COMMUNITY NEWS

Media Contact: Alison Rice
(704) 383-5644

December 15, 2003
Wachovia is Nation's Top Community Development Lender
Company's $1.2 billion in loans spurs development in communities from Connecticut to Florida.

CHARLOTTE, N.C. - Wachovia Corp. is the number one community development lender in the nation, according to 2002 data recently released by the Federal Financial Institutions Examining Council (FFIEC).

'The company's $1.2 billion in loans provided funding for affordable housing, neighborhood revitalization, economic development and community services that benefit lower-income communities.

"This work is important because of the impact it has on people's lives," said Wachovia Director of Community Development Jane Henderson. "Providing safety, shelter and supportive services makes it possible for people to improve their lives, creating stronger communities for all of us."

Wachovia's community development lending finances the development of affordable housing, along with medical facilities, childcare centers, charter schools and business centers, all vital components of thriving neighborhoods.

Wachovia is poised for continued success this year. As of Sept. 30, 2003, the company had made more than $1 billion in community development loans, putting it on track to exceed the 2002 total of $1.2 billion.

"Our success stems from the fact that we approach community development as a market segment," said Henderson. "Instead of viewing this work as a regulatory requirement, we manage it as a sustainable business - business that is good for the company, our shareholders and our communities."

For additional information about the data released by the FFIEC, please contact Lisa Deschamp with PCI Corporation, 617-535-3085.

About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders' equity of $33 billion at Sept. 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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