Belk Chooses United Way of Central Carolinas to Receive $10,000 Donation
Posted: 11-13-2008 : CHARLOTTE, N.C.

CHARLOTTE, N.C. -- Belk, Inc. today presented a $10,000 donation to United Way of Central Carolinas as part of its recognition as the Grand Prize winner in the Association for Financial Processionals' annual Pinnacle Awards sponsored by Wachovia.

The AFP Pinnacle Awards are presented annually to organizations whose finance and treasury professionals have developed innovative solutions to address cash management and financial challenges. The Grand Prize winner selects a charity to receive a donation on its behalf from Wachovia. Belk selected the United Way of Central Carolinas to receive a $10,000 donation.

"Wachovia is proud to sponsor the AFP Pinnacle Award for the twelfth consecutive year," said David Trotter, Executive Vice President and Head of Treasury Services, Wachovia Bank, who presented the donation alongside Belk and the AFP. "Belk's selection of the United Way of Central Carolinas exemplifies the spirit of shared success, innovation, and leadership. This is a win-win proposition - recognizing both Belk and the United Way of Central Carolinas for excellence in their respective fields. Today, we are especially honored to recognize the efforts of these two leading organizations."

Belk won the AFP Pinnacle Grand Prize and the award for its innovation in the Risk Management category. Belk is the largest chain of privately held department stores in the country, with over 310 stores in 19 states. In 2004, the company faced $3,000,000 in losses due to store operations, vendor relationships, and insurance risk issues. Its management team brought in a new Vice President of Treasury and the company's first professional risk manager to build an enterprise risk management team to reduce associates' accidents and costs; support store operations; and build a safety culture.

"Financial professionals manage risk and promote strategies that drive efficiency across organizations," said Jim Kaitz, President and CEO of the AFP. "The Pinnacle Award recognizes innovative business solutions implemented by treasury and finance professionals. A unique part of the program is the donation to a charity in recognition of the winner. We congratulate Belk as the Grand Prize winner and are pleased to join with our sponsor Wachovia in presenting this donation to the United Way of Central Carolinas, which continues to make positive and meaningful contributions to its community."

About AFP
The Association for Financial Professionals(R) (AFP) is a membership organization that serves more than 16,000 corporate treasury and finance executives. In addition to its Annual Conference, the Association offers professional certification, executive resources, industry news, financial tools, networking opportunities, continuing education, print and online publications and public policy research representation. AFP is headquartered in Bethesda, Maryland, and its global reach includes AFP of Canada, a membership organization; gtnews, a London-based on-line resource for the finance community; and Bobsguide, a financial IT solutions network. AFP strives to be a daily resource for strategic solutions, best practices and peer collaboration: AFP-Your Daily Resource at http://www.AFPonline.org.

About Wachovia's Treasury Services
Wachovia's Treasury Services division tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Ernst and Young's 2007 US Cash Management Survey ranks the bank No. 3 in Treasury Services market share; No. 1 for Remote Deposit Capture client volumes; and No. 1 for the highest number of Internet reporting accounts via Wachovia Connection, its Treasury Services information and access product. Wachovia won 13 of 15 categories -- more than any other Treasury Services provider -- in Greenwich Associates' 2008 Excellence Awards for Middle Market.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $764.4 billion and market capitalization of $7.6 billion at September 30, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.0 trillion in client assets through 14,600 financial advisors in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.