TEMPLE UNIVERSITY

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TEMPLE UNIVERSITY PAN-AFRICAN STUDIES COMMUNITY
EDUCATION PROGRAM(PASCEP) CEP371--Pre-requisit
es A Sense of Truth Justice
Understanding the Demand of African-Americans
for ReparationsInstructor Brother Minister Ari
S. Merretazon, M.S.CED
Week 7 --- The Case Against Wachovia Bank and its
Predecessors. This class will focus on the
NCOBRA case against Wachovia Bank Corporation
and its predecessor institutions with a focus on
Wachovias past, present and future involvement
in the enslavement of and discrimination against
African-Americans. Merretazon, Ari, Should
Wachovia Pay, A Local Case Against for
Reparations, Article, National Coalition of
Blacks for Reparations in America, Philadelphia
Chapter, 2005
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Wachovias Enabling Predecessor Timeline

• Robert Morris
• Partner in the mercantile company of Swilling
  Morris in Philadelphia in 1748
• Member of the Continental Congress 1775-1778
• signer of the Declaration of Independence
• member, State assembly 1778-1781
• national superintendent of finance 1781-1784
• established the Bank of North America
• member, State assembly 1785-1787
• delegate to the Constitutional Convention of
  1787
• elected to the United States Senate and served
  from March 4, 1789, to March 3, 1795
• Known as the financier of the American
  Revolution and one of the richest men in
  America,

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Bank of North America

• Bank of North America, founded in Philadelphia,
  1781,
• by the most recognized merchants and financiers
  of their time,
• Robert Morris and Thomas Willing. Both served on
  the Second
• Continental Congress, and Thomas Willing was the
  Mayor of
• Philadelphia in 1793 Justice of the Pennsylvania
  Supreme Court
• and President of the Bank of North America.
• The Bank of North Americas was founded as way and
  a means to
• finance the American Revolution and get the
  Continental Congress
• out of debt. At the same time they helped
  finance the American
• Revolution, and voted that a slave was only
  3/5ths of a human and no
• rights to property or inheritance, they were also
  financing the slave
• trade through its various mercantile ventures,
  such as shipping,
• railroads, and cotton and tobacco plantations.
  The Evidence is clear.
• Our case reaches the very top and beginning of
  the U.S. Congress!
• The Bank of North America was the federal reserve
  of its time!

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Wachovia Bank Corporation Wachovia is the Latin
form of the German name Wachau. In 1753,
Moravian settlers gave this name to a tract of
land they acquired in North Carolina. The
settlers chose the name because the land
resembled a valley along the Danube River known
as Der Wachau. In 1879, a bank opened in the
town of Winston under the name Wachovia National
Bank. Fourteen years later, Wachovia Loan and
Trust opened nearby. The two merged in 1911 to
form Wachovia Bank and Trust, which evolved into
Wachovia Corporation. First Union Corporation,
whose history dates back to 1908, merged to
create one of the nation's top financial holding
companies.
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Wachovia its Predecessor Institutions The
disclosure made by Wachovia, June 2005, in its
Report entitled, Wachovia Corporation and Its
Predecessor Institutions, conducted by the
History Factory, Chantilly, Virginia are
sufficient basis to develop and initiate a moral
and legal case against Wachovia. This report is
on the Internet at http//www.wachovia.com/file
s/Full_Research_Report_ The20History20Factory.pd
fhttp
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• Wachovia s 19 Reported Predecessors
• Bank of North America (Philadelphia), established
  1781
• Bank of Baltimore, established 1795
• The Philadelphia Bank, established 1803
  recognized as Philadelphia National Bank in 1864
• Farmers and Mechanics Bank (Philadelphia),
  established 1807
• Bank of Northern Liberties (Philadelphia)
  established 1810
• Pennsylvania Company for Insurances on Lives and
  the Granting of Annuities (Philadelphia)
  established 1812
• State Bank of Elizabeth ( Elizabeth, New Jersey),
  established 1812
• State Bank of Newark (Newark, New Jersey),
  established 1812

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• Wachovia Reported Predecessors (cont)
• Savings Bank of Baltimore, established 1818
• Kensington Bank (Pennsylvania), established 1823
• Bank of Penn Township (Pennsylvania), established
  1828
• Girard National Bank (Philadelphia), established
  1832
• Georgia Railroad Company/Georgia Rail Road
  Banking
• Company, established 1833
• Bank of Charleston (Charleston, South Carolina),
• established 1834
• Germantown Savings Bank (Philadelphia),
  established 1834
• City National Bank of (Philadelphia), established
  1855
• Atlanta National Bank (Atlanta), established 1865
• First National Bank of Clarksville (Clarksville,
  Tennessee),
• established 1865
• Lowery National Bank (Atlanta), established 1865

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-AN ORDINANCE- Amending Section 17-104 of The
Philadelphia Code, entitled "Prerequisites to
the Execution of City Contracts, " by requiring
any City Depository authorized to accept City
deposits under Section 19-201 of The Philadelphia
Code to annually certify compliance with section
17-104 and, if such depository has disclosed
slavery policies sold by it or its profits from
slavery, to provide the City with a statement of
financial reparations all under certain terms
and conditions.
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Complaint Against Wachovia Wachovia has
improperly benefited from the immoral and
inhumane institution of slavery in the United
States. Wachovia has failed to honestly and
completely account for and/or return to African
descendants/African Americans the value of their
ancestors slave labor and/or the profits and
benefits Wachovia derived there from and
Wachovia has concealed the nature and scope of
their participation in the institution of
slavery.
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Complaint against Wachovia Bank Consequently,
because of its failure to disclose fully, and
voluntarily, its predecessors participation in
and profiting from the slave trade in America,
and the findings of the disparity study,
entitled Banks Doing Better in Philadelphia,
but Significant Credit Gaps Remain, by the NCRC,
as evidenced by the above examples, Wachovia is
not in compliance with the requirements of
Section 17-104 (Prerequisites to the Execution
and Validity of City Contracts).