Wachovia retains No.1 ranking in small business lending

CHARLOTTE, N.C. -- Wachovia Corp. announced that it is the No. 1 small business lender within its markets by dollar volume, based on data from the Federal Financial Institutions Examination Council (FFIEC).

This marks the fourth year in a row Wachovia topped the list by dollar volume. Wachovia small business loans increased approximately $2 billion in 2004 to $11.7 billion.

The large jump is due in part to the bank's merger with SouthTrust, which was completed in 2004. Small business loans reported to the FFIEC include loans of up to $1 million. In addition to the top spot within its markets, Wachovia ranked No. 1 in dollar volume in Florida, Georgia, New Jersey, Pennsylvania and South Carolina.

The company is second in Connecticut, North Carolina, Virginia and Washington, D.C.