Wachovia Completes Acquisition of AmNet Mortgage

Dec 12, 2005, 00:00 ET from Wachovia Corporation

    CHARLOTTE, N.C., Dec. 12 /PRNewswire-FirstCall/ -- Wachovia Corporation
 (NYSE:   WB) today announced that it has completed its acquisition of AmNet
 Mortgage, Inc., the parent company of American Mortgage Network (AmNet), a
 wholesale mortgage banker. AmNet will retain its name and San Diego
 headquarters and will operate as a wholly owned subsidiary of Wachovia Bank,
 N.A.
     "AmNet's nationwide broker network and strong mortgage origination
 capabilities are natural complements to our market-leading structured products
 business," said Curtis Arledge, managing director and head of the Fixed Income
 division for Wachovia Securities. "This acquisition creates enhanced
 opportunities for revenue generation in our securities business. We are
 pleased to welcome our AmNet colleagues on board."
     "I am pleased that the AmNet board of directors was able to deliver value
 to our stockholders by closing the merger with Wachovia," said John M.
 Robbins, AmNet Mortgage's co-founder and chief executive officer.  "The AmNet
 team is excited about our future and proud to join the Wachovia family.
 Wachovia's resources will bring AmNet new opportunities for growth and
 profitability.  Our journey to be among the top wholesale bankers in the
 nation has begun."
     Under the terms of the acquisition, former AmNet stockholders will be paid
 $10.30 per share in cash upon surrender of their shares in accordance with
 procedures to be provided.
     AmNet has a nationwide branch network that serves more than 7,000 mortgage
 brokers and specializes in a variety of residential mortgage products. In
 2004, AmNet funded $9 billion in residential mortgage loans and is expected to
 fund $14 billion - $15 billion in 2005. Mr. Robbins will continue to serve as
 AmNet's chief executive officer and will report to Randy Robertson, managing
 director of the residential and consumer mortgage group in Wachovia
 Securities' Fixed Income division.
     For more information about AmNet, please visit www.amnetmortgage.com.
 
     Wachovia will continue to originate residential mortgages and home equity
 lines of credit through Wachovia Mortgage Corp., which offers a full array of
 first mortgage and home equity products and services for home purchase and
 refinance. The company serves low-to-moderate, middle market, and wealth
 customers with mortgages nationwide.
 
     About Wachovia's Corporate and Investment Banking Group
     Wachovia's Corporate and Investment Banking group offers a full suite of
 products and services to public and private companies, institutional
 investors, financial institutions and the financial sponsor community.
 Investment banking and the global markets businesses (fixed income, equities,
 and research) operate under the Wachovia Securities' brand and have become a
 global force in the capital markets arena by providing comprehensive advisory,
 capital raising, structuring, research and execution services.  Wachovia's
 Corporate and Investment Bank also includes the 3rd largest Treasury Services
 business in the U.S. as well as leading asset-based lending and global
 correspondent banking services. The firm is built on a cohesive culture that
 encourages creative ideas, capital solutions, and experienced advice to all
 clients.
     Wachovia Securities is the trade name for the corporate, investment
 banking, capital markets and securities research businesses of Wachovia
 Corporation and its subsidiaries, including Wachovia Capital Markets, LLC
 (WCM) and Wachovia Securities International Limited. Wachovia Securities is
 also the trade name for the retail brokerage businesses of WCM's affiliates,
 Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford
 Clearing, LLC, and First Clearing, LLC.
 
     About Wachovia
     Wachovia Corporation (NYSE:   WB) is one of the largest providers of
 financial services to retail, brokerage and corporate customers, with banking
 operations from Connecticut to Florida and west to Texas, and retail brokerage
 operations nationwide. Wachovia had assets of $532.4 billion, market
 capitalization of $73.9 billion and stockholders' equity of $46.8 billion at
 September 30, 2005. Its four core businesses, the General Bank, Capital
 Management, Wealth Management, and the Corporate and Investment Bank, serve 13
 million household and business relationships primarily through 3,138 offices
 in 15 states and Washington, D.C. Its full-service retail brokerage firm,
 Wachovia Securities, LLC, also serves clients through 702 offices in 49 states
 and five Latin American countries. The Corporate and Investment Bank serves
 clients in selected industries nationwide. Global services are offered through
 40 offices around the world. Online banking and brokerage products and
 services also are available through wachovia.com.
 
 

SOURCE Wachovia Corporation
    CHARLOTTE, N.C., Dec. 12 /PRNewswire-FirstCall/ -- Wachovia Corporation
 (NYSE:   WB) today announced that it has completed its acquisition of AmNet
 Mortgage, Inc., the parent company of American Mortgage Network (AmNet), a
 wholesale mortgage banker. AmNet will retain its name and San Diego
 headquarters and will operate as a wholly owned subsidiary of Wachovia Bank,
 N.A.
     "AmNet's nationwide broker network and strong mortgage origination
 capabilities are natural complements to our market-leading structured products
 business," said Curtis Arledge, managing director and head of the Fixed Income
 division for Wachovia Securities. "This acquisition creates enhanced
 opportunities for revenue generation in our securities business. We are
 pleased to welcome our AmNet colleagues on board."
     "I am pleased that the AmNet board of directors was able to deliver value
 to our stockholders by closing the merger with Wachovia," said John M.
 Robbins, AmNet Mortgage's co-founder and chief executive officer.  "The AmNet
 team is excited about our future and proud to join the Wachovia family.
 Wachovia's resources will bring AmNet new opportunities for growth and
 profitability.  Our journey to be among the top wholesale bankers in the
 nation has begun."
     Under the terms of the acquisition, former AmNet stockholders will be paid
 $10.30 per share in cash upon surrender of their shares in accordance with
 procedures to be provided.
     AmNet has a nationwide branch network that serves more than 7,000 mortgage
 brokers and specializes in a variety of residential mortgage products. In
 2004, AmNet funded $9 billion in residential mortgage loans and is expected to
 fund $14 billion - $15 billion in 2005. Mr. Robbins will continue to serve as
 AmNet's chief executive officer and will report to Randy Robertson, managing
 director of the residential and consumer mortgage group in Wachovia
 Securities' Fixed Income division.
     For more information about AmNet, please visit www.amnetmortgage.com.
 
     Wachovia will continue to originate residential mortgages and home equity
 lines of credit through Wachovia Mortgage Corp., which offers a full array of
 first mortgage and home equity products and services for home purchase and
 refinance. The company serves low-to-moderate, middle market, and wealth
 customers with mortgages nationwide.
 
     About Wachovia's Corporate and Investment Banking Group
     Wachovia's Corporate and Investment Banking group offers a full suite of
 products and services to public and private companies, institutional
 investors, financial institutions and the financial sponsor community.
 Investment banking and the global markets businesses (fixed income, equities,
 and research) operate under the Wachovia Securities' brand and have become a
 global force in the capital markets arena by providing comprehensive advisory,
 capital raising, structuring, research and execution services.  Wachovia's
 Corporate and Investment Bank also includes the 3rd largest Treasury Services
 business in the U.S. as well as leading asset-based lending and global
 correspondent banking services. The firm is built on a cohesive culture that
 encourages creative ideas, capital solutions, and experienced advice to all
 clients.
     Wachovia Securities is the trade name for the corporate, investment
 banking, capital markets and securities research businesses of Wachovia
 Corporation and its subsidiaries, including Wachovia Capital Markets, LLC
 (WCM) and Wachovia Securities International Limited. Wachovia Securities is
 also the trade name for the retail brokerage businesses of WCM's affiliates,
 Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford
 Clearing, LLC, and First Clearing, LLC.
 
     About Wachovia
     Wachovia Corporation (NYSE:   WB) is one of the largest providers of
 financial services to retail, brokerage and corporate customers, with banking
 operations from Connecticut to Florida and west to Texas, and retail brokerage
 operations nationwide. Wachovia had assets of $532.4 billion, market
 capitalization of $73.9 billion and stockholders' equity of $46.8 billion at
 September 30, 2005. Its four core businesses, the General Bank, Capital
 Management, Wealth Management, and the Corporate and Investment Bank, serve 13
 million household and business relationships primarily through 3,138 offices
 in 15 states and Washington, D.C. Its full-service retail brokerage firm,
 Wachovia Securities, LLC, also serves clients through 702 offices in 49 states
 and five Latin American countries. The Corporate and Investment Bank serves
 clients in selected industries nationwide. Global services are offered through
 40 offices around the world. Online banking and brokerage products and
 services also are available through wachovia.com.
 
 SOURCE  Wachovia Corporation