Wachovia Community News

Media Contact: Aimee Worsley
(704) 715-2005

February 28, 2008
Wachovia Earns Outstanding CRA Rating
Rating reflects company's commitment to supporting low- and moderate-income communities

CHARLOTTE, NC—Wachovia has earned an "Outstanding" Community Reinvestment Act (CRA) rating, the highest possible, from the Office of the Comptroller of the Currency (OCC). Only 16 percent of banks regulated by the OCC achieve the "Outstanding" rating.

Regulators from the OCC analyzed Wachovia's lending, investing and service activities for the period of July 1, 2003, to June 30, 2006. The merger of SouthTrust Corp. and Wachovia Corp. occurred during this time.

"I'm proud that Wachovia has earned continuous "Outstanding" CRA ratings, the highest rating possible, since 1995," said Ken Thompson, Wachovia Chairman and CEO. "This achievement shows that reaching low- and moderate-income families and communities remains a priority for us, even as we expand into new markets."

The Community Reinvestment Act was enacted in 1977 to encourage banks to meet the credit needs of all segments of their communities. The act requires that the OCC assess national banks' distribution of loans, investments and services, particularly in low- and moderate-income communities. The OCC also considers a bank's community involvement activities when determining its rating.

In its report, the OCC lauded Wachovia for:

Its leadership in the New Markets Tax Credit (NMTC) program. Wachovia has committed or invested $457 million through the NMTC program, which was created by Congress in 2000 to spur investment in businesses located in lower-income communities. Wachovia's NMTC developments have created grocery stores, charter schools and other services and low- and moderate-income communities, as well as 6,887 permanent jobs for neighborhood residents.
Offering low-cost or no-cost deposit products and flexible mortgage products targeted to low- and moderate-income borrowers or borrowers purchasing homes in low- and moderate-income geographies.
Its "Wachovia at Work" alternative delivery channel, which delivers banking access, financial literacy and special product offers directly to the workplace. Over 3,000 participating worksites are located in low- and moderate-income geographies, and the majority of employees using this program are low- or moderate-income individuals.

"At Wachovia, we are passionate about creating strong, vibrant neighborhoods and reaching low- and moderate-income families and individuals with a full range of financial products and services," said Mike Rizer, director of Community Relations for Wachovia. "We're proud that the OCC has recognized us for our continued efforts to build communities in innovative and thoughtful ways."

In 2007*, Wachovia:

Provided $42 billion in community loans and investments to revitalize neighborhoods.
Provided more than $11.5 million in CRA-qualified community development grants and in-kind donations.
Provided nearly $15 billion in small business loans to more than 100,000 entrepreneurs building their businesses.
Invested more than $227 million in equity to create more than 1,700 affordable rental-housing units.
Helped an average of 496 low- and moderate-income families and families in low- and moderate-income neighborhoods buy a home each week.
Trained more than 21,000 families and individuals in PC, Internet and money management skills through our financial literacy programs, Money Smart and eCommunitiesfirst®. Employee volunteers partnered with community groups to offer classes in English and Spanish.

*Preliminary 2007 numbers; final numbers expected to increase.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $782.9 billion and market capitalization of $75.3 billion at December 31, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.2 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.

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