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

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Wachovia Insurance Services is not included in the deal, according to Vince Scanlon, a spokesperson for Wachovia. Wachovia Insurance Services employs 1,300 people in 34 offices in 15 states and.

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In an abrupt change of course, Wachovia Corp. said Friday it agreed to be acquired by. loan portfolio. The FDIC agreed to cover any remaining losses in exchange for $12 billion in Citigroup.

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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.

 · Citigroup announced today that it will acquire Ann Arbor, Mich.-based ABN AMRO Mortgage Group (AAMG), a national originator and servicer of prime residential mortgage loans. Citigroup.

Citigroup buys Wachovia bank assets for $2.2B As part of all-stock deal, Citi will acquire deposits, loans from nation’s fourth largest bank. Citi also to raise $10B in stock sale, cuts dividend.

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Stressing that no bank failure was imminent, the Federal Deposit Insurance Corp. said on Monday morning before market open that Citigroup Inc. [stock C][/stock] will acquire substantially all of.

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Citigroup agreed Monday to purchase Wachovia’s banking operations for $2.1 billion in a deal arranged by federal regulators, making the bank the latest casualty of the widening global financial.

NEW YORK (CNNMoney.com) — Citigroup will acquire the banking operations. full protection for all of their deposits," said FDIC Chairman Sheila Bair. The FDIC noted that Wachovia did not qualify as.

Citi will not be buying AG Edwards and other non-banking Wachovia operations. Citi is also granting the FDIC $12 billion of preferred stock and warrants to pay for the guarantee. Citi’s preferred.