That compares to 0.79 percent for Wachovia and 1.3 percent for First Union. Historically, Wachovia has kept a nonperforming asset rate that is more in line with SunTrust's 0.5 ratio range. Equally, SunTrust has been a more careful acquirer than First Union, much more like Wachovia. Also, its stock price has held up better over the years than First Union's, while Wachovia mostly was strong until its dive last summer on news of a handful of bad loans. Beyond the numbers, SunTrust is playing up similarities in its operating strategy with Wachovia.
Some analysts think that cultural similarities play only so much of a role.
Whoever ends up with Wachovia, if they don't execute all of that doesn't matter. And analysts like Lamy are hard-pressed to identify links between Wachovia's and SunTrust's cultures. Which is why Lamy increasingly says he sees value in a First Union merger. I'm still swayed by the arguments of the chairmen of Wachovia and First Union, that their strengths complement each other. Earliest info on new businesses, homeowners Sales Prospecting Center Real info, real opportunities.