Another Westport Bank Changes Hands in Financial Crisis

Citigroup has agreed to buy Wachovia’s banking operations in a deal facilitated by the government, the Federal Deposit Insurance Corp. said.  New York-based Citigroup will pay $2.1 billion to Wachovia for its retail bank, corporate and investment bank and wealth-management business. The FDIC said Wachovia didn’t fail, and that all depositors are protected and there will be no cost to the Deposit Insurance Fund. Wachovia, which had pursued rapid growth with relentless acquisitions of weaker rivals, had also been discussing a deal with Wells Fargo. Wachovia’s branch in Westport is located at 422 Post Raod East, next to Trader Joe’s. (CLICK TO ENLARGE) Dave Matlow for WestportNow.com