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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On Monday, Citigroup announced what it called an "agreement-in-principle" to buy Wachovia’s troubled banking operations for nearly $2.2 billion in Citi stock, with assistance from the federal deposit insurance corporation.. But on Friday, Wachovia surprised most of Wall Street with the announcement that it would sell the entire company to Wells Fargo in a stock swap that required no.
2008 09 29 Citigroup Acquires Most of Wachovia; "Not a Failure," FDIC Says 2008 10 03 Wells bids $15 billion for Wachovia; scuffles with Citi 2008 10 05 The Citi Restraining Order and Supporting Motion 2008 10 22 wachovia reports $23.9 billion loss. 2006 02 16 Washington Mutual to Cut 2,500 Jobs
NEW YORK – In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations. causing big losses for the banks. The FDIC asserted today that.
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.
In its announcement, the FDIC stressed that Wachovia did not fail and was not placed into receivership. In addition, the FDIC said that the agency would absorb Citigroup’s losses above $42 billion; Wachovia’s loan portfolio was valued at $312 billion.
Citi agreed Friday to take $100 million from Wells Fargo to settle lawsuits tied to the fall 2008 battle for the remains of the failed Wachovia bank. Obviously, $100 million is not exactly chump.
The Federal Deposit Insurance Corp. this morning said Citigroup Inc. will acquire the banking operations of Charlotte-based Wachovia Corp. in a transaction facilitated by the FDIC.
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Citigroup Inc. will acquire the banking operations of Wachovia Corp., one of the nation’s largest banks, in a deal facilitated by the Federal Deposit Insurance Corp.
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.
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