WACHOVIA CORP/ NC
8-K, 1995-10-04
NATIONAL COMMERCIAL BANKS
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<PAGE>   1
                      SECURITIES AND EXCHANGE COMMISSION


                            Washington, D.C. 20549


                         ___________________________


                                   FORM 8-K

                                CURRENT REPORT

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported) October 3, 1995
                                                       ---------------


                             Wachovia Corporation
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)


        North Carolina                    1-9021               56-1473727
- ----------------------------           -------------        ---------------
(State or other jurisdiction            (Commission           (IRS Employer
     of incorporation)                  File Number)        Identification No.)


              301 North Main Street, Winston-Salem, North Carolina     27150
              191 Peachtree Street, N.E., Atlanta, Georgia             30303
- -------------------------------------------------------------------------------
              (Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code   919-770-5000, 404-332-5000
                                                  -----------------------------

                      This document consists of 6 pages.
                       The Exhibit Index is at page 4.


                                     -1-
<PAGE>   2
Item 5.  Other Events

        Wachovia Corporation (the "Corporation") is filing this Current Report
on Form 8-K so as to file with the Securities and Exchange Commission certain
items that are to be incorporated by reference into its Registration Statement 
on Form S-3 (Registration No. 33-55839).

Item 7.  Financial Statements and Exhibits.

        (c)     Exhibits.

                12      Statement setting forth computation of Ratios of
                        Earnings to Fixed Charges

        












                                     -2-
<PAGE>   3
                                  SIGNATURE


        Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                             WACHOVIA CORPORATION
                                                  (Registrant)



Date:  October 4, 1995                       By: /s/ KENNETH W. McALLISTER
                                                --------------------------
                                                Kenneth W. McAllister
                                                Executive Vice President

















                                     -3-

<PAGE>   4
                                EXHIBIT INDEX


Exhibit Number and Description                                         Page
- ------------------------------                                         ----

12      Statement setting forth computation of ratios of                 5
        Earnings to Fixed Charges





















                                     -4-


<PAGE>   1
                                                                    EXHIBIT 12 

                             WACHOVIA CORPORATION
                      RATIO OF EARNINGS TO FIXED CHARGES


                                                    
                                                     
                                          Six Months  Year Ended December 31,
                                            Ended     -----------------------
                                        June 30, 1995          1994
                                        -------------       -----------
(A) Excluding interest on
  deposits:
Earnings:
  Income before income taxes.......      $  442,285         $  761,482 
  Less capitalized interest........            (827)              (362)
  Fixed charges....................         372,148            512,717 
                                         ----------         ---------- 
         Earnings as adjusted......      $  813,606         $1,273,837 
                                                                       
Fixed charges:                                                         
  Interest on purchased and                                            
    other short term borrowed                                          
    funds..........................      $  227,875         $  272,572 
  Interest on long-term debt.......         137,849            226,584 
  Portion of rents                                                     
    representative of the                                              
    interest factor (1/3) of                                           
    rental expenses................           6,424             13,561 
                                         ----------         ---------- 
         Fixed charges.............      $  372,148         $  512,717 
                                                                       
Ratio of earnings to fixed                                             
  charges..........................            2.19x              2.48x
                                                                       
(B) Including interest on                                              
  deposits:                                                            
Adjusted earnings from (A)                                             
 above............................      $   813,606         $1,273,837 
Add interest on deposits..........          369,842            539,232 
                                         ----------         ---------- 
Earnings as adjusted..............      $ 1,183,448         $1,813,069 
                                                                       
Fixed charges:                                                         
  Fixed charges from (A) above.....     $   372,148            512,717 
  Interest on deposits.............         369,842            539,232 
                                         ----------         ---------- 
Adjusted fixed charges.............     $   741,990         $1,051,949 
                                                                       
Adjusted earnings to adjusted                                          
  fixed charges....................            1.59x              1.72x
                                                         

                                     -5-


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