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. There had been rampant speculation over the last three days that the Charlotte, N.C.-based Wachovia would be sold to either Citigroup or Wells Fargo ( WFC, Fortune 500 ).
Wells Fargo says it is acquiring Wachovia in an all-stock transaction worth about $15.1 billion, as Wachovia ends talks with rival suitor Citigroup.
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Citigroup has granted the FDIC 12 billion dollars in preferred stock and warrants to compensate the FDIC for bearing this risk, the FDIC said in a statement. Wachovia’s current problems stem largely from its acquisition of mortgage lender Golden West Financial Corp in 2006 for roughly $25 billion at the height of the nation’s housing boom.
The parties were unable to reach an agreement on a joint acquisition of Wachovia, but did agree on October 9 not to seek injunctive relief to stop a Wachovia acquisition transaction from occurring. Citigroup determined to proceed with its claims, but to limit those claims to seeking monetary damages.
Instead, FDIC chairman sheila bair informed wachovia chief executive Bob Steel at 4 a.m. that the agency had determined that Citigroup. as one of the nation’s most vulnerable banks this spring as.
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 part two, we discuss why a regulatory focus on capital strength is not enough to. which is most unusual in the aftermath of any bank failure. Former FDIC Chairman Sheila Bair helped negotiate.
Despite rising home values, millions still underwater By Les Christie @CNNMoney NEW YORK — Despite rising home prices, more than 30 percent of borrowers, or close to 16 million homeowners, were underwater on their mortgage during the first quarter,
NEW YORK (CNNMoney.com) — Citigroup will acquire the banking. In exchange, the FDIC will get preferred stocks and warrants worth about $12 billion. Banking regulators stressed that consumers who.
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Citigroup Acquires Most of Wachovia; Not a Failure, FDIC Says Deal for Wachovia Goes to Citigroup – CFO – "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.
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