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Article: Wachovia Agrees to Buy Jefferson Bankshares of Va.
- Article from:
- The Washington Post
- Article date:
- June 11, 1997
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Wachovia Corp., a North Carolina banking powerhouse, announced
its entry into Virginia yesterday with its $542 million acquisition
of Jefferson Bankshares Inc. of Charlottesville.
Banking experts predicted that Wachovia's takeover of
Jefferson is the beginning of a push to grab a significant share of
the banking market in Virginia and ultimately the Washington metro
region, where it would compete with North Carolina rivals
NationsBank Corp. and First Union Corp. The company has long
expressed a desire to expand into Virginia.
"Wachovia didn't come into the state of Virginia just to buy
a $2 billion bank," said Vernon Plack, a bank analyst at Scott &
Stringfellow Financial Inc. in ...
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