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Wachovia Corporation Wachovia was formed by the 2001 merger of First Union Corporation and the former Wachovia Corporation. In connection with the merger, First Union changed its name to Wachovia Corporation. Wachovia Wachovia is the Latin form of the German name Wachau. In 1753, Moravian settlers gave this name to a tract of land they acquired in North Carolina. The settlers chose the name because the land resembled a valley along the Danube River known as Der Wachau. In 1879, a bank opened in the town of Winston under the name Wachovia National Bank. Fourteen years later, Wachovia Loan and Trust opened nearby. The two merged in 1911 to form Wachovia Bank and Trust, which evolved into Wachovia Corporation. First Union First Union's modest beginnings were in the Buford Hotel on Charlotte's Tryon Street not long after the turn of the 20th century. H. M. Victor raised funds to start Union National by selling 1,000 shares of stock at $100 each. In 1958, Union National merged with First National Bank and Trust Company of Asheville, forming First Union National Bank of North Carolina. Over the decades, First Union, through mergers with more than 80 banks and other companies, grew into a diversified financial service company. Wachovia.com (Opens New Window) Source: Wachovia
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