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

Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says A copy of the exclusivity agreement between Citigroup and Wachovia obtained by CNNMoney.com revealed that Wachovia had agreed not. the failure of Washington Mutual and its subsequent purchase by.

A copy of the exclusivity agreement between Citigroup and Wachovia obtained by CNNMoney.com revealed that Wachovia had agreed not. the failure of Washington Mutual and its subsequent purchase by.

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FDIC and the Federal Reserve back Citi's purchase of Wachovia Bank's retail. Generally, credit card accounts of banks that fail or are acquired are. out that ” Wachovia did not fail,” according to an FDIC news release.. JP Morgan Chase says people with WaMu credit cards and ATM. See more stories.

Citi initially agreed in September 2008, two weeks after the collapse of Lehman Brothers, to buy Wachovia for a song in a government-assisted deal. An FDIC-backed acquisition would have amounted.

The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia’s failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years: [3] on October 15, 2011, the last Wachovia branches in North Carolina were converted to Wells Fargo.

"Wachovia did not fail; rather, it is to be acquired by Citigroup Inc. on an open bank basis with assistance from the FDIC," the agency said. Under the deal, Citi granted the FDIC $12 billion in preferred stock and warrants to compensate the FDIC for bearing this risk.

While Citigroup said it plans to seek $60 billion in damages for breach of contract, it has decided not. most of its competitors, in part because it had less exposure to the subprime mortgages.

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In one of the most dramatic moments of the crisis, New York-based Citigroup. also says, in his view, the FDIC’s handling of the Washington Mutual failure in September 2008 “did hasten the fall of.

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"It provides superior value compared to the previous offer to acquire. from Wachovia’s 2 billion loan portfolio. The FDIC agreed to cover any remaining losses in exchange for $12 billion in.

"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.