They rightly note that the merger enhances the city's position as the second-largest banking center behind New York. The First Union-Wachovia marriage will create the fourth largest bank in the country. The deal, of course, is getting lots of scrutiny from analysts. First Union has had a spate of problems including earnings shortfalls and customer service troubles. Wachovia has encountered a rise in bad loans.
Some observers see the merger as a marriage of necessity.
Leaders of both banks, though, see this as a win-win. The prospects of that occurring are high, given that two bank chiefs will run this new enterprise together. Mr. Thompson will be president and CEO and Mr. Baker will be chairman. Both are respected and experienced banking managers. For Charlotte, this merger appears to be very good news.