Company continues its expansion in California as part of Western growth strategy

LOS ANGELES, Aug. 21 /PRNewswire-FirstCall/ -- Wachovia Corporation (NYSE: WB) today announced its first full-service retail financial center location in downtown Los Angeles at 717 Olympic Blvd.

The move follows the July opening of the company's new wholesale and government banking office at 333 S. Hope Street. The 7,500 square foot facility provides a downtown base for Wachovia's Commercial, Business, and Government banking operations as well as Wealth Management, Treasury Services and Risk Management.

'Wachovia's downtown expansion demonstrates two things: our appetite for growing our business in the dominant professional market of L.A., and our commitment to keeping the momentum going for downtown's renaissance,' said Frank Newman, Wachovia's Southern California President. 'As downtown continues to thrive, Wachovia plans to be front and center to offer our award-winning brand of customer service to corporations, government entities residents and visitors alike.'

For each of the past seven years, customers across the country have ranked Wachovia No. 1 in customer satisfaction on the American Customer Satisfaction Index, the nation's most prestigious independent survey of customer service. In addition, J.D. Power and Assoc. ranked Wachovia No. 1 for customer satisfaction in home equity and mortgage lending.

The flagship financial center, slated to open in early 2009, will be located at the corner of W. Olympic Blvd. and S. Figueroa St., near L.A. LIVE. Wachovia is the sole financial partner for L.A. LIVE, the $2.5 billion, 5.6 million square-foot sports, residential and entertainment complex developed by AEG. L.A. LIVE is widely regarded as a key factor in downtown's continuing revitalization.

Timothy J. Leiweke, president and CEO, AEG, developers of L.A. LIVE, said, 'Wachovia, under the leadership of Frank Newman, has been an invaluable partner throughout the development of L.A. LIVE, helping execute a vision that has created a stronger, more vibrant downtown. By expanding its business here, Wachovia is taking its commitment a step further-casting a vote of confidence for downtown's future growth.'

Carol Schatz, president and CEO of the Central City Association of Los Angeles, said, 'It's significant that Wachovia, a major national bank, is growing its presence across the board downtown-from retail to wholesale to government banking.