Misplaced Pages

#958041

126-627: The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years. On October 15, 2011, the final Wachovia branches were converted to Wells Fargo. Wachovia was the product of a 2001 merger between the original Wachovia Corporation, based in Winston-Salem, North Carolina , and Charlotte-based First Union Corporation . The company

252-578: A "silent run". Ultimately, Wachovia lost a total of $ 5 billion in deposits that day—about one percent of the bank's total deposits. The large outflow of deposits attracted the attention of the Office of the Comptroller of the Currency , which regulates national banks. Federal regulators pressured Wachovia to put itself up for sale over the weekend. Had Wachovia failed, it would have been a severe drain on

378-939: A bitter battle over the summer between SunTrust and First Union. Both banks increased their offers for Wachovia, took out newspaper ads, mailed letters to shareholders, and initiated court battles to challenge each other's takeover bids. On August 3, 2001, Wachovia shareholders approved the First Union deal, rejecting SunTrust's attempts to elect a new board of directors for Wachovia and ending SunTrust's hostile takeover attempt. Another complication concerned each bank's credit card division. In April 2001, Wachovia had agreed to sell its $ 8 billion credit card portfolio to Bank One . The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union had sold its credit card portfolio to MBNA in August 2000. After entering into negotiations,

504-585: A blow to their civic pride because the merged company would be based in Charlotte. The city of Winston-Salem was concerned both by job losses and the loss of stature from losing a major corporate headquarters. First Union was concerned by the potential deposit attrition and customer loss in the city. First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem. On May 14, 2001, SunTrust announced

630-703: A border state that remained with the Union while being contested by the Confederacy and Confederate government of West Virginia . Following the Reconstruction era in the 1870s, many Southeast state legislatures passed Jim Crow laws . The American segregation era spanned from the late 19th century to the mid-1960s. In the mid-to-late 20th century, the Southeast saw many shifting changes take place population wise and economically. The Southeast started to see

756-495: A competitor. In late 2005 Wachovia announced that it would end its relationship with MBNA and create its own credit card division so that the bank could issue its own Visa cards. Westcorp, Western Financial Bank's parent company, WFS Financial Inc. and Wachovia announced a proposed acquisition by Wachovia in September 2005. Westcorp and WFS Financial Inc. shareholders approved the acquisition on Jan. 6, 2006 and on March 1, 2006,

882-459: A division of Ferrellgas , is also headquartered in Winston-Salem. Wachovia Corporation was based in Winston-Salem until it merged with First Union Corporation in September 2001; the corporate headquarters of the combined company was located in Charlotte, until the company was purchased by Wells Fargo in December 2008. PepsiCo has its customer service center located in Winston-Salem. BB&T

1008-531: A failure dwarfing that of WaMu. Winston-Salem, North Carolina Winston-Salem is a city in and the county seat of Forsyth County, North Carolina , United States. At the 2020 census , the population was 249,545, making it the fifth-most populous city in North Carolina and the 91st-most populous city in the United States . The population of the Winston-Salem metropolitan area

1134-529: A gallery of 18th- and early 19th-century furniture, ceramics , and textiles. In addition, Old Salem hosts the Cobblestone Farmers Market every Saturday during the spring season through early autumn. The market is dedicated to providing the public access to sustainably grown food and products. Bethabara Historic District is a site where Moravians from Pennsylvania first settled in North Carolina. The 195-acre (0.79 km ) area includes

1260-457: A large role in the history and public life of Winston-Salem. By the 1940s, 60% of Winston-Salem workers worked either for Reynolds or in the Hanes textile factories. The Reynolds company imported so much French cigarette paper and Turkish tobacco for Camel cigarettes that Winston-Salem was designated by the United States federal government as an official port of entry for the United States, despite

1386-543: A lasting cultural effect. The Moravian star is used as the city's official Christmas street decoration. In addition, a 31-foot Moravian star, one of the largest in the world, sits atop the North Tower of Wake Forest Baptist Medical Center during the Advent and Christmas seasons. Another star sits under Wake Forest University 's Wait Chapel during the Advent and Christmas seasons as well. Moravian star images also decorate

SECTION 10

#1732802189959

1512-724: A major player in the Northeast. Its Northeastern footprint grew even larger in 1998, when it acquired CoreStates Financial Corporation of Philadelphia . One of CoreStates' predecessors, the Bank of North America , had been the first bank proposed, chartered and incorporated in America on December 31, 1781. A former Bank of North America branch in Philadelphia remains in operation today as a Wells Fargo branch Wachovia Corporation began on June 16, 1879, in Winston-Salem, North Carolina, as

1638-415: A museum and a Moravian church and offers hiking, birdwatching and many varieties of trees and plants. The Reynolda House Museum of American Art features collections from the colonial period to the present day. The museum was built in 1917 by Katherine Smith Reynolds and her husband R.J. Reynolds . The facility became an art museum in 1967 and first started as a center for education and arts in 1965. Behind

1764-473: A national bank and comprehensive financial services company. Merchandise While First Union was merging into Wachovia, they changed the Wachovia logo to a square with wave like lines, the green color represents First Union while the blue represents the main company. They have also released new merchandise such as t-shirts, and provided other things such as retractable keychains, cups, and coffee mugs to show

1890-437: A number of notable universities, public and private, whose research exert influence globally. Chief among public universities are: There are a number of well-known private institutions, as well. Notable among these are: The region is home to the greatest number of historically black colleges and universities in the nation. The three largest in the region are: There are nine National Football League (NFL) franchises across

2016-447: A part of the interest owed, which was then added onto the balance of the loan. In 2006, Golden West Financial was named the "Most Admired Company" in the mortgage services business by Fortune magazine . By the time Wachovia announced its acquisition, Golden West had over $ 125 billion in assets and 11,600 employees. By October 2, 2006, Wachovia had closed the acquisition of Golden West Financial Corporation. The Sandlers agreed to remain on

2142-613: A population of 48,395, Winston-Salem was the largest city in North Carolina . In 1929, the Reynolds Building was completed in Winston-Salem. Designed by William F. Lamb from the architectural firm Shreve, Lamb and Harmon , the Reynolds Building is a 314-foot (96 m) skyscraper that has 21 floors. When completed as the headquarters of R.J. Reynolds Tobacco Company, it was the tallest building in

2268-531: A portfolio of over $ 50 billion of securities on loan to the Wachovia Global Securities Lending division. On November 1, 2004, Wachovia completed the acquisition of Birmingham, Alabama -based SouthTrust Corporation , a transaction valued at $ 14.3 billion. The merger created the largest bank in the southeast United States, the fourth largest bank in terms of holdings, and the second largest in terms of number of branches. Integration

2394-477: A public HBCU . In 1956, Wake Forest College, now known as Wake Forest University , moved to Winston-Salem from its original location in Wake Forest, North Carolina . Winston-Salem was officially dubbed the "City of Arts and Innovation" in 2014. Winston-Salem is in the northwest Piedmont area of North Carolina, situated 65 miles (105 km) northwest of the geographic center of the state. According to

2520-465: A rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. Wachovia's board of directors rejected SunTrust's offer and supported the merger with First Union. SunTrust continued its hostile takeover attempt, leading to

2646-644: A significant amount of the Christian population as well. The remaining Christian population (11.93%) is affiliated with other churches such as the Moravians and the United Church of Christ . Islam (0.43%) is the second-largest religion, after Christianity, followed by Judaism (0.20%). Eastern religions (0.02%) make up the religious minority. The city's long history with the Moravian church has had

SECTION 20

#1732802189959

2772-578: A small banking desk in the lobby of a Charlotte hotel by H.M. Victor. The bank merged with First National Bank and Trust Company of Asheville, North Carolina , in 1958 to become First Union National Bank of North Carolina. First Union Corporation was incorporated in 1967. By the 1990s, it had grown into a Southern regional powerhouse in a strategy mirroring its longtime rival on Tryon Street in Charlotte, NCNB (later NationsBank and now Bank of America ). In 1995, however, it acquired First Fidelity Bancorporation of Newark, New Jersey ; at one stroke becoming

2898-586: A spur of new economic growth in the 1930s, which stemmed from New Deal policies such as the Tennessee Valley Authority and the Fair Labor Standards Act instituting a minimum wage for the entire nation. World War II further helped growth within the Southeast, as military bases and military production drew workers from farming or low-wage industries into a new economy. With farming mechanization picking up to speed in

3024-423: A step that some regulators frowned upon, and which the former World Savings management had resisted for years: it allowed borrowers to make monthly payments with an annual interest rate of just 1 percent. While Wachovia Mortgage continued to scrutinize borrowers' ability to manage increased payments, the move to rock-bottom rates lured customers whose financial reliability was more difficult to verify. More than 70% of

3150-452: Is Cfa . The average high temperatures range from around 49 °F (9 °C) in the winter to 89 °F (32 °C) in the summer. The average low temperatures range from around 28 °F (−2 °C) in the winter to 69 °F (21 °C) in the summer. As of the 2020 census , there were 249,545 people, 94,884 households, and 53,708 families residing in the city. Winston-Salem's population grew by 8.7% from 2010 to 2020, making it

3276-526: Is a product of the merging of the two neighboring towns of Winston and Salem in 1913. The origin of the town of Salem dates to 1753, when Bishop August Gottlieb Spangenberg , on behalf of the Moravian Church , selected a settlement site in the three forks of Muddy Creek . He called this area "die Wachau" ( Latin form Wachovia ) after the ancestral estate of Count Nicolaus Ludwig von Zinzendorf . The land, just short of 99,000 acres (400 km ),

3402-459: Is abundant across the southeastern United States in summer, as the rainfall often comes in quick, but intense downpours. The mid-South, especially Tennessee, and the northern halves of Mississippi, Alabama, and Georgia, have maximum monthly rainfall amounts in winter and spring, owing to copious Gulf moisture and clashes between warm, moist air from the Gulf of Mexico and cold, dry air from Canada during

3528-666: Is close to a wide range of activities and services, such as the Reynolda House and Reynolda Gardens . It is known around Winston-Salem for its quiet tree-lined streets, which give it an "exclusive" feel; most homes in Buena Vista cost between $ 600,000 and several million dollars. The neighborhood is about ten minutes from downtown and five minutes from one of the city's upscale shopping centers, Thruway. Thruway Center features national chains such as Trader Joe's , Athleta, and J.Crew . Located seven miles southwest of downtown

3654-447: Is home to 90 companies, over 3,600 workers, 1,800 students seeking a college degree, and more than 8,000 workforce trainees. The Innovation Quarter is a place for research, business, biomedical science, digital media, and clinical services. It consists of over 1,900,000 square feet (180,000 m ) feet of office, laboratory, and educational space covering more than 330 acres (130 hectares). There are more than 1,000 residential units within

3780-452: Is located three miles northeast of downtown, with Patterson Avenue running north to south and 25th Street serving as the east–west thoroughfare. The area is bound by University Parkway to the west and U.S. Route 52 to the east, stretching from 13th Street to 30th Street. The university area is situated in the north-central and northwestern sections of the city, and contains some of Winston-Salem's busiest thoroughfares. University Parkway ,

3906-455: Is no official U.S. government definition for the region, and it is defined variably among agencies and organizations. The history of the present-day Southeastern United States dates to the dawn of civilization in approximately 11,000 BC or 13,000 BC. The earliest artifacts from the region were from the Clovis culture . Prior to the arrival of European colonialists, Native Americans occupied

Wachovia - Misplaced Pages Continue

4032-588: Is surrounded by Northwest Boulevard to the north and west, Salem Parkway to the south, and U.S. Route 52 to the east. Downtown features attractions such as Innovation Quarter , Truist Stadium , Old Salem , and the Benton Convention Center. One of the most notable neighborhoods in the city, West End features the West End Historic District , which covers an area of 229 acres and is predominantly residential. Most of

4158-539: Is the 72nd-largest city by area in the United States and the fifth-largest city in North Carolina by population. Downtown, the central business district of Winston-Salem, is the largest in the Piedmont Triad region. With a population of approximately 14,000 and a workforce of over 27,000, downtown Winston-Salem is a hotspot for growth. Fourth Street, the "main drag", consists of bars , restaurants , retail , hotels , and luxury residential units. The area

4284-461: Is the busiest shopping district in Winston-Salem and Forsyth County . The corridor offers a variety of national "big box" retailers, including Target , Costco , and Ethan Allen . Two major companies, Novant Health and Truliant Federal Credit Union , call the boulevard home. The intersection of Hanes Mall Boulevard and Stratford Road is the second-busiest intersection in Winston-Salem, with an average daily traffic count of 54,000. North Winston

4410-509: Is the largest employer in Winston-Salem. In December 2004, the city entered into a deal with Dell , providing millions of dollars in incentives to build a computer assembly plant nearby in southeastern Forsyth County. Dell closed its Winston-Salem facility in January 2010 due to the poor economy. In January 2015, Herbalife opened a manufacturing facility in the space left vacant by Dell. Public and private investment of $ 713 million has created

4536-644: The American Alliance of Museums in 1979, one of 300 museums to receive this accreditation. There is no permanent collection of art exhibits but includes art by artists with regional, national, and international recognition. SECCA has three exhibit halls, with 9,000 square feet, and a 300-seat auditorium. Kaleideum is an interactive children's museum which offers exhibits and programs designed to develop creative thinking, strengthen language skills, and encourage curiosity for children ages birth to eight. Kaleideum has two locations, Kaleideum Downtown (formerly

4662-757: The American Southeast or simply the Southeast , is a geographical region of the United States located in the eastern portion of the Southern United States and the southern portion of the Eastern United States . The region includes a core of states that reaches north to Maryland and West Virginia , bordering the Ohio River and Mason–Dixon line , and stretches west to Arkansas and Louisiana . There

4788-711: The Ardmore Historic District , which contains over 2,000 buildings and two sites. Ardmore is near Wake Forest Baptist Medical Center , the second-largest hospital in North Carolina. Wake Forest Baptist Health is the largest employer in Forsyth County , with over 13,000 employees, and serves North Carolina , Virginia , Tennessee , and South Carolina . Major thoroughfares in Ardmore are South Hawthorne Road, Miller Street, Cloverdale Avenue, and Queen Street. Sitting northwest of downtown, Buena Vista

4914-599: The Evergreen Investments brand until 2010, when the Evergreen fund family merged with Wells Fargo Advantage Funds, and institutional and high-net-worth products merged with Wells Capital Management and its affiliates. Wachovia's private equity arm operated as Wachovia Capital Partners . Additionally, the asset-based lending group operated as Wachovia Capital Finance. Wachovia ( / w ɑː ˈ k oʊ v i ə / wah- KOH -vee-ə ) has its origins in

5040-695: The Latin form of the Austrian name Wachau . When Moravian settlers arrived in Bethabara, North Carolina , in 1753, they gave this name to the land they acquired, because it resembled the Wachau valley along the Danube River . The area formerly known as Wachovia now makes up most of Forsyth County , and the largest city is now Winston-Salem. First Union was founded as Union National Bank on June 2, 1908,

5166-568: The Marketplace Mall . Old Salem is a restored Moravian settlement founded in 1766. Seventy percent of the buildings are original, and the village is a living history museum with skilled tinsmiths, blacksmiths, cobblers, gunsmiths, bakers and carpenters practicing their trades while interacting with visitors. Along with the original 18th-century buildings, Old Salem is also home to the Museum of Early Southern Decorative Arts (MESDA),

Wachovia - Misplaced Pages Continue

5292-1033: The Thirteen Colonies who sent delegates to the Second Continental Congress in Philadelphia , which declared independence from the British Crown , which was established with the colonies' victory over the British in the American Revolutionary War . During the American Civil War , the Confederate States of America consisted of the southeastern states of Florida, Alabama, Georgia, Mississippi, Tennessee, South Carolina, North Carolina, Virginia, Louisiana, and Arkansas. Texas

5418-552: The United States Census Bureau , the city has a total area of 134.74 square miles (349.0 km ), of which 133.53 square miles (345.8 km ) is land and 1.21 square miles (3.1 km ) (0.90%) is water. The city lies within the Yadkin–Pee Dee River Basin , draining mainly via Salem Creek, Peters Creek, Silas Creek, and Muddy Creek. Less than 30 miles (50 km) north of Winston-Salem are

5544-689: The United States Virgin Islands , and Virginia . There is no official United States Census Bureau definition of the Southeastern United States. They instead divide a larger region which includes Texas , Oklahoma , Maryland , Delaware , Washington, D.C., and West Virginia , designated as "the South," into three separate subregions, none of which are conventionally considered to define the Southeast. The nonprofit American Association of Geographers defines

5670-822: The Wachovia Financial Center . The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania . Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they were renamed the Wachovia Center (now known as Wells Fargo Center ), Wachovia Spectrum (which was later demolished), and Wachovia Arena at Casey Plaza (now known as Mohegan Sun Arena at Casey Plaza ), respectively. A graphic illustration of

5796-580: The Wake Forest Innovation Quarter , an innovation district in downtown Winston-Salem which features business, education in biomedical research and engineering, information technology and digital media, as well as public gathering spaces, apartment living, restaurants, and community events. According to the Winston-Salem Business Inc.'s 2012–2013 data report on major employers, the ten largest employers in

5922-529: The poverty line . 26.2% of the total population, 31.6% of those under the age of 18, and 8.2% of those 65 and older were living below the poverty line. About 54.14% of the population identifies as being religiously affiliated. Christianity is the largest religion, with Baptists (15.77%) making up the largest religious denomination, followed by Methodists (12.79%) and Catholics (4.39%). Pentecostals (2.97%), Episcopalians (1.3%), Presbyterians (2.59%), Lutherans (0.96%), Latter-Day Saints (0.90%) make up

6048-469: The 1880s, there were many different tobacco factories in the town, with notable ones owned by Pleasant Hanes and R.J. Reynolds . Pleasant Hanes would later go on to found Hanes (formerly called Shamrock Knitting Mills) in 1900. Robert Gray, as a featured speaker at the 1876 centennial celebration, was the first to mention the two towns as one. In the 1880s, the US Post Office began referring to

6174-438: The 1940s, promotion of different industries, and federal spending on defense and space programs, the Southeast saw further economic transformation in the ensuing years and decades of the 20th century. The Southeast benefitted from its business and warm climate in its population growth during the late 20th century, as it helped in attracting job seekers and retirees from other U.S. regions. Florida in particular went from being

6300-550: The 27th most populated U.S. state in 1940 with 1.9 million residents, to being the 4th most populated U.S. state and having nearly 13 million residents in 2000 . Southeast states such as North Carolina and Georgia saw large population growth increases as well during the late 20th century. The United States Geological Survey defines Southeastern United States as including the states of Alabama , Arkansas , Florida , Georgia , Kentucky , Louisiana , Mississippi , North Carolina , South Carolina , Tennessee , Puerto Rico ,

6426-451: The 4- to 8-lane boulevard named after Wake Forest University , serves as the downtown–north connector. Neighborhoods within the area include Alspaugh and Mount Tabor. The area is bound by North Point Boulevard to the north, Coliseum Drive to the south, University Parkway to the east, and Silas Creek Parkway and Reynolda Road to the west. Other thoroughfares within the area are Polo Road, Reynolds Boulevard, and Deacon Boulevard. Attractions in

SECTION 50

#1732802189959

6552-675: The 53 °F (12 °C) range. As one nears the Gulf of Mexico, coastal plain, and coastal areas of Georgia and the Carolinas, winters become warm, with daytime highs near or over 60 °F (16 °C). Once in Florida, daytime highs are above 70 °F (21 °C) from just south of St. Augustine on the Atlantic coast and Clearwater on the Gulf Of Mexico. Extreme southern Florida has the warmest winter temperatures (mid 70's F) in

6678-517: The A.G. Edwards brand in favor of a unified Wachovia Securities . Wachovia, excluding subsidiaries, was the fourth largest bank at the end of 2008. Exposed to risky loans, such as adjustable rate mortgages acquired during the acquisition of Golden West Financial in 2006, Wachovia began to experience heavy losses in its loan portfolios during the subprime mortgage crisis . In the first quarter of 2007, Wachovia reported $ 2.3 billion in earnings, including acquisitions and divestitures. However, in

6804-797: The Atlanta area; the two largest research parks in the country: Research Triangle Park in the Triangle area of North Carolina (the world's largest) and the Cummings Research Park in Huntsville, Alabama (the world's fourth largest); corporate headquarters of Bank of America , Truist Financial , and Wells Fargo in Charlotte, North Carolina , the corporate headquarters of Verso Paper and FedEx in Memphis, Tennessee as well as

6930-442: The Charlotte area along with the sports operations headquarters and media outlets. Tracks in the region include Atlanta Motor Speedway , Bristol Motor Speedway , Charlotte Motor Speedway , Darlington Raceway , Daytona International Speedway , Homestead-Miami Speedway , Martinsville Speedway , Nashville Superspeedway , North Wilkesboro Speedway , Richmond Raceway , and Talladega Superspeedway . The southeast also hosts two of

7056-534: The Children's Museum of Winston-Salem) and Kaleideum North (formerly SciWorks). Kaleideum Downtown features many permanent and rotating exhibits, including a recreated Krispy Kreme doughnut assembly line and delivery truck. Kaleideum North features a planetarium, a collection of small live animals including a Blue-and-yellow macaw , and other health and natural history exhibits. Southeastern United States The Southeastern United States , also known as

7182-765: The FDIC's insurance fund due to its size (it operated one of the largest branch networks on the East Coast). As business halted for the weekend, Wachovia was already in FDIC-brokered talks with Citigroup and Wells Fargo ; the latter company initially emerged as the frontrunner to acquire the ailing Wachovia's banking operations. Wells Fargo originally backed out of this particular deal due to concerns over Wachovia's commercial loans. With no deal in place as September 28 dawned, regulators were concerned that Wachovia would not have enough short-term funding to open for business

7308-809: The Global Institute on Innovation Districts, making it one of the leading districts of its kind in the world. Winston-Salem is home to Hanes Mall , one of the largest shopping malls in North Carolina . The area surrounding the mall along Stratford Road and Hanes Mall Boulevard has become one of the city's largest shopping districts. Other notable shopping areas exist in the city, including Thruway Center (the city's first shopping center), Hanes Point Shopping Center, Hanes Commons, Stratford Commons, Stratford Village, Reynolda Village, Pavilions, Shoppes at Hanestowne Village, Burke Mill Village Shopping Center, Oak Summit Shopping Center, Stone's Throw Plaza, Cloverdale Plaza Shopping Center Silas Creek Crossing, and

7434-472: The Innovation Quarter. The goal is to drive even more economic development and create programs for tenants and residents for new ideas. Because of its location in downtown Winston-Salem, the Innovation Quarter serves as a creative and welcoming urban place for scientists, innovators, and technology leaders. In 2019, the Innovation Quarter became one of the first nine steering committee members of

7560-441: The Pick-A-Pay loans were made in California, Florida and Arizona, where home prices had declined severely. In 2009 New York Times reporter Floyd Norris called World Savings a "ticking timebomb" that created "zombie homeowners". While Wachovia Chairman and CEO G. Kennedy "Ken" Thompson had described Golden West as a "crown jewel", investors did not react positively to the deal. Analysts said that Wachovia purchased Golden West at

7686-433: The Salem Congregation sold land north of Salem to the newly formed Forsyth County for a county seat. The new town was called "the county town" or Salem until 1851, when it was renamed Winston for a local hero of the Revolutionary War , Joseph Winston . For its first two decades, Winston was a sleepy community. In 1868, work began by Salem and Winston business leaders to connect the town to the North Carolina Railroad . By

SECTION 60

#1732802189959

7812-419: The South to have some of the lowest unemployment rates in the United States. In Alabama, there is the large-scale manufacturing project owned by the German steel megacorporation ThyssenKrupp , which operates a massive, state-of-the-art facility in Mobile . Even with certain states and areas in the Southeast doing well economically, many Southeast states and areas still have a high poverty rate when compared to

7938-451: The Southeast, out of a total of ten such areas in the United States: Two others tie some areas on the margins of the Southeast to urban centers in other regions: These are the combined statistical areas of the Southeastern region which exceed 1  million in population according to the United States Census Bureau 's 2016 estimates. Note that the metropolitan areas of Tampa and Richmond are not included in any CSAs, so they are included in

8064-519: The Southeast: the Atlanta Braves , Baltimore Orioles , Miami Marlins , Tampa Bay Rays , and Washington Nationals . The Southeast has five National Hockey League (NHL) franchises: the Carolina Hurricanes , Florida Panthers , Nashville Predators , Tampa Bay Lightning , and Washington Capitals . Major League Soccer currently holds six clubs: Atlanta United FC , Charlotte FC , DC United , Inter Miami CF , Nashville SC and Orlando City SC . The majority of NASCAR teams are headquartered in

8190-417: The Southeastern United States as including Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and West Virginia. The OSBO (Organization Supporting Business Owners) uses the same states, but includes Arkansas and Louisiana. The states of Delaware and Missouri , along with the U.S. capital of Washington, D.C., are also sometimes added in definitions of

8316-423: The U.S. nationally. In 2017, seven Southeast states were in the top ten nationwide when it came to having the highest poverty rate. Research Triangle Park in the Raleigh–Durham urban area of North Carolina, has emerged as a major hub of technology, governmental, and biotechnological research and development. The Cummings Research Park in the Huntsville, Alabama area, is the second-largest research complex in

8442-458: The United States is dominated by the humid subtropical climate (Cfa/Cwa). As one nears the southern portion of Florida, the climate gradually becomes tropical, as the winter season and all months have a mean temperature above 64.4 °F (18.0 °C) (the defined coldest monthly mean temperature of tropical climates). Seasonally, summers are generally hot and humid throughout the entire region. The Bermuda High pumps hot and moist air mass from

8568-415: The United States south of Baltimore, Maryland , and it was named the best building of the year by the American Institute of Architects . The building is well known for being the predecessor and prototype for the much larger Empire State Building , which was built in 1931 in New York City. In 1892, Simon Green Atkins founded Slater Industrial Academy, which later became Winston-Salem State University ,

8694-419: The United States. Winters tend to be very dry and sunny across Florida, with a gradual increase in winter rainfall with increasing latitude, especially west of the Appalachian Mountains. The Southeast economically has changed dramatically since the late 20th century. There has been a boom in its service economy , manufacturing base, high technology industries, and the financial sector. Examples of this include

8820-420: The Wachovia National Bank. The bank was co-founded by James Alexander Gray and William Lemly. In 1911, the bank merged with Wachovia Loan and Trust Company , "the largest trust company between Baltimore and New Orleans ", which had been founded on June 15, 1893. Wachovia grew to become one of the largest banks in the Southeast partly on the strength of its accounts from the R.J. Reynolds Tobacco Company , which

8946-443: The World Savings loan portfolio. They noted that the creditworthiness of World Savings borrowers edged down from 2004 to 2006, while Pick-A-Pay borrowers had credit scores well below the industry average for traditional loans. World Savings lending volume dipped again in 2006 shortly after the sale to Wachovia was initiated. In 2007, after the merger, World Savings, then known as Wachovia Mortgage began to attract more borrowers by taking

9072-478: The acquisition and integration of World Savings Bank in 2007. Wachovia agreed to purchase Golden West Financial for a little under $ 25.5 billion on May 7, 2006. This acquisition gave Wachovia an additional 285-branch network spanning 10 states. Wachovia greatly raised its profile in California, where Golden West held $ 32 billion in deposits and operated 123 branches. Golden West, which operated branches under

9198-781: The area include the Winston-Salem Entertainment-Sports Complex , which includes LJVM Coliseum ; the Winston-Salem Fairgrounds ; Winston-Salem Fairgrounds Annex ; Truist Field ; Truist Stadium ; and David F. Couch Ballpark . The Winston-Salem Fairgrounds also hosts the Carolina Classic Fair , formerly the Dixie Classic Fair. The fair is one of the most-visited fairs in North America and

9324-402: The board at Wachovia. The Sandlers sold their firm at the top of the market, saying that they were growing older and wanted to devote themselves to philanthropy. A year earlier, in 2005, World Savings lending had started to slow, after more than quadrupling since 1998. Some current and former Wachovia officials said that the merger was agreed to within days, making it impossible to thoroughly vet

9450-457: The buildings in West End were built between 1887 and 1930. Major thoroughfares in West End are West End Boulevard, Northwest Boulevard, and West First Street, which leads into downtown Winston-Salem. The neighborhood offers an urban lifestyle, with shops , parks , restaurants , and services all located within the neighborhood. Ardmore, the largest neighborhood in Winston-Salem, features

9576-652: The city as "Winston" in informal speech. Winston-Salem is also home to six colleges and institutions, most notably Wake Forest University , Winston-Salem State University , and the University of North Carolina School of the Arts . Siouan -speaking tribes such as the Cheraw and the Keyauwee Indians inhabited the area. Followers of the Moravian Church had interacted with Cherokees . The city of Winston-Salem

9702-489: The city being 200 miles (320 km) inland. Winston-Salem was the eighth-largest port of entry in the United States by 1916. In 1917, the Reynolds company bought 84 acres (340,000 m ) of property in Winston-Salem and built 180 houses that it sold at cost to workers, to form a development called " Reynoldstown ". By the time R.J. Reynolds died in 1918, his company owned 121 buildings in Winston-Salem. In 1920, with

9828-546: The city in 2017 was 56.1% White , 34.7% Black or African American , 2.2% Asian American , 0.3% Native American , 0.1% Native Hawaiian and other Pacific native alone, and 2.3% two or more races . In addition, 14.8% was Hispanic or Latino , of any race. Non-Hispanic Whites were 45.8% of the population in 2017. 38.4% were married couples living together, 17.3% had a female householder with no husband present, and 39.7% were non-families. 33.1% of all households were made up of individuals, and 10.3% had someone living alone who

9954-619: The city were: According to the Winston-Salem Business Inc.'s 2012 data report on major industries, the major industries in Winston-Salem/Forsyth County are by percentage: The east end of downtown Winston-Salem is anchored by the Innovation Quarter , one of the fastest-growing urban-based districts in the United States. Governed by the Wake Forest School of Medicine , the Innovation Quarter

10080-578: The cold season. In this area, December, March, or April are typically the wettest months; August to October, the driest months (for example, in Tupelo, MS , Huntsville, AL and Memphis, TN ). Winters are cool in the northern areas like Tennessee , Virginia , Maryland , and western North Carolina , with average high temperatures in the 45 °F (7 °C) range in January. Farther south, winters become milder across interior eastern North and South Carolina, Georgia, and Alabama, with average January highs in

10206-577: The company out of its difficulties. After Steel took over, he insisted that Wachovia would stay independent. However, its stock price plunged 27 percent on September 26 due to the seizure of Washington Mutual the previous night. On the same day, several businesses and institutional depositors withdrew money from their accounts in order to drop their balances below the $ 100,000 insured by the Federal Deposit Insurance Corporation (FDIC)—an event known in banking circles as

10332-566: The company's major mergers, acquisitions, and historical predecessors, up to the 2001 merger of Wachovia and First Union: Union National Bank   (est. 1908) First National Bank & Trust CoreStates Financial   (dates to 1781) Wachovia National Bank  (Formerly: Bank of Salem )  (est. 1879) Wachovia Loan & Trust   (est. 1893) First Atlanta  (Formerly Atlanta National Bank)  (est. 1865) Between 2001 and 2006, Wachovia bought several other financial services companies in an attempt to become

10458-471: The congregation grouped around a central square (today Salem Square ). These included the church, a Brethren's House, and a Sisters' House for the unmarried members of the congregation, which owned all the property in town. For many years, only members of the Moravian Church were permitted to live in the settlement. This practice had ended by the American Civil War . Many of the original buildings in

10584-966: The corporate headquarters of the Coca Cola Company , Delta Airlines , the Home Depot and United Parcel Service in Atlanta , Georgia. Dillards , along with Heifer International , is headquartered in Little Rock, Arkansas . Walmart is also headquartered in Arkansas . In 2020, Fortune 500 companies having headquarters in the Southeast region include: 22 in Virginia, 18 in Georgia, 18 in Florida, 13 in North Carolina, and 10 in Tennessee. This economic expansion has enabled parts of

10710-481: The fastest-growing area of the United States economically. Multiculturalism has become more mainstream in the Southeastern states. African Americans remain a dominant demographic, at around 30% of the total population of the Southeast. Cities along this corridor from north to south include Raleigh-Durham area, Greensboro, Charlotte, Spartanburg, Greenville, Atlanta, and Montgomery. Most of the southeastern part of

10836-614: The few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1991, Wachovia entered the South Carolina market by acquiring South Carolina National Corporation, founded as the Bank of Charleston in 1834. In 1998, Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 1997, Wachovia acquired both 1st United Bancorp and American Bankshares Inc, giving its first entry into Florida . In 2000, Wachovia made its final purchase, which

10962-423: The fifth largest city in North Carolina. At the 2017 census estimate , the population was 244,605, with 94,105 households and a population density of 1,846 people per square mile. Winston-Salem was 53.0% female, and 27.8% of its firms were owned by women. The median age was 35 years. 23.9% of the population was under 18 years old, and 13.7% of the population was 65 years or older. The racial composition of

11088-582: The financial press and security analysts. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as many speculated that Wachovia would be sold to Atlanta-based SunTrust . The deal was met with skepticism and criticism. Analysts, remembering the problems with the CoreStates acquisition, were concerned about First Union's ability to merge with another large company. Winston-Salem's citizens and politicians suffered

11214-602: The former Budget Inn property and build 60 apartment units with a 4,000-square-foot community space. PCCI plans to build a four-story building that will house The Shalom Project in the bottom floor, along with other businesses. The city of Winston-Salem has a humid subtropical climate , characterized by cool winters and warm, humid summers. Throughout the year, temperatures typically stay between 32 °F (0 °C) and 88 °F (31 °C), rarely dropping below 19 °F (−7 °C) or exceeding 94 °F (34 °C). The Köppen Climate Classification subtype for this climate

11340-424: The house is a 16-acre lake called "Lake Katherine", which was reverted into wetlands and has a wide variety of wildlife. Many of buildings were changed into shops, boutiques, and restaurants that still operate today. This house still is a main attraction in Winston-Salem. The Southeastern Center for Contemporary Art is a multimedia contemporary art gallery in Winston-Salem that was founded in 1956 and accredited by

11466-644: The largest cities in the Southeastern region of the United States by population, according to the United States Census Bureau in 2015: These are the metropolitan areas of the Southeastern region which exceed one million in population according to the United States Census Bureau 's 2023 estimates:as estimated by the United States Census Bureau Beyond Megalopolis by Virginia Tech 's Metropolitan Institute, an attempt to update Jean Gottmann 's work with current trends, defines two " megapolitan areas " contained within

11592-439: The lobby of the city's landmark Reynolds Building. Winston-Salem is the location of the corporate headquarters of HanesBrands , Inc., Lowes Foods Stores, Quality Oil Company, Reynolds American (parent of R. J. Reynolds Tobacco Company ), Reynolda Manufacturing Solutions, K&W Cafeterias (until 2022), and TW Garner Food Company (makers of Texas Pete ). Blue Rhino , the nation's largest propane exchange company and

11718-582: The location of a new town. The town established on the chosen site was given the name of Salem (from "Shalom", Hebrew meaning "Peace", after the Canaanite city mentioned in the Book of Genesis ) chosen for it by the Moravians' late patron Count Zinzendorf . On January 6, 1766, the first tree was felled for the building of Salem. Salem was a typical Moravian settlement congregation, with the public buildings of

11844-505: The merger was completed. This acquisition made Wachovia the ninth largest auto finance lender in the competitive U.S. auto finance market and provided Wachovia with a small retail and commercial banking presence in Southern California . On February 12, 2007, the former 19 Western Financial Bank branches opened under the Wachovia name. These branches became the launching point for a much larger Wachovia presence in California with

11970-490: The name World Savings Bank, was the second largest savings and loan in the United States. The business was a small savings and loan in the San Francisco Bay area when it was purchased in 1963 for $ 4 million by Herbert and Marion Sandler . Golden West specialized in option ARMs loans, marketed under the name "Pick-A-Pay." These loans gave the borrower a choice of payment plans, including the option to defer paying

12096-731: The nation. Located in Huntsville is the Redstone Arsenal , United States Army Missile Command , the U.S. Space & Rocket Center , NASA 's Marshall Space Flight Center and other key government, military, and aerospace agencies. Tullahoma, TN contains the Arnold Air Force Base. The base is home to the Arnold Engineering Development Complex (AEDC), the most advanced and largest complex of flight simulation test facilities in

12222-444: The new Wachovia agreed to buy back its portfolio from Bank One in September 2001 and resell it to MBNA. Wachovia paid Bank One a $ 350 million termination fee . On September 4, 2001, First Union and Wachovia officially merged. In order to prevent a repeat of the CoreStates problems, the new Wachovia gradually phased-in the conversion of legacy Wachovia computer systems to First Union systems. The company first began converting systems in

12348-440: The next day. In order to obtain enough liquidity to do business, banks usually depend on short-term loans to each other. However, the markets had been so battered by a credit crisis related to the housing bubble that banks were skittish about making such loans. Under the circumstances, regulators feared that if customers pulled out more money, Wachovia would not have enough liquidity to meet its obligations. This would have resulted in

12474-531: The peak of the US housing boom. Wachovia Mortgage's mortgage-related problems led to Wachovia suffering writedowns and losses that far exceeded the price paid in the acquisition, ending up in the fire-sale of Wachovia to Wells Fargo . On May 31, 2007, Wachovia announced plans to purchase A. G. Edwards for $ 6.8 billion to create the United States' second largest retail brokerage firm. The acquisition closed on October 1, 2007. In early March 2008 Wachovia began to phase out

12600-818: The region for several hundred years during the Woodland period . The first Europeans to arrive in the region were conquistadors associated with the Spanish Empire . In 1541, Hernando de Soto journeyed through the southeast and crossed the Mississippi River . The region hosted the first permanent European settlement in North America , with the Kingdom of England establishing Jamestown, Virginia in 1607. Four southeast states, Georgia , North Carolina , South Carolina , and Virginia , were among

12726-617: The region: the Atlanta Falcons , Baltimore Ravens , Carolina Panthers , Jacksonville Jaguars , Miami Dolphins , New Orleans Saints , Tampa Bay Buccaneers , Tennessee Titans , and Washington Commanders . The Southeast has seven National Basketball Association (NBA) franchises: the Atlanta Hawks , Charlotte Hornets , Memphis Grizzlies , Miami Heat , New Orleans Pelicans , Orlando Magic , and Washington Wizards . Major League Baseball (MLB) maintains five teams in

12852-549: The remains of the ancient Sauratown Mountains , named for the Saura people who once lived in much of the Piedmont area, including what is now Winston-Salem. Winston-Salem is located 16 miles northwest of High Point , 25 miles west of Greensboro , and 69 miles northeast of Charlotte . The city of Winston-Salem consists of 66 constituent neighborhoods, covering 25 ZIP codes and a total area of 135 square miles. Winston-Salem

12978-537: The second quarter of 2008, Wachovia reported a much larger than anticipated $ 8.9 billion loss. On June 2, 2008, Wachovia chief executive officer Ken Thompson was forced to retire. He had been head of the company since 2000, while it was still known as First Union . The board replaced him on an interim basis with Chairman Lanty Smith. Smith had already replaced Thompson as chairman a month earlier. On July 9, 2008, Wachovia hired Treasury Undersecretary Bob Steel as chief executive in hopes that his experience would lead

13104-753: The second-most-visited in North Carolina, next to the North Carolina State Fair . Community renovations are planned for the corner of Peters Creek Parkway and Academy Street. On September 11, 2018, The Winston-Salem Journal reported that The City of Winston-Salem Committee had approved the Peters Creek Community Initiative project, which is a collaboration of The Shalom Project, the North Carolina Housing Foundation, and The National Development Council. The group plans to purchase

13230-454: The settlement have been restored or rebuilt and are now part of Old Salem Museums & Gardens . Salem was incorporated as a town in December 1856. Salem Square and God's Acre Cemetery , the Moravian graveyard, have been the site of the Moravian sunrise service each Easter morning since 1772. This service, sponsored by all the Moravian church parishes in the city, attracts thousands of worshipers each year, some from overseas. In 1849,

13356-511: The southeast United States where both banks had branches, before moving to First Union's branches in the Northeast, which only had to change their signs to reflect the new company name and logo. This process was completed on August 18, 2003, almost 2 years after the merger. In comparison to the CoreStates purchase, the acquisition of Wachovia by First Union was considered successful by analysts. The company's deliberate pace of conversion prevented any large-scale customer attrition . In fact, Wachovia

13482-709: The success during 2001 to its acquisition by Wells Fargo. Wachovia Securities and the Prudential Securities Division of Prudential Financial, Inc. combined to form Wachovia Securities LLC on July 1, 2003. Wachovia owned a controlling 62% stake, while Prudential Financial retained the remaining 38%. At the time, the new firm had client assets of $ 532.1 billion, making it the nation's third largest full service retail brokerage firm, based on assets. On October 22, 2003, Wachovia announced it would acquire Metropolitan West Securities, an affiliate company of Metropolitan West Financial . This acquisition added

13608-1118: The surge in tourism in Florida and along the Gulf Coast ; the numerous new automobile production plants such as Mercedes-Benz in Tuscaloosa ; Hyundai in Montgomery ; Toyota Motors in Blue Springs, Mississippi ; Kia in West Point, Georgia ; BMW production plant in Greer, South Carolina ; Volkswagen in Chattanooga ; GM manufacturing plant in Spring Hill, Tennessee ; with the Nissan North American headquarters in Franklin, Tennessee ; Mercedes-Benz USA ; and Porsche North American headquarters in

13734-406: The table without constituent areas. The predominant culture of the Southeast U.S. has its origins with the settlement of the region by European colonists and African slaves during the 17th to 19th centuries, as large groups of English , Scottish , Scotch-Irish , Germans , Spanish , French , and Acadians migrated to the region. Since the late 20th century, the " New South " has emerged as

13860-528: The term. The most populous states in the region as of the 2020 United States census are: Florida (21,538,187), followed by Georgia (10,711,908), and North Carolina (10,439,388). Puerto Rico and the U.S. Virgin Islands are located southeast of Florida, and are considered to be in the South / Southeastern U.S. by the FAA , Agricultural Research Service , and the U.S. National Park Service . These are

13986-1039: The three legs of the American Triple Crown : the Kentucky Derby in Louisville , and the Preakness Stakes in Baltimore . The Derby is considered the western leg of the crown and the Preakness is traditionally considered the southern leg. The Atlantic Coast Conference is an NCAA Division I conference with many Southeastern college teams, including the: Clemson Tigers , Duke Blue Devils , Florida State Seminoles , Georgia Tech Yellow Jackets , Louisville Cardinals , Miami Hurricanes , North Carolina Tar Heels , NC State Wolfpack , Virginia Cavaliers , Virginia Tech Hokies , and Wake Forest Demon Deacons . The Southeastern Conference

14112-562: The tropical Atlantic Ocean and eastern Gulf of Mexico westward toward the southeast United States, creating the typical sultry tropical summers. Daytime highs are often in the upper 80s to lower 90s F. Rainfall is summer concentrated along the Gulf Coast and the South Atlantic coast from Norfolk, Virginia southward, reaching a sharp summer monsoon -like pattern over peninsular Florida, with dry winters and wet summers. Sunshine

14238-548: The two towns together as Winston-Salem. In 1899, after nearly a decade of contention, the United States Post Office Department established the Winston-Salem post office in Winston, with the former Salem office serving as a branch. After a referendum the towns were officially incorporated as "Winston-Salem" in 1913. The Reynolds family , namesake of the R. J. Reynolds Tobacco Company , played

14364-489: The world. The National High Magnetic Field Laboratory in Tallahassee, Florida , is the largest laboratory in the world devoted to the study of magnetism. The University of South Carolina is currently constructing a research campus in downtown Columbia , and the university is the nation's only National Science Foundation -funded Industry/University Cooperative Research Center for Fuel Cells . The region includes

14490-447: Was 65 years of age or older. The average household size was 2.38 and the average family size was 3.06. The median household income was $ 41,228, and the median family income was $ 53,222. The mean household income was $ 60,637, and the mean family income was $ 74,938. Males had a median income of $ 41,064, versus $ 33,683 for females. The per capita income for the city was $ 24,728. 20.6% of the population and 15.7% of all families were below

14616-462: Was Republic Security Bank. On April 16, 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $ 13.4 billion in First Union stock. First Union offered two of its shares for each Wachovia share outstanding. The announcement was made by Wachovia chairman L.M. "Bud" Baker Jr. and First Union chairman Ken Thompson . Baker would become chairman of the merged bank, while Thompson would become president and CEO. First Union

14742-521: Was a Confederate State that isn't defined as part of the southeast region. Missouri and Kentucky had dual competing Unionist and Confederate state governments in the Confederate government of Missouri and Confederate government of Kentucky , while Maryland and Delaware were neutral southern border states that remained with the Union . West Virginia split from Virginia during 1863, and also served as

14868-441: Was also based in Winston-Salem until it was merged with SunTrust Banks in December 2019; the corporate headquarters of the combined company were relocated to Charlotte. Although traditionally associated with the textile and tobacco industries, Winston-Salem is transforming itself to be a leader in the nanotech , high-tech and biotech fields. Medical research is a fast-growing local industry, and Wake Forest Baptist Medical Center

14994-504: Was also headquartered in Winston-Salem. As of December 31, 1964, Wachovia was the first bank in the Southeastern United States to exceed $ 1 billion in resources. On December 12, 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made Wachovia one of

15120-551: Was completed by the end of 2005. In June 2005, Wachovia negotiated to purchase monoline credit card company MBNA . However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America . Wachovia received $ 100 million as the result of an agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. This agreement required MBNA to pay this sum if it were ever sold to

15246-486: Was estimated to be 695,630 in 2023. It is the second-most populous city in North Carolina's Piedmont Triad region, home to about 1.7 million residents. Winston-Salem is called the "Twin City" for its dual heritage, and the "Camel City" as a reference to the city's historic involvement in the tobacco industry related to locally based R. J. Reynolds' Camel cigarettes. Many natives of the city and North Carolina refer to

15372-636: Was organized into four divisions: General Bank (retail, small business, and commercial customers), Wealth Management (high-net-worth, personal trust, and insurance business), Capital Management (asset management, retirement, and retail brokerage services), and Corporate and Investment Bank (capital markets, investment banking, and financial advisory). It served retail brokerage clients under the name Wachovia Securities nationwide as well as in six Latin American countries, and investment banking clients in selected industries nationwide. In 2009, Wachovia Securities

15498-409: Was ranked number one in customer satisfaction among major banks by the University of Michigan 's annual American Customer Satisfaction Index for every year after the merger. When Wachovia and First Union merged, Charlotte's One , Two , and Three First Union buildings became One, Two, and Three Wachovia Center (respectively), and the 55-story First Union Financial Center in downtown Miami became

15624-404: Was subsequently purchased from John Carteret, 2nd Earl Granville . On November 17, 1753, the first settlers arrived at what would later become the town of Bethabara . This town, despite its rapid growth, was not designed to be the primary settlement on the tract. Some residents expanded to a nearby settlement, called Bethania , in 1759. Finally, lots were drawn to select among suitable sites for

15750-428: Was the acquiring party and nominal survivor, and the merged bank was based in Charlotte and adopted First Union's corporate structure and retained First Union's pre-2001 stock price history. However, as an important part of the merger, the merged bank took Wachovia's name and stock ticker symbol; despite First Union technically being the surviving identity and acquiring party. This merger was viewed with great surprise by

15876-595: Was the first Wachovia business to be converted to the Wells Fargo brand, when the business became Wells Fargo Advisors. Calibre was an independent consultant that was hired by Wachovia for the Family Wealth Group to research managers. The group no longer uses Calibre. The company's corporate and institutional capital markets and investment banking groups operated under the Wachovia Securities brand, while its asset management group operated under

#958041