New Wachovia (A), The

In April 2001, First Union Corp. announced an agreement to merge with Wachovia Corp., a fellow North Carolina-based commercial bank. While the banks were preparing to consummate the merger, SunTrust Banks, Inc. of Atlanta, made a hostile offer for Wachovia, setting in motion an intense proxy fight with a forum encompassing the media, the courts, the investor community, and Wall Street. In July 2002, Kenneth Thompson, CEO of First Union, was considering First Union's next move knowing that Wachovia shareholders would convene on August 3 to decide the fate of the proposed transaction.