Wachovia Corp. has completed its $25.5 billion acquisition of Golden West Financial Corp. of California.

The deal, announced in May and approved by shareholders in August, gives Wachovia 285 branches in states that include California, Florida, Colorado, Texas and Arizona. Some 120 of those branches are in California, where Golden West is based.

"The combination of Wachovia and Golden West greatly enhances our market presence, product set and mix of businesses, enabling us to deliver a stronger value proposition for our customers and shareholders," says Ken Thompson, Wachovia chairman and chief executive. "For the past four months, teams from Wachovia and Golden West have worked together diligently to plan for the integration of our two companies. We are now totally focused on implementing the integration plan and delivering exceptional service and products to our customers."

Based on pro forma data, the combined company will have an estimated $700 billion in assets and a $107 billion market capitalization. It will have more than 105,000 employees, 3,400 banking branches, 5,200 ATMs, nearly 740 brokerage offices and 10,500 registered representatives.

The merger integration is scheduled to be completed mid-2008.

Charlotte-based Wachovia (NYSE:WB) has 3,159 banking offices in 16 states, not counting those to be added through the Golden West deal.

The acquisition has drawn some skepticism on Wall Street. Analysts have expressed concern about Golden West's portfolio of adjustable-rate mortgages at a time when the housing market is slowing. And some view the combination of Wachovia's culture with Golden West -- a thrift holding company -- as a significant challenge.

With completion of the acquisition, Wachovia has added two former Golden West board members to its board.

Jerry Gitt, 63, had been a Golden West board member since last year. He is a retired securities analyst from Merrill Lynch & Co.

Maryellen Herringer, 62, had been a Golden West board member since 1996. She is a retired attorney and served as executive vice president, general counsel and secretary of APL Limited, an intermodal shipping and rail transportation company based in Oakland, Calif., home of Golden West.

A third director, Timothy Proctor, will join Nov. 1. He is the general counsel of Diageo plc, a London-based premium beverage company.

The additions will raise the number of Wachovia's board members to 19, up from 16.

Wachovia is No. 1 in Triangle market share and holds more than one-third of the area's deposits.

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