Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says

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Citigroup Acquires Most of Wachovia; "Not a Failure," FDIC Says Ameriquest to Close; Citigroup Exercises Purchase Option on ACC Capital Paul Jackson is the former publisher and CEO at HousingWire.

The bank did not fail, the FDIC said. FDIC helps in Citigroup’s purchase of. "Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," regulators said in a press statement. Citigroup would grant the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

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Citigroup, which demanded that Wachovia call off its deal with Wells Fargo, said its agreement with Wachovia provides that the bank will not. than most of its competitors, in part because it had.

Wachovia has 1.3 million Visa and MasterCard credit card accounts. The FDIC has agreed to a loss-sharing arrangement with Citi to cover Wachovia’s pool of $312 billion of bad mortgage loans. Citi will absorb up to $42 billion of Wachovia’s losses and the "FDIC will absorb losses beyond that," according to the FDIC.

Citi says it had "nearly completed" the definitive agreements that would’ve finalized its acquisition. It added that it had been providing "liquidity support" to Wachovia since the. this new offer.

Citigroup Acquires Most of Wachovia; "Not a Failure," FDIC Says. Citigroup granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing the risk of loss beyond the initial write-off; not surprisingly, shares in Citi were off more than 7 percent in pre-market trading as a result,

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Citigroup will buy wachovia bank operations. citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp. Citigroup will.

About FDIC. All depositors are fully protected and there is expected to be no cost to the Deposit Insurance Fund. Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC.

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"It provides superior value compared to the previous offer to acquire. from Wachovia’s $312 billion loan portfolio. The FDIC agreed to cover any remaining losses in exchange for $12 billion in.