Charlotte, North Carolina, traditionally the nation’s second-largest banking center after New York City, is reeling from the implosion of the locally-based Wachovia Bank.

The sale of Wachovia to Citigroup means Charlotte’s brand new, yet-to-be-occupied 48-story Wachovia skyscraper may sit empty until the financial crisis passes.

Worse, Charlotte faces the prospect of losing not just thousands of high-paying jobs, but also its civic identity.

“We will have to reinvent ourselves, and we will,” Hugh McColl, the legendary former leader of cross-town rival Bank of America, told the Wall Street Journal.

The Wachovia name, derived from “Wachau,” the moniker given to North Carolina land purchased by Moravians in the 18th century, is ubiquitous in Charlotte. With 20,000 workers, it is the region’s second-largest employer.

Over the years, the two banks transformed the city’s image. Charlotte adopted the nickname Banktown, USA. Civic leaders sold the city as a place where hard-charging professionals could embrace a thriving career while enjoying a Southern lifestyle.

Local economists caution that the impact might not be as great as some fear, in part because the regional economy has become more diverse. In addition to Wachovia, the area has eight other Fortune 500 companies, including Duke Energy and Goodrich.

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