RICHMOND, Va., Sept. 29 /PRNewswire-USNewswire/ -- The banking
operations of Wachovia Corp., which is headquartered in Charlotte, N.C.,
are being acquired by Citigroup Inc. The transaction is being facilitated
by the Federal Deposit Insurance Corporation and concurred with by the
Board of Governors of the Federal Reserve and the Secretary of the
Treasury.
Citigroup will acquire the bulk of Wachovia's assets and liabilities,
including five depository institutions and assume senior and subordinated
debt of Wachovia. Wachovia will continue to own AG Edwards and Evergreen.
In support of this transition, the Federal Reserve Bank of Richmond
stands ready to provide liquidity as needed.
The Federal Reserve Bank of Richmond is one of 12 District Reserve
Banks that together with the Board of Governors in Washington, D.C., make
up the Federal Reserve System. The Richmond Fed serves the Fifth Federal
Reserve District, which encompasses the District of Columbia, Maryland,
North Carolina, South Carolina, Virginia, and most of West Virginia.
SOURCE Federal Reserve Bank of Richmond
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Related links:
http://www.richmondfed.org
CONTACT:
Lisa Oliva, Vice President Public Affairs,
Federal Reserve Bank of Richmond, +1-804-697-8192,
Lisa.Oliva@rich.frb.org
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