FOR IMMEDIATE RELEASE WEDNESDAY, AUGUST 25, 2004 WWW.USDOJ.GOV AT (202) 514-2007 TDD (202) 514-1888 WASHINGTON, D.C. - The Department of Justice announced today an agreement with Wachovia Corporation that requires the company to make divestitures in order to resolve antitrust concerns about the companys pending merger with SouthTrust Corporation.
Under the agreement, Wachovia will divest 18 SouthTrust branches with about $592 million in total deposits in four banking markets located in Florida and Georgia. This divestiture will ensure that banking customers in Florida and Georgia will continue to receive competitive banking services, said R. Hewitt Pate, Assistant Attorney General of the Departments Antitrust Division. In addition, Wachovia has agreed that, for a period of time and in specified areas, it will sell or lease any of the branch offices closed as a result of the merger to a commercial bank buyer so long as there is a bank-buyer offer that meets or exceeds the best offer from a non-bank buyer.
The proposed merger is subject to the final approval of the Board of Governors of the Federal Reserve System. The Department will advise the Federal Reserve Board that, subject to the divestiture of specified branch offices and associated loans and deposits, the Antitrust Division will not challenge the merger.
Wachovia Corporation, headquartered in Charlotte, North Carolina, is the fourth largest bank holding company in the United States. The corporation has consolidated assets of $411 billion and consolidated total deposits of $224 billion. Wachovia operates 2,617 branches and 4,400 ATMs in 11 states from New York to Florida.
SouthTrust Corporation is a bank holding company headquartered in Birmingham, Alabama. It has consolidated assets of $53 billion and deposits of $35 billion, with 740 branch offices and 894 ATMs from Texas to Virginia.
A list of the branches to be divested is attached below.
SouthTrust Branches State - Market - County - Branch Name - Address - City GA - Augusta RMA - Richmond - Daniel Village - 3007 Pine Needle Rd. - Augusta GA - Augusta RMA - Richmond - Peach Orchard - 2756 Peach Orchard Rd. - Augusta GA - Augusta RMA - Columbia - Belair Road - 404 S. Belair Rd. - Martinez FL - Deland RMA - Volusia - Spring Garden - 900 N. Spring Garden Ave. - Deland FL - Jacksonville RMA - Duval - 103rd Street - 6477 103rd St. - Jacksonville FL - Jacksonville RMA - Duval - Loretto Road - 11683 San Jose Blvd. - Jacksonville FL - Jacksonville RMA - Duval - Mandarin - 9716 San Jose Blvd. - Jacksonville FL - Jacksonville RM - Duval - San Pablo - 14420 Beach Blvd. - Jacksonville FL - Jacksonville RMA - Duval - San Jose - 6450 Old St. Augustine Rd. - Jacksonville FL - Jacksonville RMA - Clay - Fleming at Eagle Harbor 5000-70 Hwy. 17 S - Orange Park FL - Jacksonville RMA - Clay - Orange Park - 311 Wells Crossing Blvd. - Orange Park FL - Jacksonville RMA - St. Johns - Ponte Vedra - 500 A1a N - Ponte Vedra Beach FL - Jacksonville RMA - Duval - Merrill Road - 9125 Merrill Rd. - Jacksonville FL - Lakeland RMA - Polk - Combee - 435 S. Combee Rd. - Lakeland FL - Lakeland RMA - Polk - Scott Lake - 1011 E. County Line Rd. 54 - Lakeland FL - Lakeland RMA - Polk - Interstate - 4012 Lakeland Hills Blvd. - Lakeland FL - Lakeland RMA - Polk - Lakeland City Center - 402 S. Kentucky Ave. - Lakeland FL - Lakeland RMA - Polk - South Lakeland - 4421 S. Florida Ave. - Lakeland 04-575
Source: US Department of Justice
