NEWS

CHAPEL HILL -- The Wachovia Foundation has committed $2 million to the University of North Carolina at Chapel Hill. The gift will be divided between the Kenan-Flagler Business School’s new Wachovia Center for Corporate Finance, the School of Medicine’s Medical Education Development Program and the School of Law’s Center for Banking and Finance.

"Wachovia’s support of these important programs exemplifies the company’s historic commitment to the state and public education," said Chancellor James Moeser. "Carolina and Wachovia have a long-standing relationship and this leadership gift will play a tremendous role in enhancing Carolina’s regional and national reputation."

"This contribution is an extension of Wachovia’s ongoing commitment to supporting education and diversity," said Ken Thompson, Wachovia Corp. chairman and chief executive officer. "We are excited to be able to fund programs that will create an environment in which outstanding students and teachers can flourish."

Of the $2 million, the Kenan-Flagler Business School will receive $1.1 million to support its Wachovia Center for Corporate Finance. "This gift recognizes the vital importance of corporate finance practices to the success of all businesses. The center will help establish UNC-Chapel Hill as a global leader by promoting innovative and timely research in corporate finance that is applicable to real business decisions." said W.S. "Steve" Jones, dean of the business school. "Wachovia’s generous gift is testament to their confidence in the quality of our students and faculty at Kenan-Flagler. We appreciate their investment and partnership and intend to return value through outstanding graduates and superb research."

The School of Medicine will receive $600,000 to establish the Wachovia Scholars Endowment Fund to help recruit and provide scholarships for disadvantaged and minority students entering the school. The fund will also support the school’s Medical Education Development Program (MED), which holds a nine-week medical school course each summer for minority and disadvantaged college students interested in medical or dental school. "This gift recognizes Wachovia’s dedication to diversity," said Dr. Jeffrey L. Houpt, dean of the medical school. "It will help us to continue to build a pipeline of well-qualified minority and disadvantaged students prepared to enter medical, education and training programs throughout the United States."

The remaining $300,000 will go to the UNC School of Law’s Center for Banking and Finance to create the Wachovia Term Professorship in Banking and Finance through a permanent endowment. The resulting funds will be used to provide salary supplement, professional development and research support for a faculty member in the area of banking and finance. "The Center for Banking and Finance is an ongoing priority for the law school, and Wachovia’s leadership will help ensure permanent support for the center," said Gene Nichol, dean of the School of Law.

Established in July 2000, the center was created to recognize and further the important role of banking and finance to the economy of North Carolina. The center has three areas of focus: the study of legal and policy issues related to banking and finance; advancing the teaching of banking and finance; and sponsoring conferences for industry professionals, including the annual Banking Institute held each spring in Charlotte.

Wachovia’s gift counts toward the Carolina First campaign goal of $1.8 billion. Carolina First is a comprehensive, multi-year private fund-raising campaign to support Carolina’s vision of becoming the nation’s leading public university.

Wachovia Corp. is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders’ equity of $32 billion on June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services in 48 of the 50 states. Global services are provided through more than 30 international offices.

The Wachovia Foundation is a private foundation funded annually by Wachovia Corp. It provides grants to eligible 501c3 tax-exempt organizations in four primary areas: education, community and economic development, arts and culture and health and human services.

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Office of Development contact: Mark Meares, 919-962-3420, mark_meares@unc.edu
Wachovia contact: Aimee Worsley, Corporate Communications, 704-715-2005, aimee.worsley@wachovia.com