Prime rate refers to that interest rate so denominated and set by Wachovia from time to time as an interest rate basis for borrowings. The prime rate is one of several interest rate bases used by Wachovia, which lends at interest rates above and below the prime rate.
Wachovia Corporation, with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of June 30, 2001, Wachovia had assets of $74.8 billion. Wachovia Bank, N.A., the principal subsidiary, has more than 650 offices and 1,350 ATMs primarily in Florida, Georgia, North Carolina, South Carolina and Virginia.
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