Central Fidelity Banks Inc., the parent of Central Fidelity National Bank in Richmond, Va., and Wachovia Corporation today announced they have received Federal Reserve approval for the merger between Central Fidelity and Wachovia. The merger was first announced June 24, 1997.
The agreement, which has been approved by the boards of directors of both companies, is subject to the approval of Central Fidelity shareholders. Shareholders are expected to vote Nov. 21, and assuming all required approvals have been received, the merger is expected to close in mid-December. Central Fidelity will continue to operate under its name until March 20, 1998, when the merger and integration with Wachovia Bank, N.A, is completed.
Central Fidelity Banks Inc., headquartered in Richmond, Va., had assets of $10.5 billion as of Sept. 30, 1997, and is the third largest Virginia-based banking company.
Wachovia Corporation, the parent of Wachovia Bank, N.A., is the 20th largest U.S. banking company with assets totaling $47.5 billion at Sept. 30, 1997. Upon completion of mergers with Central Fidelity, Jefferson Bankshares Inc. in Charlottesville, Va., and 1st United Bancorp of Boca Raton, Fla., Wachovia will be the 17th largest banking holding company in the country with assets exceeding $60 billion. U.S. Banker magazine rated Wachovia the No. 1 banking company in the country for 1996 among banking companies with assets of more than $25 billion.Details