Wachovia becomes largest bank in south eastern US

US-based Wachovia’s $14.3 billion acquisition of SouthTrust is now official, a deal that makes Wachovia the largest bank in the US south east, reported Knight Ridder Tribune Business News.

SouthTrust customers will notice no immediate changes in terms of locations and signage following the completion of the deal, said bank spokesman David Oliver. However, customers now have access to all Wachovia ATM machines. Checking account customers can now use a free online bill-paying service (which previously cost SouthTrust customers $5.95) and they can have a checking account that no longer requires direct deposit and a minimum balance.

Before the merger, Wachovia had assets of $436.7 billion and operations in 11 eastern states and Washington, D.C. The company has more than 85,000 employees.SouthTrust, which has $53.8 billion in assets, operates in Alabama, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, Texas and Virginia, in addition to Florida, with a work force of 12,400.