Wachovia to Acquire Golden West Financial

"We believe this combination of our two companies, both known for exceptional customer service and pristine credit quality, will generate superior long-term growth in earnings per share," said Ken Thompson, Wachovia chairman and chief executive officer, who noted that Golden West’s World Savings Bank is the nation’s only standalone savings and loan with a "AA" debt rating. "For four decades, Golden West has taken industry-wide challenges in stride and maintained a singular focus as a risk-averse residential mortgage portfolio lender. The result is an astonishing 25-year track record of 17 percent compound annual growth in earnings per share and virtually no credit losses realized even in the toughest year in its history."

Herbert M. Sandler, Golden West chairman and chief executive officer, commented, "I’ve been a keen observer of the market and the mortgage and banking industries for nearly 40 years. Wachovia is the company we selected to entrust with our legacy as one of the nation’s most admired and trusted financial institutions. We share the same values of operating with integrity, putting customers first and encouraging teamwork."

Added Marion O. Sandler, Golden West chairman and chief executive officer, "Golden West has grown consistently over many years, and now we’d like to provide our loyal customers with the additional banking products they’ve been asking for. We believe Wachovia is the perfect partner to deliver on customers’ needs and further enhance the strong company we have built."