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...
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