First Union Corp. and Wachovia Corp.

• Position: Proposed merger is likely to be bad news from Winston-Salem, NC - Brief Article

The $13.4 billion merger of First Union Corp. and Wachovia Corp. is bad news for Winston-Salem. If the merger is approved by shareholders and regulators, the new bank, which will use the Wachovia Corp. name, will be the nation's fourth-largest. Wachovia has had its headquarters in Winston-Salem for 122 years. The new bank will be headquartered in First Union's hometown of Charlotte. Under terms of the deal, Wachovia stockholders will exchange each share of the company's stock for...