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Wachovia


Wachovia Corporation NYSE: WB, based in Charlotte, North Carolina is one of the largest banking chains in the United States.

Origin of Corporate Name

Wachovia, pronounced wah-KO-vee-yah, has one of the most unusual corporate names in the United States. The origin of the name is the Latin form of the German name Wachau. When Moravian settlers arrived in Bethabara, North Carolina in 1753, they gave this name to the land they acquired, because it resembled a valley along the Danube River called Die Wachau. The area formerly known as Bethabara is now inside the city limits of Winston-Salem, North Carolina. (See Old Salem.)

Corporate History

Today's Wachovia Corporation was created by the merger of the legacy Wachovia Corporation and First Union Corporation. While the transaction was billed as a merger of equals, the transaction was actually a purchase of the legacy Wachovia by Charlotte-based First Union Corporation. First Union then took the Wachovia name.

First Union

First Union Corporation was a large banking chain based in Charlotte, North Carolina. It merged with Wachovia Corporation in 2001, and the combined company kept Wachovia's name.

First Union National Bank of North Carolina was originally formed in 1958 with the merger of Union National Bank and First National Bank and Trust Company of Asheville. Over the decades, First Union purchased over 80 other banks before purchasing Wachovia, the majority of them in the 1990s.

CoreStates Financial Purchase

CoreStates Financial Corporation, headquartered in Philadelphia, Pennsylvania, was acquired by First Union in April 1998.

The purchase proved to be a fiasco for a number of reasons. To start with, First Union attempted to rapidly integrate CoreStates' systems into First Union. This attempt led to multiple problems: poorly trained employees (as CoreStates tellers were not familiar with the new systems) and First Union and CoreStates' systems unable to communicate with each other, which led to such problems as account access issues and payments not being correctly applied to loans. As a result, customers left the bank in droves - First Union experienced a 19 percent attrition rate - because of poor customer service and the account issues. Furthermore, First Union substanially overpaid for CoreStates at over 4 times book value.

Partly due to the CoreStates purchase and partially due to 80 other bank purchases over the last few years, First Union experienced several years of lower earnings and no dividend growth. First Union had to restructure and lay off thousands of employees in 1999, partly as a result of the purchase of CoreStates.

Legacy Wachovia

Wachovia Bank and Trust was formed in 1911 by the merger of Wachovia National Bank (founded 1879) and Wachovia Loan and Trust (founded 1893), and was located in Winston-Salem, North Carolina. On December 12, 1986 Wachovia took over First Atlanta. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. This purchase made legacy Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. In 1998, legacy Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. In 2000, legacy Wachovia made its final purchase, which was Republic Security Bank, giving its first entry into Florida.

Merger of First Union and Wachovia

First Union had a terrible reputation for incompetence and fraud. The reputation was so bad that the company felt that it had to abandon its brand name and acquire a new one. First Union found a far small bank that had a good reputation, and proceeded to purchase it in order to cover up its past. Unfortunately for First Union's customers, the bank itself had not change. This tactic is similiar to ValueJet renaming itself after it killed a plane full of passengers to make an extra buck by carying volatile materials.

First Union, now Wachovia, has proceeded to trash the Wachovia named. However, the company has taken steps to silence anyone who gives an honest opinion of the bank. Recently, Wachovia has sued for and obtained several domain names of sites warning people about Wachovia, including wachovia-sucks.com. As of this writing, the domain name is owned by Wachovia, but is not being used. This is very ironic since the company weasled the judge into believing that the legitimate owner had no interest in the domain name, but Wachovia did.

On April 16, 2001, Charlotte-based First Union Corporation announced it would merge with Winston-Salem-based Wachovia Corporation. Although the merger was billed in the proxy as a merger of equals by pooling, the deal was actually a purchase of Wachovia by First Union. This was viewed with great surprise by the financial press and security analysts. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as most assumed that should Wachovia be sold it would be to SunTrust in the long-assumed "Smoke-and-Coke" merger (the nickname coming from Wachovia's long relationship with tobacco companies and SunTrust's holdings of Coke stock dating from Coke's initial public offering). The former CEO of Wachovia, Bud Baker, later said that he and First Union's CEO, Ken Thompson, met at interstate motels to keep their talks of merger as secret as possible.

As an important part of the deal, First Union would shed its name and assumed the Wachovia identity and stock ticker. Analysts said this move was most likely to help First Union acquire a new identity, as Wachovia's reputation was far better with consumers than First Union. At the same time, Wachovia's name and corporate identity would survive, an important source of pride to Wachovia's board.

The deal was met with criticism and doubt by several groups. Analysts were concerned of First Union's ability to merge with another large company because of the CoreStates deal. Citizens and politicians of Winston-Salem suffered from a hurt of their civic pride because the city would lose Wachovia's corporate headquarters to Charlotte, partly because Winston-Salem is a much smaller city than Charlotte. The city of Winston-Salem was concerned both by job losses by the move and the loss of stature from losing a corporation. First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem.

On May 14, 2001, Atlanta-based SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. In its effort to make the "Smoke-and-Coke" deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. Long a rumored suitor for Wachovia, SunTrust had been in on-again off-again merger talks with it over the course of many years, with both Wachovia and SunTrust eventually confirming the most recent effort took place during the winter of 2000 before Wachovia terminated the discussions.

On August 3, 2001, Wachovia shareholders approved the First Union deal. They rejected SunTrust's attempts to elect a new Board of Directors for Wachovia, and thus, ended SunTrust's hostile takeover.

Another problem concerned each banks' credit card divisions. In April of 2001, Wachovia agreed to sell its $8 billon credit card portfolio to Bank One. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. First Union sold their credit card portfolio to MBNA in August of 2000. After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September of 2001 and resell it to MBNA. Wachovia paid Bank One a $350 million termination fee.

On September 4, 2001, First Union and Wachovia officially merged to form the new Wachovia Corporation.

In order to prevent a repeat of the CoreStates fiasco, the new Wachovia took a deliberately long period of time to combine the banking operations of the new company. Over a period of several years, legacy Wachovia computer systems were converted to First Union systems. The company first began converting systems in the Southeast United States (where both banks had branches) before moving to the Northeast, where First Union branches only had to change their signs to reflect the new company name and logo. This process officially ended on August 18, 2003, almost 2 years after the merger took place.

In comparison the CoreStates purchase, the merger of First Union and Wachovia has been a huge success. The company's slow strategy to combine seems to have prevented large customer attrition rates. In fact, Wachovia has been ranked number one in customer satisfaction every year since the merger. In addition, the company's stock price has remained strong, and provided a good return to legacy Wachovia shareholders, in contrast to SunTrust's claims during the takeover attempt. The company has also been reporting record revenues since the merger.

When Wachovia and First Union merged, the multiple skyscrapers with First Union's name came under Wachovia's name. Charlotte, North Carolina's One, Two, Three, and Four First Union buildings became One, Two, Three, and Four, Wachovia Center (respectively), and the 55-story First Union Tower in downtown Miami became the Wachovia Tower. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they are now known as the Wachovia Center, Wachovia Spectrum, and Wachovia Arena.

Wachovia Today

Wachovia is currently ranked number 23 on the Forbes 500 list for 2003, and is the fourth largest bank holding company in the US. It has banking centers in 15 East coast states and Washington, D.C. It also operates Wachovia Securities, its brokerage services subsidiary.

On November 1, 2004, Wachovia completed the acquisition of banking competitor SouthTrust Corporation, a transaction valued at $14.3 billion. The merger created the largest bank in the southeast, the fourth largest bank in the United States in terms of holdings, and the second largest in terms of number of branches.

Wachovia will enter the California market with its purchase of Western Financial Bank. This purchase will give Wachovia 19 branches in Southern California, but more importantly, will more than double the size of Wachovia's dealer financial services business, making it the nation's ninth largest auto loan originator.

In June of 2005, Wachovia negotiated to purchase monoline credit card company MBNA. However, the deal fell through when Wachovia balked at MBNA's purchase price. Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Wachovia is set to get $100 million out of this deal. Multiple sources have reported that as part of its agreement with Wachovia, MBNA is required to pay the nine-figure sum if it ever sells to Wachovia's cross-town rival Bank of America. The payment is part of the agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA.

On November 2, 2005 Wachovia announced that it would end its credit card relationship with MBNA and start up its own credit card division. As of 2006, new credit card accounts opened through Wachovia will remain with this new division. Nevertheless, speculation remains that Wachovia may buy Capital One. This purchase would give Wachovia an established credit card division, plus allow it to establish (via Capital One's purchase of Hibernia National Bank) a banking presence in Louisiana and strengthen its presence in Texas. Interestingly, Capital One was originally established as the credit card division of Signet Bank, which was later purchased by First Union prior to the Wachovia merger.

Recent Events

  • Bank security breach may be biggest yet
  • Wachovia lets hackers get access to bank accounts
  • Wachovia knew or should have known that customers' private information was being stolen or misappropriated
  • More than 100,000 customers of Wachovia and Bank of America have been notified that their financial records may have been stolen
  • The theft affected nearly 50,000 Wachovia customers, and the bank knew it ...
  • Scope of bank data theft grows to 676,000 customers
  • 700,000 Bank Customers' Account Information Allegedly Stolen
  • Wachovia named fourth WORST bank in the world

Major Sponsorships

In addition to the venues in Philadelphia and Wilkes-Barre, Pennsylvania, Wachovia also sponsors an annual PGA tournament in Charlotte, called the Wachovia Championship. They also sponsor the following teams:

  1. New York Giants (NFL)
  2. Miami Dolphins (NFL)
  3. Charlotte Bobcats (NBA)
  4. Philadelphia 76ers (NBA)
  5. San Antonio Spurs (NBA)
  6. Houston Rockets (NBA)
  7. Jacksonville Jaguars (NFL)

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They also sponsor the following teams:. Many other schools, however, have taken a more moderate approach, allowing dodgeball by using soft foam balls instead of harder rubber balls. In addition to the venues in Philadelphia and Wilkes-Barre, Pennsylvania, Wachovia also sponsors an annual PGA tournament in Charlotte, called the Wachovia Championship. New York followed suit shortly after. Interestingly, Capital One was originally established as the credit card division of Signet Bank, which was later purchased by First Union prior to the Wachovia merger. On November 18, 2002, the state of New Jersey banned the game from public schools. This purchase would give Wachovia an established credit card division, plus allow it to establish (via Capital One's purchase of Hibernia National Bank) a banking presence in Louisiana and strengthen its presence in Texas. After a series of publicized dodgeball injuries in the late 1990s and early 2000s, many schools have removed the game from their physical-education requirements, and some have even banned the game entirely.

Nevertheless, speculation remains that Wachovia may buy Capital One. In some cases, the rule may be used that a player hit above the shoulders is not out; this discourages the dangerous practice of aiming for the face. As of 2006, new credit card accounts opened through Wachovia will remain with this new division. The aim of the variant King sting or Brandings is to throw the ball at others as hard as possible. On November 2, 2005 Wachovia announced that it would end its credit card relationship with MBNA and start up its own credit card division. Opponents of dodgeball have argued that the game provides, for bullies, the excuse to abuse unathletic and unpopular students, by throwing the ball hard enough to cause injury. The payment is part of the agreement Wachovia predecessor First Union made in 2000 when it sold its credit card portfolio to MBNA. However, dodgeball has come under attack for failing to meet the needs of precisely those students.

Multiple sources have reported that as part of its agreement with Wachovia, MBNA is required to pay the nine-figure sum if it ever sells to Wachovia's cross-town rival Bank of America. As well, the game was seen as having a light-hearted and self-deprecatory nature and, therefore, more amenable to non-athletic students. Wachovia is set to get $100 million out of this deal. Since players normally were not part of a team, no player had to endure the teasing that would fall upon a player accused of "causing the team to lose". Within a week of the deal's collapse, MBNA entered into an agreement to be purchased by Wachovia's chief rival, Bank of America. Dodgeball, when it emerged, was touted as the "nerd's sport". However, the deal fell through when Wachovia balked at MBNA's purchase price. The ball can be passed around amongst teammates in order to try and confuse the other team.

In June of 2005, Wachovia negotiated to purchase monoline credit card company MBNA. The bodyguards, because they have three lives, may, as a strategy, form a protective wall around the president and lure the assassins into throwing the ball at them. This purchase will give Wachovia 19 branches in Southern California, but more importantly, will more than double the size of Wachovia's dealer financial services business, making it the nation's ninth largest auto loan originator. The Presidential Entourage wins when all the assassins have been eliminated. Wachovia will enter the California market with its purchase of Western Financial Bank. The assassins win when the President has been hit with the ball (though bodyguards may still be alive). The merger created the largest bank in the southeast, the fourth largest bank in the United States in terms of holdings, and the second largest in terms of number of branches. Once a player's life/lives have been extinguished, he/she must leave the field of play and watch the game.

On November 1, 2004, Wachovia completed the acquisition of banking competitor SouthTrust Corporation, a transaction valued at $14.3 billion. If he/she catches the ball, it must be handed off to a bodyguard, unless all the bodyguards are killed. It also operates Wachovia Securities, its brokerage services subsidiary. Note, however, that the President can catch the ball, but not throw it. It has banking centers in 15 East coast states and Washington, D.C. Normal dodgeball rules apply -- lives are lost when one gets hit by a ball or when one throws a ball that has been caught by the opposition. Wachovia is currently ranked number 23 on the Forbes 500 list for 2003, and is the fourth largest bank holding company in the US. The assassins have one life.

Formerly known as the First Union Center and the First Union Spectrum (both Philadelphia) and First Union Arena (Wilkes-Barre), they are now known as the Wachovia Center, Wachovia Spectrum, and Wachovia Arena. The President only has one life, and the bodyguards all have three lives. The merger also affected the names of the indoor professional sports arenas in Philadelphia and Wilkes-Barre, Pennsylvania. One man in the Presidential Bodyguard side is deemed President, and all other players must refer to him/her as President (insert last name). Charlotte, North Carolina's One, Two, Three, and Four First Union buildings became One, Two, Three, and Four, Wachovia Center (respectively), and the 55-story First Union Tower in downtown Miami became the Wachovia Tower. It is preferable that the Assassins have more people, to make the game more balanced. When Wachovia and First Union merged, the multiple skyscrapers with First Union's name came under Wachovia's name. Two teams are set, Assassins and Presidential Bodyguards.

The company has also been reporting record revenues since the merger. PresidentBall is played in a large enclosed room. In addition, the company's stock price has remained strong, and provided a good return to legacy Wachovia shareholders, in contrast to SunTrust's claims during the takeover attempt. The game is won when one team sinks all of the opponent's ships, or if there is a time limit, and at the end of the limit, the team with the most pins up, not ships, wins. In fact, Wachovia has been ranked number one in customer satisfaction every year since the merger. All other crew members must stay on the ship at all times, and throw balls at the other team's ships. The company's slow strategy to combine seems to have prevented large customer attrition rates. However, only one person on each ship "crew" may step off the ship, and when he does, he may not throw any balls, and may only collect balls for his ship to use.

In comparison the CoreStates purchase, the merger of First Union and Wachovia has been a huge success. To sink a ship, the opposing team must throw balls and knock over all four of the pins on one of the other team's ships. This process officially ended on August 18, 2003, almost 2 years after the merger took place. The ships consist of a mat, which is large enough to fit about 5 people, with 4 pins placed at each corner of the mat. The company first began converting systems in the Southeast United States (where both banks had branches) before moving to the Northeast, where First Union branches only had to change their signs to reflect the new company name and logo. It is played in teams so that all of one team's ships are on one side and the others` on the opposite. Over a period of several years, legacy Wachovia computer systems were converted to First Union systems. Battleship Dodgeball is unique in that you aren't actually trying to sink the other team's ships.

In order to prevent a repeat of the CoreStates fiasco, the new Wachovia took a deliberately long period of time to combine the banking operations of the new company. The game ends when one teams` players have all been sent to prison. On September 4, 2001, First Union and Wachovia officially merged to form the new Wachovia Corporation. When a person is hit, like Prison Dodgeball, they are sent to the back of the opposing team's side, and can escape if they catch a ball out of the air, and hit the other team from behind. Wachovia paid Bank One a $350 million termination fee. In this version to start the game balls are evenly distributed to both teams, then a referee signals the start. After entering into negotiations, the new Wachovia agreed to buy back its portfolio from Bank One in September of 2001 and resell it to MBNA. Often the partition is broken apart or pulled out partially for a twist.

First Union sold their credit card portfolio to MBNA in August of 2000. In Barrier Dodgeball, multiple barriers are set up on each side of the area you are playing in, preferably a large gym that is capable of being divided in half with a partition. The cards, which would have still been branded as Wachovia, would have been issued through Bank One's First USA division. Barrier Dodgeball is similar to Prison. In April of 2001, Wachovia agreed to sell its $8 billon credit card portfolio to Bank One. The game can be played with a large group of people playing for themselves, in teams, or one on one. Another problem concerned each banks' credit card divisions. The winner is the last player left in the playing area.

They rejected SunTrust's attempts to elect a new Board of Directors for Wachovia, and thus, ended SunTrust's hostile takeover. A player being hit at or below his or her knees is not grounds for a stoppage of play. On August 3, 2001, Wachovia shareholders approved the First Union deal. Stoppages of play result from the ball being hit out of bounds or the ball being caught. Long a rumored suitor for Wachovia, SunTrust had been in on-again off-again merger talks with it over the course of many years, with both Wachovia and SunTrust eventually confirming the most recent effort took place during the winter of 2000 before Wachovia terminated the discussions. This is also the procedure for resuming the game after a stoppage of play. In its effort to make the "Smoke-and-Coke" deal appeal to investors, SunTrust argued that it would provide a smoother transition than First Union and offered a higher cash price for Wachovia stock than First Union. Any player touching the ball or leaving the wall before the third bounce is considered out.

On May 14, 2001, Atlanta-based SunTrust announced a rival takeover bid for Wachovia, the first hostile takeover attempt in the banking sector in many years. After three bounces the ball is in play and the players may leave the wall. First Union responded to these concerns by placing the wealth management and Carolinas-region headquarters in Winston-Salem. The game is started either by placing the ball in the center of the octagon with each of the players touching the wall, or by bouning the ball and repeating the word "ga" each time the ball touches the floor. The city of Winston-Salem was concerned both by job losses by the move and the loss of stature from losing a corporation. There is only one ball in play at a time in ga-ga. Citizens and politicians of Winston-Salem suffered from a hurt of their civic pride because the city would lose Wachovia's corporate headquarters to Charlotte, partly because Winston-Salem is a much smaller city than Charlotte. This and other matters of dispute are settled by the game's judges.

Analysts were concerned of First Union's ability to merge with another large company because of the CoreStates deal. Pushing a player into the ball and any other physical contact is also a violation. The deal was met with criticism and doubt by several groups. Hitting the ball out of bounds is grounds for elimination unless it is as the result of a defensive deflection. At the same time, Wachovia's name and corporate identity would survive, an important source of pride to Wachovia's board. Carrying, throwing, or catching the ball after a bounce also results in elimination. Analysts said this move was most likely to help First Union acquire a new identity, as Wachovia's reputation was far better with consumers than First Union. Touching the ball twice consecutively without the ball touching another player or the wall is grounds for elimination unless that player is attempting to catch the ball.

As an important part of the deal, First Union would shed its name and assumed the Wachovia identity and stock ticker. A player can also be eliminated by having his or her ball caught in the air. The former CEO of Wachovia, Bud Baker, later said that he and First Union's CEO, Ken Thompson, met at interstate motels to keep their talks of merger as secret as possible. That player is then out and must leave the playing area. While Wachovia had been viewed as an acquisition candidate after running into problems with earnings and credit quality in 2000, the suitor shocked analysts as most assumed that should Wachovia be sold it would be to SunTrust in the long-assumed "Smoke-and-Coke" merger (the nickname coming from Wachovia's long relationship with tobacco companies and SunTrust's holdings of Coke stock dating from Coke's initial public offering). The objective of the game is to eliminate one's opponents by hitting the ball with either an open hand or closed fist into the region at or below his or her knees. This was viewed with great surprise by the financial press and security analysts. Ga-ga or GaGa is a form of dodgeball which is played within an octagonal enclosure when available, or in any other space that is completely enclosed by walls.

Although the merger was billed in the proxy as a merger of equals by pooling, the deal was actually a purchase of Wachovia by First Union. Pin Guard is sometimes also reffered to as Bombardment or Battle Ball. On April 16, 2001, Charlotte-based First Union Corporation announced it would merge with Winston-Salem-based Wachovia Corporation. The game is also sometimes played with two pins per team. This is very ironic since the company weasled the judge into believing that the legitimate owner had no interest in the domain name, but Wachovia did. Players can get out by getting hit in the head and the player who hit the person is out or also if a ball is thrown and a player catches it, the player who threw it is out.There are several variations such as if the game is played in a gym, then if a player hits the basketball hoop's backboard then that team frees all eliminated players, (this only applies if there is one player left on team). As of this writing, the domain name is owned by Wachovia, but is not being used. The objective is to knock over the opposing team's pin or eleiminate all players on the other team.

Recently, Wachovia has sued for and obtained several domain names of sites warning people about Wachovia, including wachovia-sucks.com. Pin Guard is played with two teams each with a pin and balls. However, the company has taken steps to silence anyone who gives an honest opinion of the bank. In some versions of capture the flag, balls are not used, so it cannot be considered dodgeball. First Union, now Wachovia, has proceeded to trash the Wachovia named. A team wins by either eliminating the other team or capturing all of the flags. This tactic is similiar to ValueJet renaming itself after it killed a plane full of passengers to make an extra buck by carying volatile materials. No more than one flag can be picked up by a single person in one run.

Unfortunately for First Union's customers, the bank itself had not change. If a player is tagged or eliminated on his side by a ball, he must immediately drop the flag, which can either be picked up by another teammate or returned to its starting position by a member of the enemy team. First Union found a far small bank that had a good reputation, and proceeded to purchase it in order to cover up its past. While on the enemy side, a player can be eliminated only by being tagged. The reputation was so bad that the company felt that it had to abandon its brand name and acquire a new one. A player can attempt to steal an opposing team's flag by running across the center line, retrieving it, and returning it back to a bucket in the back of their court. First Union had a terrible reputation for incompetence and fraud. A variation of Trench is Capture the Flag, which is played the same way as Trench except that each team has 8-10 flags in the back of their court (usually on the dividing line between the trench and the team's field of play).

In 2000, legacy Wachovia made its final purchase, which was Republic Security Bank, giving its first entry into Florida. Play continues until one team has wiped out the other team. In 1998, legacy Wachovia acquired two Virginia-based banks, Jefferson National Bank and Central Fidelity Bank. If a player in the trench catches a ball from one of his teammates, he can re-enter the game and is not a valid target until he is back on his side (but he can be eliminated as soon as he steps over that center line again). This purchase made legacy Wachovia one of the few companies with dual headquarters: one in Winston-Salem and one in Atlanta. Any time a player is hit, he must go stand behind the opposing team in the trench, a designated area, usually the out of bounds portion of that side of the basketball court. Founded as Atlanta National Bank on September 14, 1865, and later renamed to First National Bank of Atlanta, this institution was the oldest national bank in Atlanta. When the whistle is blown, players run to grab those balls and a game of standard dodgeball begins, with one exception.

On December 12, 1986 Wachovia took over First Atlanta. Both teams start on a line roughly 8-10 feet away from the center, where several balls are placed. Wachovia Bank and Trust was formed in 1911 by the merger of Wachovia National Bank (founded 1879) and Wachovia Loan and Trust (founded 1893), and was located in Winston-Salem, North Carolina. The dividing line is the center line of one of the basketball courts (imaginarily spread across the gym). First Union had to restructure and lay off thousands of employees in 1999, partly as a result of the purchase of CoreStates. Trench is a variation typically played inside of a large gym (spanning two basketball courts). Partly due to the CoreStates purchase and partially due to 80 other bank purchases over the last few years, First Union experienced several years of lower earnings and no dividend growth. In the non-team version of the game, throwers caught or players struck join the other team; the 1st player struck during the dodgeball phase becomes the sole initial catcher on return to the 1st phase.

Furthermore, First Union substanially overpaid for CoreStates at over 4 times book value. When all throwers have been struck or the sticks are reassembled, the teams swap roles and the game returns to the 1st phase. As a result, customers left the bank in droves - First Union experienced a 19 percent attrition rate - because of poor customer service and the account issues. If the ball is not caught after hitting the sticks, the game proceeds to the dodgeball phase, the catchers attempting to strike the throwers while the throwers attempt to reassemble the sticks. This attempt led to multiple problems: poorly trained employees (as CoreStates tellers were not familiar with the new systems) and First Union and CoreStates' systems unable to communicate with each other, which led to such problems as account access issues and payments not being correctly applied to loans. If the ball is caught after hitting the sticks, the entire throwing team is out, and the teams swap roles. To start with, First Union attempted to rapidly integrate CoreStates' systems into First Union. The 1st phase ends when a thrower strikes the sticks.

The purchase proved to be a fiasco for a number of reasons. If not caught, the thrower goes to the back of the not-out throwers' queue awaiting another turn. CoreStates Financial Corporation, headquartered in Philadelphia, Pennsylvania, was acquired by First Union in April 1998. If the ball is caught, the thrower is out. Over the decades, First Union purchased over 80 other banks before purchasing Wachovia, the majority of them in the 1990s. One team (the throwers) take turns attempting to strike the sticks with a ball from a fixed distance, while the other team (the catchers) try to catch the ball on the rebound off the wall before it hits the ground. First Union National Bank of North Carolina was originally formed in 1958 with the merger of Union National Bank and First National Bank and Trust Company of Asheville. In the 1st phase, two popsicle sticks are adjacently placed parallel on the ground leaning against a wall, supporting a horizontal half-length crosspiece.

It merged with Wachovia Corporation in 2001, and the combined company kept Wachovia's name. Sticks has two phases to the game. First Union Corporation was a large banking chain based in Charlotte, North Carolina. It requires very strong anaerobic and aerobic stamina. First Union then took the Wachovia name. It is practically the same as the standard version but there are strict time limits on throwing the ball and defending. While the transaction was billed as a merger of equals, the transaction was actually a purchase of the legacy Wachovia by Charlotte-based First Union Corporation. In the county of Cornwall in England, there remains a regional version of the game called Cornish Dodgeball.

Today's Wachovia Corporation was created by the merger of the legacy Wachovia Corporation and First Union Corporation. Last one standing wins. (See Old Salem.). If they catch a ball thrown by another player he is not out but they regain one of their "missing" limbs. The area formerly known as Bethabara is now inside the city limits of Winston-Salem, North Carolina. If they are hit in the head or torso they are out. When Moravian settlers arrived in Bethabara, North Carolina in 1753, they gave this name to the land they acquired, because it resembled a valley along the Danube River called Die Wachau. Players who are hit in the legs or arms lose the use of that limb.

The origin of the name is the Latin form of the German name Wachau. "Army Dodge Ball" Involves no true teams but is more of a free for all. Wachovia, pronounced wah-KO-vee-yah, has one of the most unusual corporate names in the United States. Besides that, the rules are the same as regular dodgeball. . You can be attacked from any direction. Wachovia Corporation NYSE: WB, based in Charlotte, North Carolina is one of the largest banking chains in the United States. It is played with both teams on one half of a Basketball Court.


. Space Dodgeball is set up like so:(X=Team 1|A=Team 2|O=Balls). Jacksonville Jaguars (NFL). When one person is hit they are then out and must join the others around the circle throwing the ball(s) at the other players. Houston Rockets (NBA). Court Dodgeball is played with two people on either end of a circle with one or two balls while everyone else is in the middle. San Antonio Spurs (NBA). Once out, players stayed out, but continued the game from the rear court until a winner was declared.

Philadelphia 76ers (NBA). Depending on the size of the teams, up to five balls would be in play at one time. Charlotte Bobcats (NBA). Only players in the middle sections could be targeted. Miami Dolphins (NFL). They could then throw the ball at the opposing team from behind. New York Giants (NFL). Players who have moved to the rear sections of the court could retrieve loose balls, but would have to return to the rear court before continuing play.

Wachovia named fourth WORST bank in the world. Players who stepped out of bounds were also declared out. 700,000 Bank Customers' Account Information Allegedly Stolen. Players in this area who are hit by the rubber ball (about the size of a basketball) or whose toss is caught are declared "out" and must cross to the opposite end of the court, behind their opponents. Scope of bank data theft grows to 676,000 customers. Teams begin with all players in the two, larger partitions in the middle. The theft affected nearly 50,000 Wachovia customers, and the bank knew it ... Munkenai is a variation of Prisonball in which teams face off on a rectangular playing court somewhat smaller than a full basketball court and composed of four areas.

More than 100,000 customers of Wachovia and Bank of America have been notified that their financial records may have been stolen. Furthermore, in "prisonball," a ball thrown to a "prison," when caught, releases all the "prisoners" to return to their original side. Wachovia knew or should have known that customers' private information was being stolen or misappropriated. In all except Prisonball though, "prisoners" remain behind the opposing team until the game is over. Wachovia lets hackers get access to bank accounts. This puts a lot more pressure on the teams as they can be sandwiched between enemies. Bank security breach may be biggest yet. To get out of prison, he must hit the opposing team from behind.

Prisonball (also known as Nationball, Battleball, Teamball, Crossfire; King's Court in Canada and Queimada or Queimado in Brazil) is played much like dodgeball, but when a player is hit, he gets put in "prison" behind the opposing team. The winner is the last man standing. If one is struck before getting to the wall then they are out. More often than not the ball is thrown as hard as possible for incentive.

A variation on this is a game termed "Wall Ball"; if someone fails to catch the ball (after an attempt to catch it and touches it without the result of a catch) then they must endeavour to get to the wall before another player strikes them with the ball. When a player is hit, he or she leaves the court and his or her victims return to the game. The ball cannot be carried, but must be bounced off a wall and caught. "German Dodgeball" is a free-for-all game with no boundaries.

If the leader is hit, the game is over. King's Court also involves a leader. Some teams employ a "fake doctor" strategy to throw the opposing team off-guard as to who the doctor actually is. Therefore, it is key for a team to pay attention in order to figure out who the enemy doctor is.

The game ends when one team is entirely eliminated, which would happen a lot quicker if a team loses their "doctor", and another variation of the game ends as soon as the doctor is hit. Dodgeball saves the fallen players, they can get up and play again. When Dr. Dodgeball" to come and save them.

When players are hit, they fall on the ground and waits for "Dr. Dodge) involves a leader in each team who tries to avoid getting hit. Dodgeball (also known as Medic or Dr. Dr.

The game ends when all of a team's players are eliminated, or (more often) when all of a team's pins are knocked over. Once knocked over, a pin must stay down. If a team's pin gets knocked over, either by accident or by a ball thrown by the other team, all players on the other team return to play. Pin-Dodge is played like standard dodgeball, except that each team has four wooden pins (like bowling pins, but narrower and more easily knocked over) at the back of their side of the court.

The player who successfully eliminates all other opponents is the winner. No other player is allowed to possess the ball unless it is the result of a catch, in which the attacker is eliminated, every player that said attacker eliminated returns to the game, and the catcher becomes the new attacker. The first player to possess the ball becomes the attacker and attempts to eliminate all the other players.
Scramble is an every-player-for-him/herself variation which starts with a jump ball.

This game is played in some Australian schoolyards and is usually prohibited due to the ball being thrown hard at people with the intention of pain, but this does not stop it from being played. The game can also involve double or triple fumbles, i.e the player who moves to recover the ball after the other player has fumbled it also fumbles it, in which case he or she must also attempt to touch the wall as they are also elligible to have the ball thrown at them. If the player who goes to catch the ball drops it or it hits any part of there body they are said to have 'fumbled' the ball and must attempt to touch the wall before the ball can be thrown at them. If the ball has bounced off the wall and it hits the ground first before someone catches it the the 1st player is also safe.

However, if the 1st player runs to the wall and touches it he is 'safe and the ball cannot be thrown at him. If the ball is caught by another player on the full i.e before it hits the ground then the player who caught the ball will throw it at the player who bounced it off the wall with the intention of hurting them. The game starts when a player bounces the ball off the wall. It can be played anywhere with a relatively high wall, e.g the side of a building.

Fumbles is a free-for-all schoolyard game that uses a smaller ball, usually a tennis ball or a spaldeen. Dodgeball, King's Court, King sting, "German" Dodgeball, Barrier Dodgeball, Battleship, and Prison Ball. Several variations of dodgeball include Scramble, Pin-Dodge, Dr. If any of these players should later catch a ball thrown by the opposing team, the opposing thrower is out (and must sit down) and the player who caught the ball is back in.

One rule variant specifies that players who are hit, instead of stepping off the court, sit down where they are hit. In all versions, a player who steps from his square to the enemy team's square is also eliminated. In other variants which don't allow catching, handling the ball counts as a hit, while punching or handling the ball with a closed fist does not. In other variations a catch (in addition to eliminating the thrower) also allows another player from the catching team to re-enter.

In some variants, catching the ball enacts a reversal; if the target catches (rather than dodges) the ball, the thrower is eliminated. The game ends when one player (or team) remains. The objective of each player is to hit an opponent so as to eliminate him or her from the game. A number (although sometimes only one) of medium-sized rubber balls (the same sort used in four square) are placed in a central location.

Players are usually split into teams, though sometimes play individually. There are many variations of the game, but all involve some players trying to avoid being hit by a ball, that other players are throwing at them. Dodgeball (or dodge ball) is the name of a traditional elementary school game, taught in high school education classes, but also popular in informal settings, often played by schoolchildren on a playground.