Word: wachovia
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Dates: during 1960-1969
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...companies in 21 states. Among the 48 are many of the nation's largest banks: San Fran cisco's Bank of America, Crocker-Citizens and Wells Fargo, Pittsburgh's National Bank, Philadelphia's First Penn sylvania Banking and Trust Co. and Winston-Salem's Wachovia Bank and Trust Co. A few days ago, Manhattan's Chemical Bank New York Trust Co. joined the group...
Smokies to Sea. Wachovia and the Southeast have prospered together. The bank was founded in 1879 by descendants of the Moravian settlers, who named the Upper Piedmont section of the state Wachau after a pretty valley in Austria. Wachovia was a relatively quiet little bank until about ten years ago. Then, convinced that the South was headed for tremendous growth, its management speeded up the bank's expansion and made an all-out bid for the business of big corporations...
...Wachovia began to grow like Southern pine. It has since acquired twelve smaller banks through mergers, opened up 66 more branches (including four trailer-banks at new shopping centers), doubled its deposits and tripled its operating income. Today it has 89 branches in 31 North Carolina towns and cities from the Smokies to the sea. Last year Wachovia's earnings rose 18%, almost twice the national average for banks, to $8,900,000. Wachovia serves as banker to the tobacco industry, but it also does business as varied as $1,000,000 loans to textile manufacturers and $ 100 loans...
...Wachovia is directed by President John F. Watlington Jr., 53, the bank's chief operating officer and "inside" man, and Archie K. Davis, 54, its gregarious chairman, who handles the vital outside contacts. Both worked their way up from clerks, and both have a single goal: to finance as much Southern growth as possible with Southern money. Wachovia has the fastest-growing mortgage department and the largest auto-loan operations in the South. It keeps 20 officials on the road to promote business opportunities in North Carolina, has a top official in each branch whose job is to lure...
...More Shuttle. Wachovia's success in bankrolling Southern industry has stepped up competition from New York and Boston bankers, but the bank's assets are now so considerable that Wachovia can meet practically any financing need. R. J. Reynolds officials used to shuttle to New York once a week on financing missions, but such trips are seldom necessary nowadays; they go to Wachovia. The bank's officials know their region well, and their formula for success is to stick to it. One bank officer recently had a crack at a multimillion-dollar piece of business...