Black state lawmakers say Wachovia Corp. — the nation’s fourth-largest bank and the largest lender in South Carolina — must do more to make up for its past role in the slave trade or face a potential boycott from black customers.

The Charlotte-based bank apologized in June because two of its predecessor banks owned slaves. The bank later pledged $10 million over five years to scholarship programs and various civic organizations.

But in a letter sent to reporters on behalf of the Legislative Black Caucus, Sen. Robert Ford, D-Charleston, called the pledge an “affront.”

“The $10 million ... totally disrespects over 40 million free Africans who were forced from their homes, villages and their country,” Ford wrote.

Likening the $10 million to pennies, Ford said a more sensible figure for damages would be $200 billion. He said the caucus wants Wachovia to provide more bank loans and investment opportunities for blacks.

Caucus chairman Rep. David Mack, D-Charleston, said the caucus is in discussions with Wachovia executives about further steps the company could take.

Mack said those talks will wrap up in the next couple of months but wouldn’t give specifics.

Wachovia spokesman Scott Silvestri declined to comment specifically on Ford’s letter or possible negotiations with the caucus. He said in a statement that the bank is committed to working with local leaders and organizations.

“We are proud of all that we do in the community, and we continue to identify ways to support individuals and groups who have historically been underserved,” Silvestri said.

Rep. Leon Howard, D-Richland, said while the $10 million Wachovia pledge is a step in the right direction, black lawmakers will consider asking black churches, businesses and even school districts to close their accounts with the bank.

“The only thing people pay attention to is when you hit them in the pocketbook,” Howard said.

“We’re looking at a lot of banks,” he said. “Wachovia is high on our list.”

Wachovia’s link to slavery came to light when the bank hired a research firm to investigate the company’s history. It discovered that two predecessor banks — the Bank of Charleston and the Georgia Railroad and Banking Co. — owned slaves and accepted hundreds of others as collateral on mortgages and loans.

In its June announcement, Wachovia CEO Ken Thompson said the bank was “deeply saddened” by the findings and offered an apology to African-Americans.

Reach Stensland at (803) 771-8358 or jstensland@thestate.com.