Wachovia Corporate and Institutional Trust has been appointed stock transfer agent for Overnite Transportation. Wachovia will also serve as administrator for the company’s employee stock option, stock purchase and share bonus plans.
Headquartered in Richmond, and a subsidiary of Union Pacific Corporation, Overnite Transportation is a leading provider of less-than-truckload (LTL) transportation, offering coast-to-coast long-haul services, as well as regional and inter-regional services nationwide.
“We are extremely pleased by this appointment and the confidence Overnite Transportation has placed in our equity services,” says John Shope, national sales director of Corporate and Institutional Trust. “Wachovia is committed to building our equity-services capabilities. This transaction represents our strength in this business and demonstrates the level of service we are able to provide clients.”
Equity services offered through the Corporate Trust group of Wachovia Bank include stock transfer services, dividend reinvestment plans, employee stock purchase plans, stock option and restricted security plan administration, direct purchase plans, turn key initial public offering services, corporate action processing and investment management.
Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 40 locations in 18 states plus the District of Columbia.