Wachovia’s decline hurting NC charities, investors

WINSTON-SALEM — The near-collapse and sale of Wachovia Corp. is costing North Carolina charities and investors billions of dollars.

The Winston-Salem Journal reported Tuesday that the city’s nonprofits and churches say charitable donations of money-losing Wachovia stock have dried up this year.

Shareholders of Charlotte-based Wachovia were to vote Tuesday on whether to approve its takeover by Wells Fargo & Co. Since the forced merger was announced in October, Wachovia’s stock has been selling in the range of $5 to $6 a share, a fall of about 90 percent from its 2006 high.

UNC Charlotte finance professor Tony Plath said Wachovia was an old and trusted bank and it’s hard to find North Carolina investors who didn’t own chunks of Wachovia’s stock.

(Copyright 2008 by The Associated Press. All Rights Reserved.)