Banking: Southern for Southerners

The South's economic resurgence has been financed largely by money from the North, but that situation is gradually changing. Among the strongest challenges to the North's dominance of Southern finance is an institution revered by Southerners but little known to most other Americans: North Carolina's Wachovia Bank & Trust. Situated in the South's most highly industrialized state, Wachovia (pronounced Wah-ko-via) is the biggest bank between Phila delphia and Dallas, serves 37 of the nation's 50 major corporations. Though still fairly small by Northern standards —it ranks 38th among all U.S. banks — Wachovia has just passed $1 billion in...

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