Federal Deposit Insurance Corporation

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

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 Wachovia Corp. [stock WB][/stock]. “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 press statement.