Wachovia
Wachovia Corporation began on June 16, 1879 in Winston-Salem, North Carolina as the Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly. In 1911, the bank merged with Wachovia Loan and Trust Company, "the largest trust company between Baltimore and New Orleans", which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company, which was also headquartered in Winston-Salem. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation, founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida. In 2000, Wachovia made its final purchase, which was Republic Security Bank.
Michael Vick
Wachovia Bank also filed a federal suit in October 2007 in Atlanta seeking about $940,000 from Vick and Gerald Frank Jenkins, a business partner. The bank claimed the two men and their business, Atlantic Wine & Package LLC, defaulted on a May 2006 loan of $1.3 million to set up a wine shop and restaurant. Jenkins, a retired surgeon who owned Atlantic Wine since 2004, brought Vick in as an investor. In May 2008, the U.S. District Court in Atlanta granted a summary judgment in favor of Wachovia. The judgment of $1.11 million included the initial principal balance, interest accrued, fees, overdrawn accounts, and legal fees. The order provided that further interest could be accrued.