Wachovia Corporation has apologized for its past ties to the institution of slavery after a historical research of its past corporate acquisitions uncovered ownership of slaves by its predecessor companies.
Since its recent acquisition of the Palmer & Cay Charlotte, N.C.-based brokerage, Wachovia is among the nation's top ten insurance brokerage firms.
Wachovia said it recently commissioned a research firm to conduct a search of its predecessor institutions. The investigation discovered that two institutions–the Georgia Railroad and Banking Company and the Bank of Charleston, which eventually became a part of Wachovia–owned slaves.
Wachovia said the researchers found Georgia Railroad owned at least 162 slaves, and the Bank of Charleston accepted 529 slaves as collateral on mortgaged properties or loans. The Bank of Charleston acquired an undetermined number of slaves when the customers defaulted on their loans.
"On behalf of Wachovia Corporation, I apologize to all Americans, and especially to African-Americans and people of African descent," said Ken Thompson, Wachovia's chairman and chief executive officer. "We are deeply saddened by these findings."
The report, assembled by The History Factory, was prepared in response to municipal laws across the country that require companies doing business with them to research and disclose their historical ties to slavery. Wachovia said the immediate need for this report is in the city of Chicago, where it is involved in an affordable housing project.
According to the records, Wachovia acquired the descendent of the Bank of Charleston in 1991, and acquired the descendent of Georgia Railroad in 2001 through its merger with First Union.
Wachovia said that in response to the findings it plans to partner with community organizations to further awareness and education of African-American history.
State laws have required insurers to research their archives to determine if they have had any connections to slavery for several years now.
The California Department of Insurance maintains a report on its Web site, apparently last updated in 2002, on slavery-era insurance policies by companies that do business in the state.
ACE USA, Aetna, American International Group, New York Life and Manhattan Life found some scant evidence that descendent companies may have done some type of underwriting of slaves under life insurance policies.
London-based Royal & Sun Alliance reported that a descendent company may have insured vessels carrying slaves as early as 1720. England abolished slavery in 1806 and forbade the underwriting of slave ships by British insurers in 1811, the company reported.
A similar registry maintained by the Illinois Department of Insurance, dated 2004, reflected similar reports by insurers.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.