In addition to recognizing the company for its charitable giving, BusinessWeek describes how Wachovia supports its employee volunteers, noting that:
Wachovia’s Paid Time Away for Community Service policy gives every employee four paid hours a month—the equivalent of six days a year—to volunteer.
Wachovia’s Volunteer Service Grants program provides grants to organizations where employees regularly volunteer.
The magazine also notes Wachovia’s focus on serving local community needs. The company gives local leaders the flexibility to make contribution decisions to support the most critical needs in their communities, believing that those closest to the community are best positioned to know and respond.
“At Wachovia, we’ve always believed it takes more than money to make a difference in the community,” said Mike Rizer, director of Community Relations at Wachovia. “In addition to financial support, we have enthusiastic, passionate employee volunteers that increase the reach and impact of our financial contributions.”
Last year, Wachovia:
Logged more than 600,000 hours of employee volunteer community service.
Launched the Wachovia Teachers and Teaching Initiative, which provides grants to organizations that help teachers develop skills to advance student achievement in under-resourced schools.
Earlier this year, Wachovia awarded nearly $15 million in grants.
Provided $25 billion in community loans and investments to revitalize neighborhoods.
Launched 11 new chapters of WachoviaVolunteers!, the employee-driven organization that encourages and supports employee volunteerism through local chapters. There are currently 26 WachoviaVolunteers! chapters.
Helped an average of 475 lower-income families buy a home each week.
Became the #1 small business lender in our markets with $9.7 billion in loans.
ABOUT WACHOVIA
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with banking operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $532.4 billion, market capitalization of $73.9 billion and stockholders’ equity of $46.8 billion at September 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,138 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 702 offices in 49 states and five Latin American countries. The Corporate and Investment Bank serves clients in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.
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