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. It proves that world-class companies view downtown Los Angeles as an attractive, high-potential growth market. That really speaks to the successful mix of residential and commercial growth that downtown is experiencing.'

Beyond downtown L.A., Wachovia continues to increase its California presence, which now includes 179 financial centers, 233 ATMs, 142 Wachovia Securities retail brokerage offices, and more than 9,000 employees. The company employs nearly 1,500 in Los Angeles County alone.

Wachovia has seen significant growth in many of its lines of business in the state. The company's 10 top financial centers in deposits are all located in California. Wholesale loans and deposits have exceeded expectations, with more than $850 million in loans and more than $300 million in deposits.

In addition to growing its business, Wachovia is increasing its impact on the California community. Wachovia gives all of its employees four paid hours per month-or six paid days a year-to volunteer for the causes they care about. In 2007 in California, Wachovia:

    -- Contributed more than $11.4 million to charitable organizations through
       company and foundation giving.
    -- Provided more than $8.9 billion in community development loans and
       investments to revitalize neighborhoods.
    -- Logged nearly 26,000 hours of employee volunteer community service.

Wachovia and The Wachovia Foundation have contributed millions of dollars to support organizations that serve the residents of Los Angeles, including Teach For America, The Library Foundation of Los Angeles, and Los Angeles Neighborhood Housing Services. In addition, Wachovia partnered with the City of Los Angeles to fund the New Generation Fund, which will increase the city's supply of affordable housing.

About Wachovia

Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified financial services companies, with assets of $812.4 billion and market capitalization of $33.5 billion at June 30, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at http://www.wachovia.com ; online brokerage products and services at http://www.wachoviasec.com ; and investment products and services at http://www.evergreeninvestments.com .

SOURCE Wachovia Corporation