SOURCE: Grogan Associates

November 15, 2005 11:00 ET

Wachovia Selects Grogan Associates as Key Data Gathering Partner for Master Market Planning Program

CHARLOTTE, NC -- (MARKET WIRE) -- November 15, 2005 -- Grogan Associates, a premier consulting firm specializing in commercial real estate management services for banks, has been selected by Wachovia Corporation as a strategic partner in the Master Market Planning Program, a plan to actively manage Wachovia's distribution network. By outsourcing to Grogan, Wachovia reduces risk, saves resources and enjoys overall cost savings and the ability to focus on uninterrupted customer service.

At Wachovia, approximately 80% of new customer relationships begin in their financial centers. According to Jon Witter, head of general bank distribution at Wachovia, "The number one reason consumers choose a bank is convenience of locations to home or office. So, the way we manage our physical assets is critical. The Master Market Planning program provides a plan for our whole network, plus every region, in terms of our branches and ATMs over the next several years."

Wachovia Calls in Strategic Data Gathering Experts

Wachovia has one of the most experienced in-house teams to manage its distribution network; adding Grogan to the team streamlines the process even further. Wachovia turns to Grogan to act as its "feet on the street," gathering data to give Wachovia a holistic and accurate view of its physical assets. Grogan provides a depth of services and resources that are added to the Wachovia team to support their distribution strategies, such as senior project managers, construction experts, banking asset surveyors, computer-aided design drawing and data professionals.

Grogan combines years of specialized expertise and state-of-the-art equipment to effectively manage corporate real estate assets for Wachovia. This expertise ensures that Wachovia branches and ATMs are consistently maintained, renovated and managed based upon customer needs and changing market conditions.

Grogan has provided consulting services to some of the largest banks, including but not limited to Wachovia, BB&T, First Federal of Charleston, First Union, Regions Bank and SouthTrust Bank. Grogan has supervised real estate projects during 20 large banking mergers, and has completed project management work in over 4700 banking real estate properties. Grogan has also engineered the move of over 285,000 safe deposit boxes and reviewed security for over 690 banking locations.

"We've managed robust projects for Wachovia in the past and we're thrilled to be selected as a key partner in the Master Market Planning Program," said Tom Grogan, president of Grogan Associates. "Decades of combined banking experience and laser-like focus on the financial services vertical uniquely qualifies Grogan Associates to provide the real estate management services that Wachovia needs."

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