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Lindley Estes is a business writer for The Free Lance-Star and This blog is on Fredericksburg-area business. Send an e-mail to Lindley Estes.

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Wachovia acquired by Citigroup

Citigroup Inc. will acquire the banking operations of Wachovia Corporation, the Federal Deposit Insurance Corporation announced today.Wachovia has one of the biggest depository bases of any bank in the Fredericksburg area, according to FDIC data.

In a statement, FDIC Chairman Sheila C. Bair said that the takeover will ensure customers “seamless continuity of service from their bank and full protection for all of their deposits.” The FDIC stressed that Wachovia did not fail but rather was acquired.

Here is the full press release from the FDIC.

Here is the press release from Citi.

Here is the press release from Wachovia.

So are you a local Wachovia customer? If so, what do you plan to do — stay with Citigroup or switch banks? Take our poll and let us know.

Here are some facts about Wachovia’s deposits in Virginia and the Fredericksburg area as of June 30, 2007, the most recent that the FDIC has available:

  • Wachovia’s $25.9 billion in deposits in Virginia made it the state’s second-biggest bank after E-Trade Bank, which has just two offices, both in Arlington. Wachovia had 296 branches statewide as of last June. Its market share in terms of deposits was 14.2 percent, besting BB&T, Bank of America and SunTrust.
  • There are seven Fredericksburg-area localities in which Wachovia’s market share (in terms of deposits) was in the top five — Fredericksburg, Culpeper, Fauquier, Orange, Spotsylvania, Stafford and Louisa.
  • Areawide (which includes those localities as well as Caroline, King George and Westmoreland), Wachovia had about $1 billion in customer deposits as of last June in the Fredericksburg area, giving it a 17.3 percent market share. That made it the second-biggest bank areawide, trailing only BB&T (whose $1.4 billion worth of deposits gave it a 23.2 percent area market share)

For more on this story see tomorrow’s Free Lance-Star.

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