COMMUNITY NEWS

Media Contact: Mary Eshet
(704) 383-7777

Media Contact: Arati Randolph
704-383-6996

February 12, 2002
Wachovia and First Union Rated "Outstanding" for Community Reinvestment Activities

Charlotte, N.C. - Wachovia and First Union received "outstanding" ratings for meeting community credit needs in a recent evaluation issued by the Office of the Comptroller of the Currency (OCC), a regulatory agency that evaluates bank compliance with the Community Reinvestment Act (CRA). The "outstanding" rating is the highest possible CRA ranking, received by less than 15% of the financial institutions regulated by the OCC.

The “outstanding” CRA ratings conclude a thorough examination of the companies’ ability to meet the credit needs of their entire communities, including low to moderate-income neighborhoods. Regulators evaluate performance in three categories: lending, investment and service. The report covers a two-to-three year period of community reinvestment activities that preceded the Sept. 1 merger of Wachovia and First Union to form Wachovia Corporation.

“Wachovia is committed to strengthening neighborhoods in the communities we serve,” said Ken Thompson, President and CEO. “Our CRA ratings affirm that we are definitely making an impact in affordable housing and community revitalization. We have a significant opportunity ahead of us to grow our commitment to community development as the merged Wachovia.”

The report cites that Wachovia’s and First Union’s lending levels and community development investments reflect outstanding responsiveness to address affordable housing and credit needs within their communities. In addition, the OCC commended the companies’ extensive branch and ATM networks, including offices in low to moderate-income geographies. The report also noted that alternative delivery channels are available to effectively provide services to low to moderate-income customers in all geographies.

“Our effectiveness hinges on strong relationships with hundreds of community-based partners throughout our markets,” said Jane Henderson, director of Wachovia’s Community Development Group. “Through innovative partnerships, targeted products and employee leadership, we work strategically to promote economic development and foster a sense of pride in our communities.”

The OCC report highlighted eCommunitiesFirst, a collaborative community initiative designed to bridge the digital divide. This training program, facilitated by employee volunteers, provides financial literacy education and access to technology to low and moderate-income communities, senior citizens and students. The program was successfully launched in Charlotte, NC and will be expanded to other Wachovia markets including Atlanta and Philadelphia.

The report states that eCommunitiesFirst “leverages some of the best elements of the company’s leadership position in electronic commerce and its long-standing commitment to education, volunteerism and community development.”

Wachovia Corporation’s Community Development efforts focus on building strong, vibrant communities. Initiatives address improving the quality and availability of affordable housing; promoting small business growth; and offering innovative capital solutions to help revitalize neighborhoods and promote economic development. In 2001, Wachovia and First Union together originated more than $19 billion in community development loans and investments.
About Wachovia
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

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