Wachovia Corporation stock certificate 1971 (North Carolina)

Uncommon banking stock. Fantastic vignette of a classical female figure seated with country and city scenes in the background. Issued and cancelled.  Dated 1971.  Measures approximately 12 x 8 inches.  

Wachovia Corporation began in 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 in 1893.

In 1986, Wachovia purchased First Atlanta. Founded as Atlanta National Bank in 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank 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 was Republic Security Ban

In 2001, First Union announced it would acquire Wachovia, through the exchange of approximately $13.4 billion in First Union stock. First Union 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, the merged bank took Wachovia's name and stock ticker symbol.

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. 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.

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.

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