Wachovia renews golf tournament sponsorship

Wachovia Corp. has announced a four-year extension of its sponsorship of the Wachovia Championship, which secures the PGA Tour event in Charlotte through 2014.

The tournament started in 2002 with the Charlotte-based bank (NYSE:WB) as title sponsor. The bank's role as lead sponsor had been set to expire in 2010.

Wachovia's financial commitment to hosting the tournament has not been disclosed.

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"We are excited that what has come to be regarded as one of the finest events in professional golf will continue through 2014 and will maintain its commitment to giving the majority of the event's proceeds to Teach for America," says Ken Thompson, chairman and chief executive at Wachovia.

Teach for America is a nonprofit organization that places teachers in schools with large populations of at-risk students. Wachovia says the tournament has raised more than $7.5 million for charity during its first five years.

The tournament's sixth running is under way at Quail Hollow Club in south Charlotte, concluding on Sunday. It has a purse of $6.4 million.

"It has been a tremendous success on every level, and this is largely attributable to the ongoing commitment of Wachovia," says Tim Finchem, PGA Tour commissioner. "We've obviously very pleased that Wachovia has announced that it will continue its sponsorship of the tournament through 2014."

Johnny Harris, president of Quail Hollow, says, "We will continue to work hard and find ways to make the Wachovia Championship a memorable experience for the patrons, players and their families as they come to Quail Hollow Club through 2014."