Wachovia and OFFITBANK Holdings May 13 announced an agreement to merge. The transaction, valued at $200 million, will be accounted for as a purchase and provides for a tax-free exchange of 0.2284 of a share of Wachovia common stock for each OFFITBANK share. The merger is subject to the approval of federal and state regulators. It is expected to close in the third quarter. At year end, OFFITBANK managed $10.3 billion in total assets, of which $3.4 billion was for U.S. institutional tax-exempt clients. Wachovia Asset Management, the institutional investment management arm of Wachovia, managed total assets of $42 billion at year end, of which $20 billion was for U.S. institutional tax-exempt clients. OFFITBANK will retain its name and its New York headquarters; Morris W. Offit will continue as CEO of the company and become a director of Wachovia. No job losses are anticipated.