No local impact from Wachovia buyout
Citigroup’s purchase Monday of Wachovia Bank should not impact depositors at the local level, bank officials said.
“What customers need to know is Wachovia Banks are open for business as usual,” said Corporate Communications Manager Evelyn Mitchell. “There are no immediate changes and their deposits are available and insured by the FDIC.”
Wachovia Bank was purchased Monday in a $2.1 billion deal by Citigroup, the latest fallout in a widening national financial crisis.
Mitchell said if any changes are to be made, they will be communicated in advance.
At this time, she said she has no knowledge of any branch closings.
According to information released by Wachovia, operations will continue to be based out of Charlotte, NC, and customers should have confidence their money is safe.