Wachovia Buys SouthTrust

Charlotte, NC – Banking giant Wachovia will buy Birmingham-based competitor SouthTrust in a 14-point-three billion dollar deal. SouthTrust has 717 financial centers in nine states. The combination will create the largest bank in the southeastern United States. Officials say that will give Wachovia new leverage in the large Texas banking market...as well as in a number of other high-growth states. Wachovia is based in North Carolina. It's the nation's fourth largest bank with assets of 411 billion dollars.