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Wachovia South Tryon Projects

Southend

By Southend
in Charlotte

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dubone Megalopolis

dubone

Posted
Posted

Actually the NC Legislature passed Senate Bill 795 which made it impossible for Suntrust to derail the Wachovia - First Union merger.

Read about it here.

<{POST_SNAPBACK}>

so i guess it was very specific to the suntrust-wachovia situation.

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monsoon Gigalopolis

monsoon

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so i guess it was very specific to the suntrust-wachovia situation.

<{POST_SNAPBACK}>

Yes, First Union called in a lot of chips and got this pushed through the Legislature. I believe it was the reason the SunTrust got sent back to Georgia with its tail between its legs.

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Sabaidee Hamlet

Sabaidee

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A2, from what I understand this is not a handout to Wachovia. Instead the property taxes that Wachovia will pay on this new skyscraper will pay off the muesems. So Wachovia doesn't get a break at all. They will be paying the same property tax rate that all of us do.

I think this would be a great project for downtown Charlotte and push it up to the next level. If Wachovia is about to get bought out, then we better hurry and get this deal done now...cause if they do get bought out by Wells Fargo then this deal will be dead.

<{POST_SNAPBACK}>

I don't think Wachovia will be bought out, it's too expensive, and investors still view Wachovia as a buyer. When JP Morgan bought out Bank One, the merger was $58 billion and Bank One had about $300 Billions in assets before the merger and Wachovia has about $600 billions in asset. Wachovia would respond with a hefty price tag, that I think Wells Fargo wouldn't pay. If Wells Fargo took over Wachovia, it would be one of the largest bank mergers ever, it would rival Citi Bank and Travelers and that was $70 billions.

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cosmoboy Whistle-Stop

cosmoboy

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Plus, Wells Fargo just wouldn't fit in here. They would totally be an outcast! Bank of America, BB&T, Sun Trust and "Wells Fargo." It just doesn't fit in with our region of banking! WF sounds like a bank from up north or out west. Wachovia was home grown in north carolina and nobody is going to mess with that!

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skysdalimit Whistle-Stop

skysdalimit

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I think that if WB merged with anyone they should merge with US Bancorp. That will let the hq stay here, and then, later on, if Wells and WB decide to merge, WB, being the decidely larger bank, would keep the hq here. I would be greatly peeved if we lost WB's hq.

Now, that seems unlikely. I believe we can rest easy and focus on this great new development. Are there any renderings out? 600 condos, that is a lot. I can't wait to see this!

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monsoon Gigalopolis

monsoon

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If Wells Fargo took over Wachovia, there is no reason they couldn't take over the Wachovia name, or any of the previous names still owned by the bank.

Remember Bank of America became the new name of NationsBank when it took over that California bank. NationsBank was really NCNB (North Carolina National Bank)

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Sabaidee Hamlet

Sabaidee

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When mergers are considered, investors and outsiders look at the management team's proformances, Wachovia has been doing well, that's why it is viewed as a buyer. Wells Fargo's performance also has been doing well, the different between Wells Fargo and Wachovia is Wells Fargo's profits mainly comes from consumer banking. Wachovia depend less on consumer banking compared to Wells Fargo. The only minus for Wachovia is its captialization is smaller than Wells Fargo. Wachovia can technically buy out Wells Fargo do to its larger assets, but the top executives may be let go and Wachovia may have a smaller memberships on the new board, which means Wachovia won't be in the control of the new board like Nations Bank did to the BankAmerica executives.

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dxartist Hamlet

dxartist

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Plus, Wells Fargo just wouldn't fit in here. They would totally be an outcast! Bank of America, BB&T, Sun Trust and "Wells Fargo." It just doesn't fit in with our region of banking! WF sounds like a bank from up north or out west. Wachovia was home grown in north carolina and nobody is going to mess with that!

<{POST_SNAPBACK}>

I agree, it doesn't sound right. The name Wells Fargo doesn't sound like a bank anyway. Honestly, it sounds more like ice cream or some sort of Proctor & Gamble product, say detergent.

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dubone Megalopolis

dubone

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wells fargo is a much more famous name, though, nationally. it was a staple of the american west, and has been in countless movies over the last half century, especially in old westerns.

The name "Wachovia" would be more foreign and mysterious to more people if they did merge. I agree, though, that hopefully wachovia can focus on usbancorp to be sure to dominate the merger.

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A2 Town

A2

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I don't think Wachovia will be bought out, it's too expensive, and investors still view Wachovia as a buyer. When JP Morgan bought out Bank One, the merger was $58 billion and Bank One had about $300 Billions in assets before the merger and Wachovia has about $600 billions in asset. Wachovia would respond with a hefty price tag, that I think Wells Fargo wouldn't pay. If Wells Fargo took over Wachovia, it would be one of the largest bank mergers ever, it would rival Citi Bank and Travelers and that was $70 billions.

<{POST_SNAPBACK}>

It would NOT be an aquisition, but a Merger. WB is too big to be bought. Only three banks could buy WB. THey are BofA, Citi, and Bank One. That will not happen though as it would push there deposits past the regulated amount of 10%. All that can happen now is a merger with WB.

A2

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monsoon Gigalopolis

monsoon

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But the SF bank was BankAmerica.  So they added the "of" in the new bank. :P

<{POST_SNAPBACK}>

It was originally Bank of America and called that for most of its long history. BankAmerica was a very recent change to make it sound more modern. NCNB, in taking over the bank, got ownership of both names. As I said above Wells could do the same thing and call the new Bank based in San Francisco, First Union. That would certainly raise some hackles. :lol:

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Sabaidee Hamlet

Sabaidee

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It would NOT be an aquisition, but a Merger. WB is too big to be bought. Only three banks could buy WB. THey are BofA, Citi, and Bank One. That will not happen though as it would push there deposits past the regulated amount of 10%. All that can happen now is a merger with WB.

A2

<{POST_SNAPBACK}>

Bank One don't exist anymore, right now it just a unit of JP Morgan Chase. Citigroup is banned from making major aquisition by the Federal Reserve. Aquisition or mergers, someone has to make the offer to be bought out and the other is going to pay for the merger.

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A2 Town

A2

Posted
Posted

What are they going to name the tower? Will they continue with the 1 Wachovia, 2 Wachovia, 3 Wachovia scheme?

<{POST_SNAPBACK}>

According to the inner office memo we get at WB, it will be Corporate Center Four.

Anything is subject to change though. ;)

A2

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NorthStar Whistle-Stop

NorthStar

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I think that if WB merged with anyone they should merge with US Bancorp.  That will let the hq stay here, and then, later on, if Wells and WB decide to merge, WB, being the decidely larger bank, would keep the hq here.  I would be greatly peeved if we lost WB's hq.

<{POST_SNAPBACK}>

US Bancorp would be a likely candidate for WB to merge with if WB were to decide on a massive westward expansion. And of course, it would make sense to move the headquarters to Minneapolis.

;)

Anyway, I'm excited to see the renderings. I'm sure the tower will have a significant impact on Charlotte's skyline.

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