Wachovia timeline, 1998 to end of trading NationsBank Wa- APRIL 1998 Corp. of Charlotte NOVEMBER 2004 chovia spends $65 billion to buy BankAmerica completes $14.3 billion purchase of Corp. of San Francisco. Analysts say SouthTrust Corp. of Birmingham, Ala., deal puts pressure on BB&T Corp., First making it the largest bank in the South- Union Corp. and Corp. to ex- east and fourth largest overall. pand or face takeover. Wachovia makes Wachovia’s MAY 2006 the largest deal in EARLY 2000 earnings report its history, spending $25.5 billion on shows mounting struggles with bad Corp. of Oak- “syndicated” loans and poor credit land, Calif., which is heavily focused on decisions, leading to job cuts, major adjustable-rate mortgages. charge-offs and missed earnings fore- casts. Syndicated loans are offered by Wachovia spends a group of lenders to provide financing JUNE 2007 $6.8 billion to buy for a single borrower. securities brokerage firm A.G. Edwards.

AUGUST 2000 Wachovia Wachovia re- announces APRIL 2008 ports $708 mil- 1,800 job cuts, including 366 in Forsyth lion first-quarter loss as foreclosure County (7.1 percent of local workforce), rate increases. in cost-cutting move. Wachovia CEO Bud Baker is engaged in merger discus- sions with at least three banks, one of MAY 2008 Ken Thompson which is . ousted as chairman by . First Union an- APRIL 2001 nounces plans JUNE 2008 Ken Thompson re- for $12.7 billion purchase of Wachovia; placed as CEO. 7,000 jobs, 300 branches expected to be eliminated as part of merging banks. Robert Steel hired Banks will keep Wachovia brand. Wa- JULY 2008 as Wachovia CEO; chovia’s Bud Baker would be chairman bank reports $8.9 billion second quar- and First Union’s Ken Thompson would ter loss. be chief executive. Citi- SunTrust Banks Inc. SEPTEMBER 2008 group MAY 2001 makes $14.7 billion gets federal approval to buy Wachovia offer for Wachovia, starting four-month for $2.2 billion and assumption of $95 courtship for the bank that included billion in debt and loan losses. legal challenges in and . Wells OCTOBER 2008 Fargo gets BB&T Corp. con- federal approval for $11.7 billion pur- JUNE 2001 firms speaking chase of Wachovia on Oct. 9; Citigroup with Wachovia about merger of equals walks away from negotiations. before First Union deal announced. Wachovia Wachovia OCTOBER 2008 reports AUGUST 2001 shareholders $24 billion loss for third quarter, largest approve First Union offer over Sun- quarterly loss in corporate American Trust. history.

Wacho- Wells JANUARY 2002 via plans NOVEMBER 2008 Fargo 1,000 job cuts in Forsyth County by CEO John Stumpf makes first visit to 2004. Winston-Salem employee base.

Bud Nearly FEBRUARY 2003 Baker DECEMBER 2008 76 per- retires as chairman 15 months early; cent of Wachovia shareholders approve CEO Ken Thompson named as succes- sale to , ending Wachovia’s sor. 129 years as an independent bank. Wells Fargo keeps about 2,700 jobs in Wacho- Forsyth County. FEBRUARY 2003 via buys . MAY 2003 Green and blue Wa- chovia signs appear Sources: Journal research; Wachovia Corp. archives at as system and branch conversion is wellsfargo.com completed. CASSANDRA SHERRILL/JOURNAL