News by SB Informer

Wachovia No. 1 in Small Business Lending by Dollar Volume for Fourth Year in a Row

SB Informer
Thursday, June 15, 2006; 08:05 AM

CHARLOTTE, N.C. - Wachovia Corporation announced today that it is the No. 1 small business lender within its markets by dollar volume, based on data from the Federal Financial Institutions Examination Council (FFIEC).

This marks the fourth year in a row Wachovia topped the list by dollar volume. Wachovia small business loans increased approximately $2 billion in 2004 to $11.7 billion. The large jump is due in part to the bank's merger with SouthTrust, which was completed in 2004. Small business loans reported to the FFIEC include loans of up to $1 million.

In addition to the top spot within its markets, Wachovia ranked No. 1 in dollar volume in Florida, Georgia, New Jersey, Pennsylvania and South Carolina. The company is second in Connecticut, North Carolina, Virginia and Washington, D.C.

"Wachovia will continue its commitment to ensure that small businesses within our markets receive the financial support and guidance that they need," said Will Howle, head of Wachovia's Small Business. "As we help small businesses grow and succeed, we help stimulate additional growth in the communities they serve."

Wachovia serves small businesses through its financial centers and with small business bankers, small business financial specialists and business banking relationship managers who advise small business owners and understand their financial needs. One of its premier products for small businesses, the Business Equity Line, allows small business owners to tap the equity in their primary residence to support their business.

Wachovia Corporation (NYSE:WB - News) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at
wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.

                               Wachovia Small Business Lending
    State                           Wachovia Rank Within                 Total Loans
                                                Markets                               (in millions)
    Alabama                                    3                                        $703
    Connecticut                               2                                        $283
    Delaware                                   3                                        $72
    Florida                                       1                                        $2,643
    Georgia                                      1                                        $1,088
    Maryland                                  4                                        $319
    Mississippi                              11                                       $40
    New Jersey                               1                                        $1,373
    New York                                10                                       $219
    North Carolina                         2                                         $1,535
    Pennsylvania                            1                                        $1,379
    South Carolina                          1                                        $668
    Tennessee                                12                                       $52
    Texas                                         9                                       $241
    Virginia                                     2                                        $1,027
    Washington D.C.                      2                                        $79
    15 States plus D.C.                  1                                        $11,721

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