Citigroup Adds Wachovia In FDIC-Brokered Deal

Law360, New York (September 29, 2008, 12:00 AM EDT) -- Citigroup Inc. announced Monday morning that it was set to acquire all of the retail banking operations of Wachovia Corp. for a total of $2.16 billion in stock in a Federal Deposit Insurance Corp.-supported deal.

Charlotte, N.C.-based Wachovia has been slammed by subprime mortgage assets that it picked up in its 2006 acquisition of Golden West Financial Corp., a California savings and loan.

“Today's announcement is the best alternative for the company, enabling a resolution on the Golden West portfolio,” Wachovia President and CEO Robert Steel...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.