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When most individuals hear the name Wachovia, they reflect on the bank that was recently bought out under Wells Fargo. In North Carolina, Wachovia was a well established bank, that was able to spread its roots all across the nation, truly making its mark in the nineties. What most people don’t know is the history of the name Wachovia, and the meaning behind such a glorious name. On the North Carolina History website, Jonathan Martin (2012) is able to give us plenty of insight on the interesting history of such a bank as Wachovia. Israel Lash opened the First National Bank of Salem in the year 1866. After his death in the 1870’s the bank was taken over by his nephew, William A. Lemly, who closed the Salem Branch and moved the bank into Winston. In this, Lemly changed the banks name to Wachovia in remembrance of the land the Moravians purchased and settled in the 1700’s (Martin, 2012). Wachovia was rebooted on June 16, 1879, with a capital of one hundred thousand dollars (Martin, 2012). By 1893, with the evolution of trust companies, Wachovia bank became Wachovia Loan and Trust Company, opening in Winston (Martin, 2012). Through assisting thriving business, Wachovia Bank and Trust Company grew. Through out the 1980’s and 1990’s, Wachovia bank not only experienced growth in North Carolina, but throughout the southern part of the United States (Martin, 2012). Through this, Wachovia bank grew to over 800 banking offices and nearly 1,100 ATM’s within the southeast part of the United States (Martin, 2012). However, with a rise, there must be a fall. After 2006, and becoming the fourth-largest banking company in the United States, Wachovia Bank began to struggle with financial crisis, and by October of 2008 was bought out by Wells Fargo (Martin, 2012). [Photo is hyperlinked to article resource.] |
