July 20, 2001: SunTrust's hostile bid attempt to breakup First Union's purchase of Wachovia was dealt a fatal blow when a North Carolina state court judge dismissed SunTrust's attempt to delay the $14 billion merger. The ruling freed the two banks to complete the deal that would make Wachovia the nation's fourth largest bank. On Aug. 3, 2001, shareholders of both banks approved the merger. Although First Union was the acquirer, the Charlotte, N.C.-based bank took the Wachovia name when the merger closed on Sept. 4, 2001. Following the integration of the two banks, Wachovia resumed First Union's acquisitive business plan and acquired SouthTrust for $14 billion in 2004, and agreed to buy Golden West Financial Corp. for $25.5 billion in May. —Matthew Wurtzel
See story from The Deal's archives
See Deal Memo from Deal Focus
Continue reading below
