When was Wachovia bank founded?
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.
Leopold Stanisław Kronenberg
Kronenberg financially supported the January uprising of 1863 against the Russians. After the failure of this revolt, he became a representative of the "white" faction that favored a compromise with the Russians. In 1870, Kronenberg founded Bank Handlowy, the commercial bank of Warsaw, and in 1875 he founded the Warsaw School of Economics. He also founded the Credit Corporation of Warsaw, Industrial Cashier, Warsaw Fire Insurance Company, Coal Mine Association and Metallurgical Works.
Wachovia
On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson. Baker would become chairman of the merged bank, while Thompson would become president and CEO. First Union was the nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol.
Wells Fargo
Wachovia's institutional capital markets and investment banking business arose from the merger of Wachovia and First Union. First Union had bought Bowles Hollowell Connor & Co. on April 30, 1998 adding to its merger and acquisition, high yield, leveraged finance, equity underwriting, private placement, loan syndication, risk management, and public finance capabilities.
Government General of Warsaw
On 18 October 1916 a joint administration was introduced for both districts of the former Congress Poland, with a German civil-servant, Wolfgang von Kries, appointed as the first chief of the intended administration. On 9 December, Kries founded a Polish central bank, which issued a new currency, the Polish mark ("Marka polska").
Wachovia Tract
In 1752 Moravian Bishop August Gottlieb "Brother Joseph" Spangenberg led an expedition to locate the area where the Unitas Fratrum, or Moravian church, intended to begin the Wachovia settlements. Members of the Moravian Church in Europe purchased of land in the backcountry (middle/western area) of North Carolina, from John Carteret, 2nd Earl Granville. They named the tract of land "die Wachau" after the area along the Danube River in Austria where the ancestors of Count von Zinzendorf, the Moravians' patron, had lived. "Die Wachau," was latinized as "Wachovia,"
Olof Aschberg
Olof founded in Stockholm the first Swedish bank for trade unions and cooperatives (Nya Banken) in 1912 and became a friend of Hjalmar Branting. When financial operations in favour of the Germans in 1918 caused him trouble with the Allies of World War I, the bank was renamed Svensk Ekonomiebolaget. He was already a successful banker and businessman when he met first Willi Münzenberg who visited the Stockholm Youth Socialist Congress of 1917. Later, during the Bolsheviks aspirations to rebuild the Russian economy, it was Münzenberg's task to expand their modest pool of capital by floating a so-called "workers' loan" using his "Workers International Relief" (WIR). By means of this subterfuge the money used for buying machines and goods in the West looked like being the outcome of proletarian support, in reality it came directly from the Kremlin, confiscated from Russia's rich and the Church. Established in Berlin in the 1920s, Aschberg's Guarantee and Credit Bank for the East was charged with repayment of the WIR workers' loan, although he had not been very fond of it from its very beginning on and had even contributed to deep six it soon after the launch. Aschberg had already gained the Soviet leaders' esteem by being one of the main connections in the early years after 1917 in evading the international boycott on gold robbed by the Bolsheviks, which he offered on the Stockholm market after having the bullions melted down and given new markings.
Robert K. Steel
Steel was adamant that Wachovia would stay independent. However, by September 2008, market conditions had deteriorated severely. On September 26, Wachovia lost almost one percent of its deposits, leading regulators to force Wachovia to put itself up for sale. After an initial deal with Citigroup for $1/share, Steel and the Wachovia board accepted an offer to merge with Wells Fargo for $7/share. (Wells Fargo would be purchasing 100% of Wachovia; the Citi deal would have resulted in Wachovia shedding its commercial banking arm while retaining Wachovia Securities and Evergreen Investments.] This merger was more than the 100th merger in Wachovia's history. The arrangement made Wells Fargo the second-largest retail brokerage in the United States. 
In January 2009, "The Wall Street Journal" reported that the Securities and Exchange Commission was investigating claims Steel made about the future of the bank before it started talks about a potential merger.
History of Vienna
However, the second occupation happened only after heavy fire. Shortly after, Napoleon suffered his first large defeat at Aspern, nearby. Less than two months later, his army crossed the Danube again and fought the Battle of Wagram on the same terrain as the previous Battle of Aspern. This second battle resulted in a victory for the French, and Austria soon surrendered, ending the War of the Fifth Coalition. In 1810, Salomon Mayer Rothschild arrived in Vienna from Frankfurt and sets up a bank named "Mayer von Rothschild und Söhne". The Emperor of Austria in 1823, made the five Rothschild brothers barons. The Rothschild family became famous as bankers in the major countries of Europe, and the Rothschild banking family of Austria remained prominent until the Creditanstalt bank in Vienna was confiscated by the Nazis in 1938.
Bank Pekao
In 1929, the then President of Pocztowa Kasa Oszczędności, Henryk Gruber drew attention to the fact that there is a demand for a bank that will be able to provide financial services to eight million Poles living outside the country. Starting from these assumptions, on March 17, 1929, the Ministry of the Finance established the Bank Polska Kasa Opieki Spółka Akcyjna. On October 29 of the same year, the District Court in Warsaw registered the entry of Bank Polska Kasa Opieki SA into the commercial register. The company's shareholders were Pocztowa Kasa Oszczędności, Bank Gospodarstwa Krajowego and Państwowy Bank Rolny.
The first branches were opened in France, Argentina, the United States and Tel Aviv in Israel, and in 1939 Pekao already had branches in the capitals of most countries where Polish emigration settled.
Wawelberg
The new Polish Kingdom (; ), as created by the Congress of Vienna, was a Polish entity but was in personal dynastic union with Imperial Russia, since the reigning Romanov Tsar was also king of Poland. Though based in St. Petersburg, the Wawelbergs were instrumental to the development of finance in the Polish Kingdom. They were to Congress Poland what the Medicis were to Florence, the Fuggers to Augsburg, the Rothschilds to France, and the Mellons to the late-19th-century United States.
By 1900 Hyppolite Wawelberg was at the helm of the Wawelberg Bank and held the title of honorable citizen of St. Petersburg, an appellation that could be passed on like a title of nobility. He was also a member of the management board of the Warsaw Bank of Commerce (Bank Handlowy w Warszawie). Back in St. Petersburg he was a member of the treasury of the Jewish Colonist Society, honorable member of the Jewish Educational Society (Общество распространения просвещения среди евреев) and benefactor of the Roman Catholic Beneficial Society (Римско-католического благотворительное общества).
Wachovia
The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under the Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates.
Wells Fargo Capitol Center
After the merger of First Union and Wachovia, Wachovia moved out of its 11-story building built in 1961.
8 West Third Street
8 West Third Street is a 126 ft nine-story skyscraper in Winston-Salem, North Carolina, also known as the Wachovia Bank and Trust Company Building. It was built in 1911 as the headquarters of Wachovia Bank and Trust, with the ninth floor added in 1917. It was Winston-Salem's first steel frame skyscraper, built in the Renaissance Revival style, and it was the city's tallest building from 1911 until the O'Hanlon Building was built in 1915, and again from 1917 until the completion of Hotel Robert E. Lee in 1921. The Wachovia Bank and Trust Company Building served as the bank's headquarters until a new headquarters was built in 1966. It was named to the National Register of Historic Places on May 31, 1984, as "Wachovia Bank and Trust Company Building".
Wachovia Securities
In 2008 Wachovia was bought out by Wells Fargo for $15.1 billion. This was approximately $7 a share, which is nearly a 80 percent premium closing price of $3.91. On May 1, 2009, the retail brokerage legally changed its name to Wells Fargo Advisors.
Wachovia
On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia took its time phasing-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in the southeast United States (where both banks had branches), before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process ended on August 18, 2003, almost 2 years after the merger took place.
Bank of Hawaii
Charles Dexter Lufkin organized First National Bank of Wailuku in 1901. Five years later, he had organized Lahaina National Bank. Then he organized the First National Bank of Paia in 1913. Lastly, in 1917, First National Bank of Paia merged with Lahaina National Bank and First National Bank of Wailuku to form Bank of Maui.
Wachovia
As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo. Wells Fargo initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations, but backed out due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia wouldn't have enough short-term funding to open for business the next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia wouldn't have enough liquidity to meet its obligations. This would have resulted in a failure dwarfing that of WaMu.
Wachovia
After a round of mediation between Geithner and Bair, the FDIC declared that Wachovia was "systemically important" to the health of the economy, and thus could not be allowed to fail. It was the first time the FDIC had made such a determination since the passage of a 1991 law allowing the FDIC to handle large bank failures on short notice. Later that night, in an FDIC-brokered deal, Citigroup agreed to buy Wachovia's retail banking operations in an "open bank" transfer of ownership. The transaction would have been facilitated by the FDIC, with the concurrence of the Board of Governors of the Federal Reserve and the Secretary of the Treasury in consultation with the President. The FDIC's open bank assistance procedures normally require the FDIC to find the cheapest way to rescue a failing bank. However, when a bank is deemed "systemically important," the FDIC is allowed to bypass this requirement. Steel had little choice but to agree, and the decision was announced on the morning of September 29, roughly 45 minutes before the markets opened. From this point on, Citigroup became the source of liquidity allowing Wachovia to continue to operate until the acquisition was complete.
Wachovia Securities
In May 2007, Wachovia Securities announced the purchase of A. G. Edwards of St. Louis, Missouri. Following the acquisition, as of October 1, 2007, the Wachovia Securities became the second largest brokerage firm in the United States with $1.17 trillion retail client assets under management.
Wachovia
By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival on Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey; at one stroke becoming a major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia. One of CoreStates' predecessors, the Bank of North America, had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch
Government intervention during the subprime mortgage crisis
Wachovia Corp., the fourth biggest US bank by assets, agreed on September 29, 2008 to divest all of its banking subsidiaries to CitiGroup in an all-stock transaction, scheduled to be consummated by December 31, 2008. The transaction "open bank" was facilitated by the FDIC and with the concurrence of the United States Department of the Treasury, and the Board of Governors of the Federal Reserve Bank. The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock.
Wachovia
On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead the company out of its difficulties.
Davenport Bank and Trust
Henry Lischer and H.H. Anderson formed German Savings Bank in 1869. Davenport had a large German community and it contributed to the bank's success. By the 1890s the city had become the financial center of the region and the state. German Savings Bank took over Citizens National Bank in 1906, and it merged with the Farmers and Mechanics Savings Bank in 1910. By 1916 it was the largest bank in Iowa. Because of anti-German sentiments that resulted from World War I the bank's name was changed in 1918 to American Commercial and Savings Bank.
Michael Wawelberg
in 1903 Michael Wawelberg graduated from the University of St. Petersburg law school. That year he also took over the management of the Wawelberg Bank, which in 1912 was renamed the St. Petersburg Commercial Bank (Петербургский Торговый банк). In 1913 a branch was founded in Poland and became a publicly traded company – the Western Bank ("Bank Zachodni") in Poland).
Wachovia
Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis.
100 North Main Street
The building was built for Wachovia bank to replace the nearby Wachovia Building (which was renamed Winston Tower) as the corporation's world headquarters. Wachovia Center, as the tower was originally named, surpassed Winston Tower as Winston-Salem's tallest building. The building was erected during a lull in skyscraper construction in the United States and was the tallest building completed in the entire country during the years of 1995 and 1996. The building remained Wachovia's corporate headquarters from its completion date in 1995 to 2001, when Wachovia merged with First Union. Once the merger was finalized, the corporation, which retained the Wachovia name, decided to locate its headquarters at One Wachovia Center in Charlotte, North Carolina. Wachovia subsequently sold Wachovia Center to American Financial Realty Trust in May 2004 for $39.6 million as part of a $546 million deal which included 150 bank properties. Wachovia bank continued to lease space in the tower, mostly for offices of its wealth management division.
Wachovia
In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia received $100 million out of this deal, the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to a competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and start up its own credit card division so that the bank could issue its own Visa cards.
Bank of California
The Bank of California was opened in San Francisco, California, on July 4, 1864, by William Chapman Ralston. It was the first commercial bank in the Western United States, the second-richest bank in the nation, and considered instrumental in developing the American Old West.
Wachovia
Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006, the merger was complete. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California. On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with the acquisition and integration of World Savings Bank in 2007.
Warburg family
The family later established itself in Altona, near Hamburg in the 17th century, after the Thirty Years' War, and it was in Hamburg that M. M. Warburg & Co. was established in 1798, among the oldest still existing investment banks in the world. Other banks created by members of the family include: M.M.Warburg & Co., Warburg Pincus, S. G. Warburg & Co. (becoming UBS Warburg).
Wachovia
Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to a bitter battle over the summer between SunTrust and First Union. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids. On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt.
Bank Handlowy
It was founded in 1870 by a group of bourgeoisie financiers, landowners and intelligentsia. The initiator was the financier Leopold Stanisław Kronenberg (1812-1878). The first president of the bank was Jozef Zamoyski.
Bank Square, Warsaw
Created in the 19th century, under the Congress Kingdom, the square was designed to be an elegant area of the country's capital. Notable buildings included the Palace of the Ministry of Revenues and Treasury (a building reconstructed by Antonio Corazzi), the Bank of Poland and the Warsaw Stock Exchange (also by Corazzi). The square was originally triangular-shaped.
Wachovia
"Wachovia" ( ) has its origins in the Latin form of the Austrian name "Wachau". When Moravian settlers arrived in Bethabara, North Carolina, in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River. The area formerly known as Wachovia now makes up most of Forsyth County, and the largest city is now Winston-Salem.
171 17th Street
Originally intended to be the Atlanta headquarters for SouthTrust, shortly after its completion it became Wachovia's property following the 2004 merger of SouthTrust and Wachovia. When Wachovia merged with Wells Fargo in 2009, the Wachovia marquee atop the building was replaced with the Wells Fargo logo.
Stevin Hoover
Before launching Hoover Capital Management in 1989, Hoover spent four years as a stockbroker in Germany, where he was a registered representative in the Hamburg, Germany, office of United States stock brokerage company Bache & Co., known in Germany as Bache Halsey Stuart Shields Model & Roland GmbH. This was followed by 11 years as a registered representative in Bache's Boston office. Bache & Co was acquired by Prudential Financial in 1981 and became known as Prudential Bache Securities, Inc., later renamed simply Prudential Securities, Inc. Wachovia acquired Prudential Securities, Inc., in 2003.
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.
Georgia Railroad and Banking Company
The Georgia Railroad Freight Depot, designed by architect Max Corput, was completed in 1869 and is the oldest building in Downtown Atlanta. The company was later re-chartered as the Georgia Railroad Bank, then a subsidiary of the First Railroad and Banking Company, which eventually opened banks in Atlanta under the name of First Georgia Bank. The banking operations were merged with First Union in 1986 and First Union subsequently merged with Wachovia Corporation (now Wells Fargo).
Global financial crisis in September 2008
It was reported on Monday morning, September 29, that Wachovia, the 4th largest bank in the United States, would be acquired by Citigroup.
First Union
Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to a bitter battle over the summer between SunTrust and First Union. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids. On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt.
History of Warsaw
The first historical document attesting to the existence of a Warsaw castellan dates to 1313. Fuller information about the age of the city is contained in the court case against the Teutonic Knights, which took place in Warsaw cathedral in 1339. In the beginning of the 14th century it became one of the seats of the Dukes of Masovia, becoming the capital of Masovia in 1413 (Prince Janusz II). Warsaw's economy of the 14th century rested on crafts and trade. The townsmen, of uniform nationality at the time, were marked by a great disparity in their financial status. At the top were the rich patricians while the plebeians formed the lower strata.
Wachovia
On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $6.8 billion to create the United States' second largest retail brokerage firm. The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out the AG Edwards brand in favor of a unified Wachovia Securities.
Wachovia
Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008.
Bank Handlowy
Bank Handlowy (BHW) or Citi Handlowy is a Polish bank based in Warsaw, established in 1870. It is one of the oldest banks in Poland and Europe. It is the 10th largest bank in Poland in terms of assets, and 18th in terms of number of outlets.
Sławomir Lachowski
From 1998 to 2000, Lachowski served as the Executive Vice President of the Management Board of Powszechna Kasa Oszczędności BP (PKO BP), the largest Polish bank, where he was initially responsible for retail banking, but over time he became responsible for all business lines, including corporate banking, investment banking, and the real estate market. During that time he oversaw restructuring of the PKO BP and formulating a new development strategy of the bank, owing to which the bank regained its competitiveness. Under the new strategy and the new name PKO Bank Polski, the bank was converted from a savings bank offering simple retail products, into a modern universal bank present in all segments of the market including retail, corporate and institutional customers. In the first year of implementation of the new strategy, the bank attracted nearly one million of new retail customers.
Banner Bank
Banner's roots date back to 1890, when the National Building Loan & Trust Association was founded in Walla Walla, Washington. The bank grew over the following century and in October 2000 changed its name to Banner Corp and announced its 38 branches would all operate as Banner Bank. Previously, the Washington and Idaho branches had operated under separate brands such as First Savings Bank, Whatcom State Bank, Seaport Citizens Bank and Towne Bank.
George Simkins Jr.
In the spring of 1964, Simkins helped start a movement in Greensboro to gain African-Americans "consideration for non-traditional jobs on basis of ability and for on-the-job training" in order to "afford equal employment opportunity" by organizing picketing of Wachovia Bank for job discrimination. Wachovia maintained that it "hired on the basis of merit", yet employed no African-Americans in any of their Greensboro offices. Picketing began on April 28, 1964, and ended just forty-eight hours later with the hiring of two African-American tellers. In a letter to Wachovia, George noted that Wachovia was able to "find the qualified Negros it had been unable to locate during the last two years" when he had first broached the topic Wachovia's discriminatory practices as head of the Greensboro NAACP.
Wachovia
Wachovia agreed to purchase Golden West Financial for a little under $25.5 billion on May 7, 2006. This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches.
Bank One Corporation
Banc One's first acquisition in a state that did not share a common border with the state of Ohio occurred in 1987 with the acquisition of Marine Corporation, the third-largest bank holding company in Wisconsin, after First Wisconsin Corporation and Marshall & Ilsley Corporation. The result of this merger brought into organization 21 banks and 76 offices in Wisconsin with Marine Corp. being renamed Banc One Wisconsin Corp. and each of the subsidiary Marine Banks were renamed Bank One along their respective affiliated geographical based name. The lead bank, Marine Bank, N.A., became Bank One Milwaukee. The merger came about Marine was trying to resist an unwanted acquisition attempt by Marshall & Ilsley that was initiated in June 1987 which would have resulted in massive firings.
Banking in China
Piaohao[edit source]
An early Chinese banking institution was called the piaohao, also known as Shanxi banks because they were owned primarily by natives of Shanxi. The first piaohao originated from the Xiyuecheng Dye Company of Pingyao.[2] To deal with the transfer of large amounts of cash from one branch to another, the company introduced drafts, cashable in the company's many branches around China. Although this new method was originally designed for business transactions within the Xiyuecheng Company, it became so popular that in 1823 the owner gave up the dye business altogether and reorganised the company as a special remittance firm, Rishengchang Piaohao. In the next thirty years, eleven piaohao were established in Shanxi province, in the counties of Qixian, Taigu, and Pingyao. By the end of the nineteenth century, thirty-two piaohao with 475 branches were in business covering most of China.[3]
National Bank of Poland
Although the bank has existed under its current name since 1945, it is a continuation of two previous central banks of Poland, both named simply "Bank of Poland" ("Bank Polski"). The first one was founded in Warsaw in 1828 by Prince Franciszek Ksawery Drucki-Lubecki. An institution of the government of the Kingdom of Poland, it was entitled with issuance of the Polish currency as well as control over the credit rates. It was also entitled with a concession to operate foreign currencies and buy off credits issued by foreign companies and banks.
Wachovia
Wells Fargo's purchase of Wachovia closed on December 31, 2008. By the time Wells Fargo completed the acquisition of Wachovia, the byline "A Wells Fargo company" was added to the logo.
Garden State National Bank
Garden State National Bank ("Garden State") was a mid-size commercial bank located in northern New Jersey that enjoyed success in the increasingly wealthy New Jersey suburbs of New York City during the 1970s. The significant media coverage it received during that period was more due to the various M&A transactions considered by its colorful CEO, Charles A. Agemian and by its majority investor, Warner Communications. It was ultimately subsumed into Fidelity Union Bancorporation of Newark (which later became part of Wachovia) in 1980.
Wachovia
On May 14, 2001, SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.
One South Broad
In April 2003 JPMorgan sold One South Broad to real-estate investor David Werner for US$48 million. Ninety-percent occupied in 2003, One Broad Street's largest tenant was Wachovia. Wachovia had gained office space in the tower after merging with First Union Corporation, which had merged with CoreStates in 1998. In 2006 Wachovia re-negotiated its lease, which was set to expire in 2010. After looking at other potential space in Center City, Wachovia made a deal to stay in One South Broad and three nearby properties, the Witherspoon Building, Wells Fargo Building, and the neighboring Widener Building, until the 2020s.
First Union
Starting in 1985, with the Supreme Court decision upholding regional interstate banking legislation, First Union focused on an aggressive growth strategy and from 1985 through the merger with Wachovia in 2001, First Union completed over 90 banking-related acquisitions, 50 of which were completed between 1985 and 1995. Atlantic National Bank of Jacksonville, Florida, merged with First Union in 1985.
Wells Fargo
Wells Fargo Securities was established in 2009 to house Wells Fargo's capital markets group which it obtained during the Wachovia acquisition. Prior to that point, Wells Fargo had little to no participation in investment banking activities, though Wachovia had a well established investment banking practice which it operated under the Wachovia Securities banner.
Bank of Poland
The first Bank of Poland was founded in Warsaw in 1828 by Prince Franciszek Ksawery Drucki-Lubecki. An institution of the government of the Kingdom of Poland, it was entitled with issuance of the Polish currency as well as control over the credit rates. It was also entitled with a concession to operate foreign currencies and buy off credits issued by foreign companies and banks.
A. G. Edwards
On December 31, 2008, Wachovia Corporation was purchased by Wells Fargo & Co. after the bank was nearly taken over by the FDIC. Wachovia had purchased Golden West Financial and its subsidiary World Savings in mid-2007. The failure of the sub-prime market, which made up most of World Savings' nearly $200 billion mortgage portfolio, put significant strain on Wachovia and eventually caused its collapse. On July 1, 2009, Wachovia Securities was renamed Wells Fargo Advisors and Wells Fargo Investments, which included the former A.G. Edwards business lines.
Wachovia
On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial. This acquisition added a portfolio of over $50 billion of securities on loan to the Wachovia Global Securities Lending division.
ING Bank Śląski
The bank was established as Bank Śląski in 1988 as a result of the separation from the National Bank of Poland. In 1991, it was transformed from a state bank into a limited company and in 1994 it debuted on the Warsaw Stock Exchange. Since 1996, the bank's majority shareholder is the Dutch ING Group. In 2001 Bank Śląski merged with ING Bank N.V. Branch in Warsaw. Since then, the bank is operating under the name of "ING Bank Śląski". On April 4, 2016 the Supervisory Board appointed Brunon Bartkiewicz as the President of the Management Board.
John Medlin
After graduating from college, Medlin served in the U.S. Navy as a paymaster aboard a submarine support ship from 1956 to 1959. After leaving the Navy, Medlin joined Winston-Salem-based Wachovia the same year. He was named President in 1974 and CEO in 1977. During his time as CEO, Wachovia's assets grew from $3.6 billion to $35.3 billion, making it the 20th largest bank in the country.
Park Sterling Bank
On August 2, 2010, Park Sterling announced federal approval for the bank's plan to buy troubled, but not failed, banks with $300 million to $2 billion in assets, and to open new branches. New CEO Jim Cherry, formerly of Wachovia, later said the bank planned to have assets of $8 to $10 billion, with branches in the Carolinas and Virginia. Also, Kennedy was staying on as president, and Bud Baker of Wachovia would be chairman. On August 13, the bank held its initial public offering, expected to raise $150 million. This would give the bank $600 million in assets, making it the second-largest bank based in Charlotte.
Alior Bank
Founded in 2008 by an Italian group Carlo Tassara, the bank debuted on Warsaw Stock Exchange in 2012 with an offering valued at PLN 2.1 billion, the highest in the exchange's history. In 2014, Alior's stock price became part of WIG20 index. Since 2015, the bank commenced a series of mergers and acquisitions, most notably acquiring Meritum Bank (2015) and Bank BPH (2016).
Bank of America
The history of Bank of America dates back to October 17, 1904, when Amadeo Pietro Giannini founded the Bank of Italy in San Francisco. The Bank of Italy served the needs of many immigrants settling in the United States at that time, providing services denied to them by the existing American banks which typically discriminated against them and often denied service to all but the wealthiest. Giannini was raised by his mother and stepfather Lorenzo Scatena, as his father was fatally shot over a pay dispute with an employee. When the 1906 San Francisco earthquake struck, Giannini was able to save all deposits out of the bank building and away from the fires. Because San Francisco's banks were in smoldering ruins and unable to open their vaults, Giannini was able to use the rescued funds to commence lending within a few days of the disaster. From a makeshift desk consisting of a few planks over two barrels, he lent money to those who wished to rebuild.
In 1922, Giannini established Bank of America and Italy. In 1986, Deutsche Bank AG acquired 100% of Banca d'America e d'Italia, a bank established in Naples in 1917 following the name-change of Banca dell'Italia Meridionale with the latter established in 1918. In 1918 another corporation, Bancitaly Corporation, was organized by A. P. Giannini, the largest stockholder of which was Stockholders Auxiliary Corporation. This company acquired the stocks of various banks located in New York City and certain foreign countries. In 1918, the Bank opened a Delegation in New York in order to follow American political, economic and financial affairs more closely; together with the London Delegation, this was the first permanent overseas office opened by the Bank, at a time when the foundations were being laid for the restructuring of the international money market.
In 1928, Giannini merged his bank with Bank of America, Los Angeles, headed by Orra E. Monnette and consolidated it with other bank holdings to create what would become the largest banking institution in the country. Bank of Italy was renamed on November 3, 1930, to Bank of America National Trust and Savings Association, which was the only such designated bank in the United States of America at that time. Giannini and Monnette headed the resulting company, serving as co-chairs.
Sławomir Lachowski
mBank as a fully fledged Internet retail bank revolutionized the banking market in Poland with its disruptive low cost finance business model (new venture grew within eight years to become the third largest bank in terms of the number of retail customers), and subsequently successfully entered banking markets in the Czech Republic and Slovakia. Lachowski initiated the project of a European retail bank based on EU passport with international expansion of mBank to the Czech Republic and Slovakia in November 2007.
Wachovia
Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become a national bank and comprehensive financial services company.
Bank of Saint George
The Bank of Saint George ( or informally as "Ufficio di San Giorgio" or "Banco") was a financial institution of the Republic of Genoa. It was founded in 1407 to consolidate the public debt, which had been escalating due to the war with Venice for trading and financial dominance. The Bank's primary mission was to facilitate the management of the San Giorgio shares ("luoghi"). It was one of the oldest chartered banks in Europe and of the world. The Bank's headquarters were at the Palazzo San Giorgio, which was built in the 13th century by order of Guglielmo Boccanegra, uncle of Simone Boccanegra, the first Doge of Genoa.
Central Carolina Bank and Trust
As a result of the First Union-Wachovia merger, 25 branches of the former First Union and Wachovia banks became CCB locations on February 15, 2002. CCB would remain number three behind BB&T and Wachovia. National Commerce Financial (NCF), the newly named parent company, bought twelve other branches in Georgia and Virginia which would become NBC branches. First Bank bought the other branch, in Salisbury.
U.S. Bancorp
In November 2005, U.S. Bancorp announced that it was acquiring the $410 billion corporate trust and institutional custody businesses of Wachovia Corporation for $720 million in cash.
Bank Secrecy Act
In March 2010, Wachovia admitted to "serious and systemic" violations of the Bank Secrecy Act for laundering $378 billion between 2004 and 2007, the largest violation in terms of a dollar amount. It allowed Mexican and Colombian drug cartels to launder money through "casas de cambio" by willfully failing to set up an effective anti-money-laundering program.
John Medlin
John Grimes Medlin Jr. (November 23, 1933 – June 7, 2012) was the Chief Executive Officer of Wachovia from 1977 to 1993. He also served as Chairman of the bank from 1988 to 1998.
Wachovia Tract
The area is the namesake and birthplace of Wachovia Corporation, once one of the world's largest banks. The bank was pioneered by Bethanian I.G. Loesch. Salem, then Winston-Salem, was the corporate headquarters for the bank until its merger with the First Union corporation, when the headquarters was moved to Charlotte, North Carolina.
Wachovia
Wachovia's private equity arm operated as Wachovia Capital Partners. Additionally, the asset-based lending group operated as Wachovia Capital Finance.
Charles A. Agemian
Shortly after taking over, Agemian changed the bank's name to Garden State National Bank, and, a year later, merged it with North Jersey National Bank of Hudson County. Because of the Federal Bank Holding Company Act of 1956, Warner was forced to divest its stake in the Garden State National Bank. After an initial divestiture attempt was derailed by a dissident board member, William A. Conway, who claimed that it allowed Warner Communications to exit at a profit at the expense of certain minority shareholders, Garden State ultimately merged in 1980 with Fidelity Union Bancorporation of Newark (which later became part of Wachovia). This transaction required Agemian's resignation from the Warner Communications board so he could continue as chairman and chief executive officer of Garden State. Agemian retired from Garden State in 1981 but remained active as a faculty member at the Stonier Graduate School of Banking and Pace University.
Hauck &amp; Aufhäuser
By Heinrich Aufhäuser (1842–1917) and Samuel Scharlach, the bank "Aufhäuser & Scharlach" was founded on 14 May 1870 in Munich. Already in the first years from 1870 to 1876, the balance sheet of the new bank increased fivefold. After Heinrich Aufhäuser had paid out his former partner Scharlach by 1892, the Institute was renamed "Bankhaus H. Aufhäuser" in 1894. The bank quickly gained a good reputation and soon counted et al. Duke Luitpold in Bavaria and the family of Thomas Mann as well as Neuberger and Alfred Einstein to its customers. At the turn of the century, the bank, which initially specialized in securities brokerage, became a high-volume bank. For the first time in 1913 H. Aufhäuser's balance sheet totaled over 10 million gold marks.
Wachovia Securities
Wachovia Securities grew through the mergers of multiple companies. Its oldest predecessor company, Leopold Cahn & Co. was founded in 1879.
Austell, Georgia
Austell was incorporated in 1885. The town is named for General Alfred Austell (1814–1881), founder of the Atlanta National Bank (later Wachovia), in recognition of his efforts to bring major railways to the South. Austell is buried in an elaborate Gothic Revival-style mausoleum at the highest point in Atlanta's Oakland Cemetery.
Wachovia
Golden West, which operated branches under the name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $4 million by Herbert and Marion Sandler. Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying a part of the interest owed, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine. By the time Wachovia announced its acquisition, Golden West had over $125 billion in assets and 11,600 employees. By October 2, 2006 Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on the board at Wachovia.
Wachovia
A May 2007 "New York Times" article described Wachovia's negligence in screening and taking action against companies linked with identity theft. With stolen identities, the companies used unsigned checks to remove funds from personal Wachovia bank accounts. In total, Wachovia accepted $142 million in unsigned checks from "companies that made unauthorized withdrawals from thousands of accounts", collecting millions of dollars in fees from them. According to Pat Meehan, a U.S. attorney for Eastern District of Pennsylvania, Wachovia received "thousands of warnings that it was processing fraudulent checks, but ignored them".
History of slavery in Georgia (U.S. state)
In 2005, Wachovia Bank apologized to Georgia's African-American community for its predecessor (Georgia Railroad and Banking Company of Augusta)'s role in the use of at least 182 slaves in the construction of the Georgia Railroad.
Wachovia Tract
The first planned Moravian settlement, and oldest incorporated municipality in Wachovia is Bethania, North Carolina formed June 12, (1759), also known historically as Bethany, meaning in the Hebrew language, "house/place of dates and figs." "Bethania" is the German form of "Bethany". The Town of Bethania, North Carolina was incorporated 1995, following the reactivation of Bethania's 1838/1839 town charter, and was spared from being annexed into the city of Winston-Salem. Today, Bethania remains the only independent, continuously active Moravian town in the southern United States. In 2007, Historic Bethania, a visitor center and museum, opened in Bethania, providing information and historical interpretation in yet another Wachovia Moravian community.
CoreStates Financial Corporation
The bank was renamed in the mid-1980s after a series of mergers. After being acquired by First Union Corporation, which later merged with Wachovia National Bank, CoreStates Financial Corporation became a part of Wells Fargo in 2008 when Wachovia was acquired by Wells Fargo.
Wawelberg
The Russian branch was founded by Hyppolite Wawelberg (1843–1901). The first Wawelberg Bank had its origins in a loan office that began operating in the early 1840s. In 1869 young Hyppolite Wawelberg moved to St. Petersburg where he launched a new venture, the Wawelberg Bank. Hyppolite Wawelberg's Polish-Jewish connections (Wawelbergs were Jewish) remained strong, and the bank was generally known as having two separate centers - in Warsaw and in St. Petersburg. The first location of Wawelberg Bank was 25 Nevsky Prospekt in St. Petersburg (House of the Parish of Our Lady of Kazan Cathedral, now housing Stockmann department store and SAS - Scandinavian Airlines System offices). Hyppolite Wawelberg made a fortune in Russia though he was equally well known as a generous philanthropist.
First Union
Another issue concerned each bank's credit card division. In April 2001, Wachovia agreed to sell its $8 billion credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union sold its credit card portfolio to MBNA in August 2000. After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.
Warburg family
The brothers Moses Marcus Warburg (1763–1830) and Gerson Warburg (1765–1826) founded the M. M. Warburg & Co. banking company in 1798. Moses Warburg's great-great grandson, Siegmund George Warburg, founded the investment bank S. G. Warburg & Co in London in 1946. Siegmund's second cousin, Eric Warburg, founded Warburg Pincus in New York in 1938. Eric Warburg's son Max Warburg Jr. (not to be confused with Eric's father Max Warburg) is currently one of the three partners of M.M.Warburg & Co., Warburg. Max Warburg's elder brother Aby Warburg used family resources to establish the "Kulturwissenschaftliche Bibliothek Warburg" in Hamburg, since 1934 "The Warburg Institute" in London. Paul Warburg is most famous as an architect of the US Federal Reserve System, established in 1913, as a member of the first Federal Reserve Board, and its Vice Chairman until his resignation in August 1918.
Larry Wachtel
His comments were heard on 1010 WINS radio three times each trading day from approximately 1972 until 2005.
He was Senior Vice President of Wachovia Bank until 2005 and worked for Prudential before Wachovia took it over.
Warsaw
Warsaw's first stock exchange was established in 1817 and continued trading until World War II. It was re-established in April 1991, following the end of the post-war communist control of the country and the reintroduction of a free-market economy. Today, the Warsaw Stock Exchange (WSE) is, according to many indicators, the largest market in the region, with 374 companies listed and total capitalization of 162,584 mln EUR as of 31 August 2009. From 1991 until 2000, the stock exchange was, ironically, located in the building previously used as the headquarters of the Polish United Workers' Party (PZPR).
Wachovia
The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years: on October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.
First Union
On May 14, 2001, SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union.
Congress Poland
Since agriculture was equivalent to 70% of the national income, the most important economic transformations included the establishment of mines and the textile industry; the development of these sectors brought more profit and higher tax revenues. The beginnings were difficult due to floods and intense diplomatic relationship with Prussia. It was not until 1822 when Prince Francis Xavier Drucki-Lubecki negotiated to open the Polish market to the world. He also tried to introduce appropriate protective duties. A large and profitable investment was the construction of the Augustów Canal connecting Narew and Neman Rivers, which allowed to bypass Danzig (Gdańsk) and high Prussian tariffs. Drucki-Lubecki also founded the Bank of Poland, for which he is mostly remembered.
Bowman Gray Sr.
Bowman Gray was born in what was then Winston, NC to Wachovia co-founder James Alexander Gray and the former Aurelia Bowman. After receiving his primary and secondary education in his hometown, Gray matriculated at the University of North Carolina at Chapel Hill in the 1890-91 academic year and was a member of Sigma Alpha Epsilon fraternity. He left school the following year to become a clerk at Wachovia. In 1895, he began working at R. J. Reynolds as a salesman. His sales success propelled him into management after two years, at which point he moved to Baltimore, Maryland, where he married the former Nathalie Fontaine Lyons on October 1, 1902. There she gave birth to their two sons, Bowman Gray Jr. in 1907 and Gordon Gray in 1909.
D. H. Starbuck
Starbuck purchased ten shares of stock with the North Carolina Railroad Company in or before 1872, but by 1878 his shares in the railroad company had grown to twenty. As the Wachovia National Bank was founded in 1879, Darius's 16 shares of stock in the company had to have been purchased subsequently.
Wachovia
The company was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory).
Wachovia Securities
One of main Wachovia Securities' predecessor companies was founded in 1934 as the investment firm of J.C. Wheat & Co. Wheat fostered growth through mergers, including the 1971 merger with First Securities that created Wheat First Securities, Inc. and the 1988 merger with Butcher & Singer, a successful Philadelphia-based securities firm established in 1910; the firm then became known as Wheat First Butcher Singer. In August 1997, the privately held Wheat First Butcher Singer agreed to be acquired for just under $500 million by the Charlotte, North Carolina-based First Union bank. The brokerage firm changed its name to Wheat First Union, reflecting its newly acquired status. In April 1999, First Union acquired Chicago-based investment bank and brokerage Everen Capital Corp. for $1.1 billion.
Golden West Financial
In 2006, they agreed to acquisition of Golden West Financial and its thrift, World Savings, by Wachovia Bank, The acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $32 billion in deposits and operated 123 branches. Wachovia also picked up about $122 billion in option adjustable rate mortgages.
History of rail transport in Poland
In 1839, the "Warsaw-Vienna Railway Company" was founded as a joint stock company. In the same year it applied for a license to build the Warsaw-Vienna Railway line. Construction started in 1840, but in 1842 the company went bankrupt. The shares and property were taken over by the Government of Russian Poland in 1843 and construction continued. The first section (from Warsaw to Grodzisk Mazowiecki) was finished on 15 June 1845, and before December had reached Skierniewice. The whole line to "Granica" ("Border") station was completed in 1848, with a junction to Szkarpawa station of Kraków and Upper Silesia Railway. In the same year, after the outbreak of the Spring of Nations, the first large international railway-military operation dispatched over 200,000 mounted Russian soldiers from Warsaw to Vienna and Budapest to help the Emperor of Austria put down the uprising.
In 1859, the Government of Russia turned over the Warsaw–Vienna Railway to private owners.
Opened in 1865/66, the new double track branch of Warsaw–Vienna Railway from Koluszki to Łódż–Fabryczna was the most profitable railway in Congress Poland.
Wells Fargo
Wells Fargo operates under Charter #1, the first national bank charter issued in the United States. This charter was issued to First National Bank of Philadelphia on June 20, 1863, by the Office of the Comptroller of the Currency. Traditionally, acquiring banks assume the earliest issued charter number. Thus, the first charter passed from First National Bank of Philadelphia to Wells Fargo through its 2008 acquisition of Wachovia, which had inherited it through one of its many acquisitions.
Fidelity Trust Company
In 1996, First Fidelity was absorbed into First Union, which in 2001 merged with Wachovia, which was acquired by Wells Fargo in 2008.
M. M. Warburg &amp; Co.
M.M.Warburg & CO (AG & Co.) KGaA is a German independent private bank, based in Hamburg. A family-owned bank, it was founded in 1798 by Banca Levi Kahana of Warburg and brothers Moses Marcus Warburg and Gerson Warburg, two members of the Warburg family. The Warburg family still owns the bank, continuing a more than 200-year legacy of private ownership.