Wachovia goes green in California

Financial centers to be eco-friendly

CHARLOTTE -- Wachovia plans to only build "green" financial centers by the end of next year, starting with eight soon-to-open banking offices in southern California.

The move comes as Wachovia embarks on a major expansion into California, a market where the nation's fourth-largest bank has just a handful of locations. In all, the bank plans to build at least 300 "green" financial centers nationally by the year 2010.

"This is just one more way we are acting in local communities to make a measurable and immediate impact," Frank Newman III, chief operating officer for Wachovia's western banking group, said.

The new offices in Los Angeles, Orange, Santa Barbara and Riverside counties will begin opening in November. All will have silver-level Leadership in Energy and Environmental Design, or LEED, certification from the U.S. Green Building Council.

Wachovia is also seeking the higher gold-level certification for a financial center in Austin, Texas, which opened in July, and is building a 1.2 million square foot office tower at its headquarters in Charlotte in accordance with that standard.

"This is one of the more exciting relationships we have, especially with Wachovia's commitment and how they are pursuing this," said Kimberly Hosken, the council's LEED program director.

Customers aren't likely to notice some of the differences in a "green" Wachovia branch. But some might pick out the lower water flow in restrooms and energy-efficient lighting. Tougher to miss will be the educational displays, posted information for commuters, and bike racks and preferred parking for low-emission vehicles.

By using environmentally friendly materials, Wachovia expects to save up to $80,000 per branch in construction costs for each new branch built, reduce overall energy use and see reduced operating costs of about 20 percent in the first year.

Typically, a company seeking LEED certification must submit documentation upon the completion of construction. Wachovia is taking part in the council's volume certification program, which allows it to build prototype branches where the design and construction delivery methods have been preapproved.

Wachovia, which unveiled an environmental protection strategy last year, is the latest financial services firm to work with the council on its buildings. San Francisco-based Wells Fargo & Co. and Pittsburgh's PNC Financial Services Group are also taking part in similar programs.

In March, Charlotte-based Bank of America Corp. pledged to spend $20 billion on "green" building projects over the next decade.

Bank of America is currently building office towers in Charlotte and New York, just off Times Square.