Word: wachovia
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Less than two weeks ago, as Bank of America execs were entertaining clients and employees over the roar of their namesake 500 mile NASCAR race at the Lowes Motor Speedway just outside Charlotte, the city's other hometown bank, Wachovia, was coming to terms with its own mortality...
What a difference a few days make. Since an article in TIME one month ago lauded Charlotte's seemingly Teflon economy, a gas shortage closed stations and panicked consumers, and Wachovia went from a possible buyer of Morgan Stanley to being acquired itself by San Francisco-based Wells Fargo. The rush to build new homes has created a housing glut, and several of the construction cranes that had come to symbolize the city's growth now hover over stalled projects...
That includes two-time champion driver Tony Stewart, who picked next season (with unfortunate Wachovia-like timing) to strike out with his own NASCAR team. Stewart is finding slim pickings for sponsorship deals that can run from $15 million to more than $20 million a season. He's had to cover his car with two lead sponsors, when he couldn't find one willing to shell out enough money, and has yet to fully fund his second car piloted by former champion Ryan Newman...
...fourth straight month of declines. (July is the last period measured by the S&P/Case-Shiller Home Price Index.) "We're seeing a lot of mixed signals in the marketplace right now," says Garrett Alexander, the Mecklenburg County assessor. "I don't think we've seen all the impact of Wachovia. It's too early to tell what that impact will...
...impervious has taken a direct hit to its self-esteem. Certainly, losing a bank name that's been part of the North Carolina fabric since 1879 is a blow to Charlotte's psyche. But most see as bank's acquisition by Wells Fargo as the best case scenario for Wachovia. "We're disappointed that Wachovia won't remain independent but I believe the strength and stability of having Wells Fargo as a partner will be better in the long run," says Michael Smith of Charlotte Center City Partners. At a merger rally held on October 15, Wells Fargo CEO John...