News-Record.com

Wednesday's No. 2 editorial.

In a heartbeat, the long post-Hurricane Ike gas lines in Charlotte or the Panthers’ Sunday NFL win seemed unimportant. The big story was Citigroup’s takeover of hometown Wachovia Bank, which will have a lasting impact on the state’s largest city.

For now, just what that might be isn’t clear. But it seems certain that “Banktown” will never be quite the same again.

Banking has been the key to Charlotte’s emergence as a major national economic player. And although in-town competitor Bank of America still maintains its strong corporate presence there, the city’s business landscape has been forever altered.

Having two banking giants enhanced Charlotte’s ability to attract young professionals and relocating out-of-staters. It also fostered an intense, friendly competition that boosted charitable giving, fostered a sense of civic pride and projected a “big-league,” vibrant image to the rest of the nation.

While the Citigroup deal leaves some banking operations alone, redundancy and cost-slashing will eliminate as many as 4,000 jobs systemwide. No one knows yet how much of a corporate presence may remain in Charlotte, not to mention the fate of 3,000 Wachovia jobs in the bank’s former home base in Winston-Salem.

With seven other Fortune 500 companies and a solid business base, Charlotte will survive Wachovia’s stunning decline. It remains a regional economic power, transportation hub and tourist destination.

Even so, there still will be a familiar, painful void like the one felt in dozens of the state’s smaller cities and hamlets when the local furniture factory or textile mill closes down.

The good news is Wachovia, with its deep roots in North Carolina, survives. And despite the wallop it has taken, the smart money says a resilient Charlotte will not only bounce back, but prosper as well.