Tuesday, April 23, 2024

SECU: The "New" Wachovia? The Undisciplined Pursuit Of More...


     ... a real industry standard.

"Once upon a time"... but not too long ago, most everyone in finance agreed that Wachovia Bank & Trust  - headquartered in Winston-Salem - was the premier bank in the U.S. of A. 

Wachovia's reputation was sterling, its financial practices impeccable, its ethical principles unquestioned.  Wachovia pledged high quality, local service from a dedicated "Personal Banker" to its customers - and delivered it!

Home-grown talent - thoroughly trained, hands-on leadership, community focused, an earned reputation for offering principled advice and intrinsic value in all services. The owners of many small, local banks across the Southeast sent their sons and daughters - their future leaders - to learn the banking trade as apprentices with Wachovia. 

There were several other very prominent banking "brands" in North Carolina - NCNB, First Union, BB&T, First Citizens - but Wachovia was foremost.

But then, Wachovia's board and leadership lost it's way - they forgot what they had,  they forgot who they were...


... next chance, drop by your local Wachovia branch and ask the employees what happened. 


"The best prophet of the future is often the past."