Wachovia Mortgage Names Garcia and Overcast to Retail Leadership Team

CHARLOTTE, N.C., June 28 /PRNewswire-FirstCall/ -- Wachovia Mortgage Corporation today announced that Alina Garcia and David Overcast have been named chief operating officer and chief administrative officer, respectively, for Wachovia Mortgage's Retail Lending division.

(Photo: http://www.newscom.com/cgi-bin/prnh/20050628/CLTU044-a ) (Photo: http://www.newscom.com/cgi-bin/prnh/20050628/CLTU044-b )

Garcia will be responsible for leading employees to ensure goals are met and regulating corporate processes and procedures, while also managing sales processes to ensure geographic consistency. Initially, she will focus on developing and implementing tactics that focus on recruiting, profitability and performance management.

Overcast will be responsible for implementing incentive and compensation plans, identifying business risks and opportunities, managing administrative functions, coordinating business partner relationships and ensuring consistency throughout the organization.

Garcia has nearly 18 years of mortgage experience and has been responsible for loan origination, market share growth, expense management, affordable housing, community lending and strategic planning for mortgage growth. She also held various leadership roles with Countrywide Home Loans and Wachovia.

"In Alina's last role, she led her team to the highest levels of performance," said Winston Wilkinson, retail executive for Wachovia Mortgage Corporation. "Her in-depth knowledge and experience in sales will bring an exceptional range of talents and knowledge to our company."

Prior to joining Wachovia, Overcast worked in the financial services industry for 16 years and has held various leadership positions. Most recently, he was the Operational Risk Executive for Bank of America's mortgage division. His experience includes managing incentive compensation plans, operational risk reporting and mitigation, and business continuity with a primary focus on expense, cost control and revenue growth.

"Dave's knowledge of the mortgage business will greatly assist us as we continue to grow our company and become a dominant lender in the mortgage industry," Wilkinson said.

About Wachovia Mortgage Corporation

Wachovia Mortgage Corporation (WMC) is a wholly owned subsidiary of Wachovia Corporation. It has approximately 2,800 staff and a current revenue base of more than $500 million annually. WMC originated more than $21 billion in mortgages in 2004 and employs 850 sales staff across the United States providing a full spectrum of mortgage and home equity products. Mortgage Loan Counselors are available to chat from 8:30 a.m. to 5:30 p.m., Monday thru Friday at http://www.wachovia.com/.

Wachovia Corporation is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $506.8 billion, market capitalization of $80.3 billion and stockholders' equity of $46.5 billion at March 31, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,277 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 693 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.