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Wachovia Corp

BUSINESS
September 23, 2005 | From Times Wire Services
Wachovia Corp. plans to buy the international banking business of Union Bank of California for as much as $290 million in cash to shore up the Charlotte, N.C., financial services company's presence in several Asian cities, including New Delhi and Hanoi. The acquisition would give Wachovia control of Union Bank's relationships with 600 foreign banks plus a $2-billion loan portfolio. An undisclosed number of Union Bank's executives and employees would join Wachovia.
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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
September 13, 2005 | E. Scott Reckard, Times Staff Writer
Irvine-based finance company Westcorp Inc. on Monday agreed to a $3.9-billion takeover by banking giant Wachovia Corp., in a stock-swap deal that would make Wachovia a national player in the auto-loan business and give it an initial foothold in the California bank market. A deal between the two firms had been rumored for weeks. Charlotte, N.C.-based Wachovia, the fourth-largest U.S.
BUSINESS
August 24, 2005 | E. Scott Reckard, Times Staff Writer
Westcorp Inc., an Irvine-based auto lender whose proposed restructuring has been delayed by regulators, said Tuesday that it was in talks for a possible sale. Investors drove Westcorp shares up $7.16, or 12%, to $64.51, on speculation that Wachovia Corp. or another large bank would acquire the company. Shares in WFS Financial Inc., a separately traded Westcorp subsidiary that works with a wide network of auto dealers, jumped $9.42, or 16%, to $69.30 on Tuesday.
BUSINESS
July 13, 2005 | From Reuters
In a closely watched case addressing federal-state relations, a U.S. appeals court ruled that state banking officials cannot regulate the operating units of national banks. The 31-page decision Monday by the U.S. Court of Appeals for the 2nd Circuit is a victory for Wachovia Corp., which had sued Connecticut Banking Commissioner John Burke. It will also benefit other national banks such as Citigroup Inc., Bank of America Corp., JPMorgan Chase & Co. and Wells Fargo & Co.
BUSINESS
July 4, 2005 | Paul Nowell, Associated Press
When two of the nation's largest banks were forced to notify thousands of customers that their financial records may have been stolen, there wasn't a hacker, a missing laptop or a lost box of backup computer tapes to blame. This time, police believe, customers of Wachovia Corp. and Bank of America Corp. were the victims of bank employees, workers whose jobs at the Charlotte-based banks granted them access to information valuable enough to sell for $10 an account.
BUSINESS
May 24, 2005 | From Associated Press
More than 100,000 customers of Wachovia Corp. and Bank of America Corp. have been notified that their financial records may have been stolen by bank employees and sold to collection agencies. In all, nearly 700,000 customers of four banks may be affected, according to police in Hackensack, N.J., where the investigation was centered. None of the affected account holders are believed to live in California.
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
March 16, 2005 | From Bloomberg News
The AFL-CIO, the largest U.S. labor union, plans public protests against Charles Schwab Corp. and Wachovia Corp. because the companies back President Bush's plan for private Social Security accounts, a union official said Tuesday.
BUSINESS
February 24, 2005 | Tom Petruno, Times Staff Writer
Brokerage Wachovia Securities said Wednesday that it had permanently stopped a long-running trading practice at one of its Westlake Village offices after claims that the program may have violated securities rules. Separately, a real estate investment trust said it had halted a discount stock purchase plan after learning its shares had been used in the trading practice. The Times reported last week that Wachovia was investigating certain arbitrage trading at its Westlake Village office at 4550 E.
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