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Despite what is likely the most methodical transition in the history of big-bank mergers, Wachovia Corp. still is looking at deposit attrition of about 5 percentage points since its wedding with First Union.
In mid-2000, before the two banks merged, they had a combined 27.17 percent of the Atlanta market in terms of deposits, according to the Federal Deposit Insurance Corp.
The new Wachovia (NYSE: WB) had 22.09 percent as of June 30, 2003.
Wachovia's leadership isn't complaining. The new bank is preparing for growth that, by the end of 2005, should push...