Wachovia expanding in Springs

Three World Savings branches in Colorado Springs will close at 2 p.m. Thursday and reopen Friday as Wachovia bank offices as part of a merger completed last year.

The conversion of World Savings to Wachovia branches marks the end of the savings and loan industry in the Springs and the entry of the nation’s fourth-largest bank into Colorado, although Wachovia already operates investment and small-business lending offices here.

Wachovia bought World, which was the nation’s second-largest savings and loan association, for $25.5 billion on Oct. 2, 2006, allowing the Charlotte, N.C.-based banking giant to expand its banks into Arizona, Colorado, Illinois, Kansas and Nevada.

World Savings customers will see some changes, including changes to their checking, savings and money market account numbers and new account numbers for certificates of deposit and individual retirement accounts, said Joe Stroop, a Wachovia spokesman in Texas.

Customers still can use their World Savings checks, deposit slips and ATM and check cards. No changes are expected to World mortgages, home equity loans or direct deposits and automatic transactions made from their World checking or other accounts, Stroop said.

“We will be turning the World branches into full-service branches with a full range of Wachovia products,” Stroop said. “We want to keep the World customers and broaden and deepen our relationship with them, as well as attract new customers in Colorado Springs.”

A downtown World Savings office at 3 N. Tejon St. that handles only mortgage lending will become a branch of Wachovia Mortgage Corp.

World was the fourth-largest financial institution in the Colorado Springs area with $527.2 million in deposits and the third-largest statewide with $5.05 billion in deposits as of June 30, 2006, the latest information available from the Federal Deposit Insurance Corp.

Wachovia eventually plans to expand its branch network in Colorado and nine other states where World operates, but those plans won’t be complete until early next year when the company has converted all World branches to the Wachovia name, Stroop said.

“We want to make sure the conversion is seamless and flawless for our customers,” Stroop said. “We hope for and anticipate growth in Colorado and Colorado Springs, and it is our fervent desire to add wholesale bankers there who lend to companies.”

World focused mostly on offering among the highest rates on certificates of deposit and making adjustable-rate mortgages. Stroop said every Wachovia branch will include at least one financial specialist who can make loans and sell insurance and securities.

“We’re more interested in keeping customers because of our service rather than having their deposit because we have the highest rate,” Stroop said. “We like to get them in the door with an attractive rate, but once they’ve tried our service, they will try our other products and services.”

CONTACT THE WRITER: 636-0234 or wayneh@gazette.com

LOCAL WORLD SAVINGS BRANCHES

- 4151 N. Academy Blvd.

- 6982 N. Academy Blvd.

- 1930 S. Nevada Ave.