Citigroup Completes Acquisition of First American Bank in Texas

Friday 1 April 2005 00:40 CET | News

Citigroup has successfully completed its acquisition of First American Bank in Texas. In the closing transaction, Citigroup purchased all of the outstanding common stock of First American Bank.

Immediately prior to the acquisition, the privately held Bank was converted to a National Association banking charter and renamed Citibank Texas, N. A. Terms of the agreement were not disclosed. Citibank Texas, N.A. will be headquartered in Dallas, as the majority of Citigroups operations are based in the Dallas-Ft. Worth area. Citibank intends to retain former First American Bank branch and sales staff throughout the state along with approximately 200 non-branch personnel based in the Bryan-College Station area. In the coming months, the 106 First American office and branch locations will be converted to the Citibank brand name, offering business and retail customers an outstanding array of innovative products and services, based on Citibanks best-in-class branch business model. Citigroup has had a presence in Texas for many years. In 2004, Citigroup and the Citigroup Foundation awarded more than $2,700,000 in grants and sponsorships to charitable and non-profit organizations in communities across Texas to support financial education, general education, child development, and community development programs, among others. Its businesses in the state include Smith Barney, Citibanks Sales and Service Center in San Antonio, CitiFinancial International, CitiFinancial branches, CitiFinancial Auto and CitiFinancial Home Equity Operations, Citigroups Industrial Equipment Finance unit, Citicorp Credit Services, Inc., CitiMortgage, CitiStreet, the Citigroup Private Bank, Citigroup Corporate and Investment Banking, and the American Health and Life Insurance Company.

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Categories: Payments & Commerce | Payments General
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Payments & Commerce


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