First Union Corp., the US's sixth-largest bank, is set to buy North Carolina rival Wachovia Corp. for about $13 billion in stock, The Wall Street Journal reported. The deal would make Charlotte-based First Union No. 4 in assets, with about $331 billion. First Union has about 2,100 branches in 11 Eastern states and Washington. Wachovia, a holding company with headquarters in Winston-Salem and Atlanta, has more than 650 offices, primarily in Florida, Georgia, the Carolinas, and Virginia. The combined company will carry the Wachovia name but will be based in Charlotte.
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