-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JhIhseV9oHEEmysMcezjfQkT416c/wU/TbJTFEwu3X+nkL+GMp7WheW2d7uwMvWh b3aWonvMG6p/yUWFJ/JCcA== 0001021408-01-506056.txt : 20010830 0001021408-01-506056.hdr.sgml : 20010830 ACCESSION NUMBER: 0001021408-01-506056 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20010829 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: WACHOVIA CORP/ NC CENTRAL INDEX KEY: 0000774203 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 561473727 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 SEC ACT: 1934 Act SEC FILE NUMBER: 001-09021 FILM NUMBER: 1725978 BUSINESS ADDRESS: STREET 1: 100 N MAIN ST STREET 2: P O BOX 3099 CITY: WINSTON SALEM STATE: NC ZIP: 27101 BUSINESS PHONE: 3367705000 MAIL ADDRESS: STREET 1: 100 NORTH MAIN ST STREET 2: P O BOX 3099 CITY: WINSTON SALEM STATE: NC ZIP: 27101 FORMER COMPANY: FORMER CONFORMED NAME: FIRST WACHOVIA CORP DATE OF NAME CHANGE: 19910603 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: FIRST UNION CORP CENTRAL INDEX KEY: 0000036995 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 560898180 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: ONE FIRST UNION CTR CITY: CHARLOTTE STATE: NC ZIP: 28288-0013 BUSINESS PHONE: 7043746565 MAIL ADDRESS: STREET 1: ONE FIRST UNION CENTER CITY: CHARLOTTE STATE: NC ZIP: 28288-0013 FORMER COMPANY: FORMER CONFORMED NAME: CAMERON FINANCIAL CORP DATE OF NAME CHANGE: 19750522 FORMER COMPANY: FORMER CONFORMED NAME: FIRST UNION NATIONAL BANCORP INC DATE OF NAME CHANGE: 19721115 425 1 d425.txt FIRST UNION CORPORATION Pursuant to Rule 425 under the Securities Act of 1933 Subject Company: Wachovia Corporation Commission File No. 333-59616 Date: August 28, 2001 This filing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, (i) statements about the benefits of the merger between First Union Corporation and Wachovia Corporation, including future financial and operating results, cost savings, enhanced revenues, and accretion to reported earnings that may be realized from the merger; (ii) statements with respect to First Union's and Wachovia's plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", "targets", "projects" and similar expressions. These statements are based upon the current beliefs and expectations of First Union's and Wachovia's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the risk that the businesses of First Union and Wachovia will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption following the merger, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected; (5) the ability to obtain governmental approvals of the merger on the proposed terms and schedule; (6) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (7) the strength of the United States economy in general and the strength of the local economies in which the combined company will conduct operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company's loan portfolio and allowance for loan losses; (8) changes in the U.S. and foreign legal and regulatory framework; and (9) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company's capital markets and asset management activities. Additional factors that could cause First Union's and Wachovia's results to differ materially from those described in the forward-looking statements can be found in First Union's and Wachovia's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to First Union or Wachovia or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. First Union and Wachovia do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. Stockholders are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain (or will contain) important information. You will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about First Union and Wachovia, at the SEC's Internet site (http://www.sec.gov). Copies of the joint proxy statement/prospectus and the SEC filings that have been or will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to First Union, Investor Relations, One First Union Center, Charlotte, North Carolina 28288-0206 (704-374-6782), or to Wachovia, Investor Relations, 100 North Main Street, Winston-Salem, North Carolina 27150 (888-492-6397). THE FOLLOWING NEWS RELEASE WAS ISSUED BY FIRST UNION AND WACHOVIA FIRST UNION (R) WACHOVIA -------- Media Contacts: August 28, 2001 First Union: Allison Miley 704-383-9763 Mary Eshet 704-383-7777 Wachovia: Ed Hutchins 336-732-4200 FIRST UNION AND WACHOVIA ANNOUNCE NEW LEADERSHIP FOR THE COMBINED COMPANY ------------------------------------------------------------------------- Top Leaders For The New Wachovia Named As Next Step In Merger Integration CHARLOTTE, N.C. and WINSTON-SALEM, N.C. - First Union (NYSE: FTU) and Wachovia (NYSE: WB) today announced the next level of leadership for the combined company, effective after merger consummation. These 105 leaders will report to the new Wachovia Operating Committee members - the 13 direct reports to Ken Thompson and L.M. Baker Jr., who, respectively, will be chief executive officer and chairman of the new Wachovia. This team will help define and create all aspects of the new company, and will be drivers of future success for the proposed fourth largest bank holding company in the United States. "Selecting these leaders is an important step in our merger integration efforts, and I am excited about the opportunity to begin combining our two teams," said Baker. "We had a broad range of exceptional talent to choose from, and while the decisions were difficult, I believe we have selected the best group to move our new company forward." Leaders were chosen for their roles through a detailed and thorough selection process that included open self-nominations, interviews and final approval of each selection by Thompson and Baker. "I am confident in the talent of this team and its ability to ensure the new Wachovia is a fierce competitor in financial services," said Thompson. "This new leadership reflects the combination of two powerful teams and will make us stronger than we were before our plans to merge." The new leadership team is listed in order of reporting relationship to previously named Operating Committee members for the new Wachovia: Capital Management Group - Don McMullen Compliance - Vic Albrecht Insurance: Annuities, Life (Mass Mkt.), Online - David deGorter Strategic Relationship Director, Wealth Management - Anne Doss --MORE-- Page 2 -- First Union and Wachovia Announce New Leadership For The Combined Company Asset Management/Mutual Funds/ Business Management - Bill Ennis Chief Investment Officer - Dennis Ferro Corporate and Institutional Trust - Darryl Fluhme Brokerage - Danny Ludeman Women's Financial Advisory - Debra Nichols Chief Investment Officer, Wealth Management - Steve Reynolds Chief Financial Officer - Emile Shahadi Corporate and Investment Banking - Steve Cummings and Barnes Hauptfuhrer Treasury Services - Ranjana Clark Co-Head, Principal Investing - Ted Gardner International - Michael Heavener Fixed Income - Steve Kohlhagen Equity Capital Markets - Mickey Misera Co-Head, Principal Investing - Scott Perper Group Operating Officer - Tom Pacer Finance - Dave Pitelka Client Development Administration - Amy Pitt Leveraged Finance - Wayne Robinson Investment Banking - Kevin Roche Structured Products - Ben Williams Global Corporate Banking - Doug Williams Corporate and Community Affairs - Mac Everett Public Policy - Greer Cawood Community Development - Jane Henderson Corporate Communications - Ginny Mackin Corporate Contributions and Community Involvement - Shannon McFayden Finance - Bob Kelly Corporate Real Estate - Bob Bertges Financial Regulatory Reporting - David Julian Investor Relations - Alice Lehman General Services and Operations - Dale Quigg Audit - Peter Schild Corporate Tax - Pat Shevlin Treasury and Planning - Tom Wurtz General Bank - Ben Jenkins Contact Call Center - Steve Boehm Mid-Atlantic Chief Executive Officer - Jim Cherry Atlantic Chief Executive Officer - Reggie Davis Florida Chief Executive Officer - Bob Helms Community Banking - John (Bill) Holt Page 3 -- First Union and Wachovia Announce New Leadership For The Combined Company Customer Service Excellence - Beth McCague Wholesale Segment - Walter McDowell Chief Financial Officer - Bob McGee Merger Integration - David Pope Penn/Del Chief Executive Officer - Bob Reid Real Estate Financial Services - Mike Slocum Carolinas Chief Executive Officer - Will Spence Retail Segment - Cece Sutton Georgia Chief Executive Officer - Gary Thompson General Bank Products - Beverly Wells Human Resources - Paul George Recruiting Solutions - Denny Clark Capital Markets - Jim Esposito Compensation and Benefits - Larry Gilmer Wealth Management - Peggy Joines Corporate Businesses - Hector McEachern Information Technology, Operations and e-Commerce - Patti Royal Capital Management - Doug Steele Chief Financial Officer - Ben Stewart Performance and Leadership Consulting - Jeanette Sims HR Enterprise Services - Sharon Smart General Bank (State Banking and Retail Financial Services) - Gwynne Whitley Information Technology, e-Commerce and Operations - Jean Davis e-Commerce - Lawrence Baxter Chief Information Officer, Shared Services - Nancy Church Chief Information Officer, Commercial - Martin Davis Banking and Enterprise Support Services - Jerry Enos Chief Information Officer, Capital Markets - Bridget-Anne Hampden Chief Financial Officer - Ginny Hartsema e-Ventures - Don MacLeod e-Risk - Joel McPhee Chief Information Officer, Wealth Management and Capital Management - Craig Miller Chief Information Officer, Retail - Joe Monk Operating Services - Richard Penland Technology Services - Frank Robb Wholesale Operations - Bob Sontag Chief Information Officer, e-Commerce - Julian Wachs Legal - Mark Treanor Capital Management - Hal Clark Litigation/Interim Risk Management - Douglas Edwards Wealth Management - Joe Long Page 4 -- First Union and Wachovia Announce New Leadership For The Combined Company General Bank - Mark Metz Capital Markets - James Powers Corporate Services - Sterling Spainhour Corporate and Securities - Michael Watkins Risk Management - Don Truslow Chief Risk Officer, Capital Markets - John Bresnan . Senior Risk Officer, Capital Markets - David Gaines Risk Support Services - Ray Johnson Chief Risk Officer, General Bank and Commercial - Spurgeon Mackie Chief Risk Officer, Commercial Real Estate - Mark Midkiff Chief Risk Officer, Consumer - David Nole Market Risk - Fred Pennekamp Portfolio Management Modeling/Risk Methodology - Russell Playford Operational Risk - Yousef Valine Chief Risk Officer, Capital and Wealth Management - TBD Compliance Officer - TBD Specialty Finance & Corporate Support Services - David Carroll Specialty Finance - Bob Burton Customer Analytics - Bob DeAngelis Corporate Marketing - Jim Garrity Data Management - Guenther Hartfeil Merger Integration Project Office - Sid Tate Wealth Management - Stan Kelly Wealth Management Director, Florida - Anne Alexander Wealth Management Director, Atlantic (NY/NJ/CT) - Linda Bowden Wealth Management Director, Penn/Del - Curt Farmer Chief Operating Officer - Bob Kniejski Chief Financial Officer - Glenn McCoy Wealth Management Director, Carolinas - Bob Newell Ultra-High Net Worth - Dan Prickett Wealth Management Director, Virginia - Michael Roberts Wealth Management Director, Metro-Washington, D.C. - Deborah Shore Wealth Management Director, Georgia - Isaiah Tidwell First Union (NYSE:FTU), with $246 billion in assets and stockholders' equity of $16 billion at June 30, 2001, is a leading provider of financial services to 15 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and full-service brokerage offices in 47 states. Online banking products and services can be accessed through. Page 5 -- First Union and Wachovia Announce New Leadership For The Combined Company Wachovia (NYSE:WB) is a major interstate financial holding company offering banking and financial services to individuals primarily in Florida, Georgia, North Carolina, South Carolina and Virginia and to corporations and institutions throughout the United States and globally. Wachovia Corporation is headquartered in Atlanta and Winston-Salem, N.C., and had assets of $74.8 billion at June 30, 2001. Wachovia's Web site is located at www.wachovia.com. ---------------- This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, (i) statements about the benefits of the merger between First Union Corporation and Wachovia Corporation, including future financial and operating results, cost savings, enhanced revenues, and accretion to reported earnings that may be realized from the merger; (ii) statements with respect to First Union's and Wachovia's plans, objectives, expectations and intentions and other statements that are not historical facts; and (iii) other statements identified by words such as "believes", "expects", "anticipates", "estimates", "intends", "plans", "targets", "projects" and similar expressions. These statements are based upon the current beliefs and expectations of First Union's and Wachovia's management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward- looking statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the risk that the businesses of First Union and Wachovia will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) expected revenue synergies and cost savings from the merger may not be fully realized or realized within the expected time frame; (3) revenues following the merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption following the merger, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected; (5) the ability to obtain governmental approvals of the merger on the proposed terms and schedule; (6) competitive pressures among depository and other financial institutions may increase significantly and have an effect on pricing, spending, third-party relationships and revenues; (7) the strength of the United States economy in general and the strength of the local economies in which the combined company will conduct operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on the combined company's loan portfolio and allowance for loan losses; (8) changes in the U.S. and foreign legal and regulatory framework; and (9) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on the combined company's capital markets and asset management activities. Additional factors that could cause First Union's and Wachovia's results to differ materially from those described in the forward-looking statements can be found in First Union's and Wachovia's reports (such as Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available at the SEC's Internet site (http://www.sec.gov). All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to First Union or Wachovia or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. First Union and Wachovia do not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made. Additional Information Stockholders are urged to read the definitive joint proxy statement/prospectus regarding the proposed transaction between First Union and Wachovia and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they contain (or will contain) important information. You will be able to obtain a free copy of the joint proxy statement/prospectus, as well as other filings containing information about First Union and Wachovia, at the SEC's Internet site (http://www.sec.gov). Copies of the joint proxy statement/prospectus and the SEC filings that have been or will be incorporated by reference in the joint proxy statement/prospectus can also be obtained, without charge, by directing a request to First Union, Investor Relations, One First Union Center, Charlotte, North Carolina 28288-0206 (704-374-6782), or to Wachovia, Investor Relations, 100 North Main Street, Winston-Salem, North Carolina 27150 (888-492-6397). --END-- -----END PRIVACY-ENHANCED MESSAGE-----