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Merger Conversions
June 26, 2002

The current month of June is one that has featured several account transitions. In a merger, the integration of systems is one of the most important tasks to be completed. The First Union/Wachovia merger, for us at Evergreen, means that we'll be assigned many new accounts formerly administered by Wachovia. For analysts such as myself, that means conversion weekends. 

The first weekend project was a four hour shift on Saturday afternoon earlier in the month.  About ten of us came in to ensure that one batch of accounts transitioned smoothly between custodians. This process consisted of having the accounts reconciled up to date as of the Friday before the conversion, and verifying that all the accounts' holdings converted over  correctly. The next merger conversion weekend project will involve working both days of the weekend, and should be similar in nature. 

The merger conversion weekends have been a benefit to be a part of, because I've experienced first-hand the systems integration that takes place when two companies merge, especially when the resulting company will be one of the largest banks nationwide. Although I've had to give up parts of weekends, I now realize the amount of work that goes into a headline creating deal.

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