Wachovia Corporation

Wachovia

Wachovia Corporation began on June 16, 1879, in Winston-Salem, North Carolina, as 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 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. Hugh Durden was hired in 1972. He rose through the ranks to become President of Wachovia.