M&A Deal Summary

Wachovia Acquires Signet Banking

On July 21, 1997, Wachovia Corporation acquired financial services company Signet Banking Corporation for 3.3B USD

Acquisition Highlights
  • This is Wachovia’s 1st transaction in the Financial Services sector.
  • This is Wachovia’s 5th largest (disclosed) transaction.
  • This is Wachovia’s 1st transaction in the United States.
  • This is Wachovia’s 1st transaction in Virginia.

M&A Deal Summary

Date 1997-07-21
Target Signet Banking Corporation
Sector Financial Services
Buyer(s) Wachovia Corporation
Deal Type Add-on Acquisition
Deal Value 3.3B USD

Target

Signet Banking Corporation

Richmond, Virginia, United States
Signet Banking Corporation was a regional bank serving the Mid-Atlantic US. The Bank was based in Richmond, Virginia.

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Buyer(S) 1

Buyer

Wachovia Corporation

Charlotte, North Carolina, United States

website


Category Company
Founded 1908
SectorFinancial Services
DESCRIPTION

Wachovia was a diversified financial services company based in Charlotte, North Carolina. Wachovia provided general banking services, wealth management, capital management, and corporate and investment banking services.


DEAL STATS #
Overall 1 of 6
Sector (Financial Services) 1 of 6
Type (Add-on Acquisition) 1 of 5
State (Virginia) 1 of 1
Country (United States) 1 of 6
Year (1997) 1 of 1
Size (of disclosed) 5 of 5
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-07-01 Prudential Securities, Inc.

New York, New York, United States

Prudential Securities was the financial services arm of insurer Prudential Financial.

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