corp., the fourth-largest U.S. bank, pushed up its first-quarter earnings release by four days as the Wall Street Journal reported that the company might receive a capital infusion of as much as $7 billion. Wachovia plans to announce results no later than 6 a.m. New York time today, the Charlotte, N.C.-based bank said in a statement. The bank had previously planned to release its earnings Friday.
BUSINESS
July 10, 2008 | From the Associated Press
Wachovia Corp., the fourth-largest U.S. bank, named Treasury Undersecretary Robert K. Steel chief executive Wednesday, ending a nearly six-week search for a new leader. The Charlotte, N.C.-based bank also said it had set aside $4.2 billion pretax to cover bad loans for the second quarter, leading to an estimated loss of about $2.6 billion to $2.8 billion. The quarterly per-share loss will equal $1.23 to $1.33, excluding an expected write-down of goodwill.
BUSINESS
February 7, 2001 | Bloomberg News
Wachovia Corp., the fourth-largest bank in the Southeastern U.S., hired Credit Suisse First Boston to determine whether it should sell its $8-billion consumer credit card business. Wachovia, which said it is the 12th-largest bank card issuer, also is considering forming a joint venture or keeping the business. The bank has about 2.8 million active consumer card accounts. Its commercial card accounts, with less than $100 million in receivables, aren't part of the review.
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