Second Mortgage In North Carolina
Wachovia's Net Rises on Acquisitions, Investment Bank (Update3)
July 20 (Bloomberg) -- Wachovia Corp., the bank that's making this year's biggest financial-services acquisition, said second-quarter earnings rose 14 percent as earlier purchases boosted lending profit and investment-banking fees surged.
Net income climbed to $1.89 billion, or $1.17 a share, from $1.65 billion, or $1.04, a year earlier, the Charlotte, North Carolina-based bank said today in a statement. Revenue rose 14 percent to $7.26 billion, boosted by the additions of Westcorp and AmNet Mortgage Inc.
Chief Executive Officer Kennedy Thompson, who in May announced a $26 billion deal for California's Golden West Financial Corp., used Westcorp and AmNet to expand into auto financing and mortgages for riskier borrowers, both of which pay higher interest rates than more traditional loans.
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Wachovia's Net Rises on Acquisitions, Investment Bank (Update2)
July 20 (Bloomberg) -- Wachovia Corp., the bank that's making this year's biggest financial-services acquisition, said second-quarter earnings rose 14 percent as earlier purchases boosted lending profit and investment-banking fees surged.
Net income climbed to $1.89 billion, or $1.17 a share, from $1.65 billion, or $1.04, a year earlier, the Charlotte, North Carolina-based bank said today in a statement. Revenue rose 14 percent to $7.26 billion, boosted by the additions of Westcorp and AmNet Mortgage Inc.
Chief Executive Officer Kennedy Thompson, who in May announced a $26 billion deal for California's Golden West Financial Corp., used Westcorp and AmNet to expand into auto financing and mortgages for riskier borrowers, both of which pay higher interest rates than more traditional loans.
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