Wachovia: It’s ‘banking as usual’ for local customers

As the effects of Wall Street trickle down to Main Street, Culpeper’s financial landscape will see some changes next year, but for now it’s “banking as usual,” according to Wachovia.

After its purchase of troubled Charlotte, N.C.-based Wachovia Bank earlier this week, Citigroup, Inc. will now be the largest bank both in the nation and here in Culpeper, though the deal does not close until the end of the year.

Wachovia held a market share of 49 percent in Culpeper as of June 2007 — the latest data from the FDIC — making it overwhelmingly the largest bank in town with nearly $231 million in deposits. Culpeper’s second-largest bank is SunTrust, with 17 percent of the market share and $80 million in deposits.

But local customers should not expect to see Citi signs replacing the familiar green and blue Wachovia signs until after January.

“The message is pretty simple right now,” said Wachovia spokesperson Christine Shaw. “Banking as usual. There is no change for our customers. They should feel confident that their deposits are secure and they have full access to their accounts. We are really focused on taking care of our customers.”

Citi will acquire all of Wachovia’s $700 billion in assets, though Shaw said there was not yet an integration timeline, but customers would be notified of any changes once the deal closes.

Citi has not announced any closures, but stated in a press release that it planned to close less than five percent of combined financial centers.

Culpeper is home to three Wachovia branches and no Citi branches.

Bank tellers inside the Main Street branch Wednesday afternoon said the phone had been ringing constantly with customer questions about the state of the bank.

Alice Cubbage, a Culpeper resident and longtime Wachovia customer, said she didn’t have any intentions of switching banks. She’s been a customer since she was 13 when her father set up a savings account for her extra cash.

“I’m fine with (the change),” Cubbage said. “As long as my money’s still there, I’m happy.”

Shaw said customers with questions should visit their local branch or call the company’s customer service number, 1-800-WACHOVIA.

Catherine Amos can be reached at 825-0771 ext. 138 or .

FDIC-insured banks’
market share in Culpeper
(Deposits as of June 2007)
Institution   Deposits   Market
(in thousands) share %

Wachovia           $230,841     49.13
SunTrust             $80,604     17.15
Second Bank
& Trust           $73,518   15.65
(now StellarOne)
BB&T           $55,849     11.89
Virginia Comm. Bank $20,701       4.41
Chevy Chase Bank $6,912   147
Carter Bank & Trust $1,435     0.31

Source: FDIC