Fast Eddie zips by the Wachovia way.Sometimes you just can't win for losing. Wachovia Corp. bagged bragging rights as the banking leader in Virginia this summer when it paid $542 million for Charlottesville-based Jefferson Bankshares Inc. and $2.3 billion for Richmond-based Central Fidelity Inc. But within weeks, First Union snatched the title with its $3.3 billion buy of Signet Banking Corp. of Richmond. Wachovia is playing down its brief reign as No. 1. "Only newsmedia people pay attention to that sort of thing," CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Bud Baker chides. That's not strictly true, says Ed Najarian, an analyst with Wheat First Butcher “The Butcher” redirects here. For the 1970 film, see The Butcher (film). “The Butchers” redirects here. For the band, see The Butchers (band). A butcher is someone who prepares various meats and other related goods for sale. Singer in Richmond. Greater control of a market means you dictate rates and fees. And First Union, now with almost 20% of the Virginia market, was certainly provoked pro·voke tr.v. pro·voked, pro·vok·ing, pro·vokes 1. To incite to anger or resentment. 2. To stir to action or feeling. 3. To give rise to; evoke: provoke laughter. by Wachovia, which controls 14%. "Bankers tend to move in herds," says Darren Short, an analyst with Robinson-Humphrey in Atlanta. Though it had no branches there, Wachovia had long had its eye on Virginia, Baker notes. The Old Dominion dominion, power to rule, or that which is subject to rule. Before 1949 the term was used officially to describe the self-governing countries of the Commonwealth of Nations—e.g., Canada, Australia, or India. native made it known at the start of this year that, after more than five years without an acquisition, it was time to do a deal. The message was heard loud and clear: Both banks asked to be bought. About a month-later, Wachovia moved into Florida, paying $222 million for Boca Raton-based 1st United Bancorp. "Wachovia on Buying Spree," the headlines read. "I'm very interested that some of the people that criticized us in the past for not doing more deals are now making comments about how many of them we do," Baker says wryly wry adj. wri·er or wry·er, wri·est or wry·est 1. Dryly humorous, often with a touch of irony. 2. . Was the notoriously cautious Winston-Salem bank trying to shake its Shake It may refer to:
Wachovia is still shopping, he says, probably but not necessarily in the Southeast. But don't expect him to follow the aggressive lead of First Union and its CEO Ed Crutchfield, who bragged to The Charlotte Observer that he "kept stacking billion-dollar bills on the table" until Signet cried uncle. "Ed's got more billions than I have," Baker says. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion