The transaction closed following approvals from the Federal Reserve and the Office of the Comptroller of the Currency. Terms of the transaction were not disclosed.
Barry, Evans, Josephs & Snipes will retain its name and operate as a subsidiary of Wachovia Bank, N.A. Mecklenburg Securities Corp., a broker-dealer affiliate offering variable annuity and life insurance products, remains a subsidiary of Barry, Evans, Josephs & Snipes.
"We look forward to bringing our insurance expertise in serving affluent clients to Wachovia’s high net worth customers," said Richard A. Snipes Jr., chairman and chief executive officer of Barry, Evans, Josephs & Snipes. "We are pleased to now be able to provide access for our current customers to Wachovia’s wide range of services, such as trust, asset management and corporate finance."
Barry, Evans, Josephs & Snipes was formed in 1983 and has clients located throughout the United States, with the greatest concentration along the East Coast. The firm, which has offices in Charlotte and Greensboro, N.C., manages more than $3 billion of inforce life insurance coverage.
Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At June 30, 1999, Wachovia had $67 billion in assets and ranked 16th among U.S. banking firms. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in the Carolinas, Florida, Georgia and Virginia. Wachovia also is a leading corporate bank, offering a broad range of credit, specialized finance, capital markets, investment, insurance and processing services tailored to meet the needs of companies of all sizes.
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