Wachovia: We're No. 1 in Community Development

Wachovia Corp., Charlotte, N.C., is touting recently released federal statistics on community development lending, saying the data show that it was the top U.S. community development lender last year.The data released by the Federal Financial Institutions Examining Council indicate that Wachovia's $1.2 billion in loans for affordable housing, neighborhood revitalization, economic development, and community services in 2002 ranked it No. 1 in the nation, the company said. "Our success stems from the fact that we approach community development as a market segment," said Jane Henderson, Wachovia's director of community development. "Instead of viewing this work as a regulatory requirement, we manage it as a sustainable business -- business that is good for the company, our shareholders, and out communities." The company can be found online at http://www.wachovia.com.