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Citigroup completes acquisition of First American Bank in Texas

4th April 2005
By IB Staff Writer

Citigroup has successfully completed its acquisition of First American Bank in Texas through purchasing all of the outstanding common stock of the Texan bank. Terms of the agreement were not disclosed.

Immediately prior to the acquisition, the privately held bank was converted to a National Association banking charter and renamed Citibank Texas NA.

Citibank Texas NA will be headquartered in Dallas, as the majority of Citigroup's operations are based in the Dallas/Fort 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.

Ajay Banga, president of North America Retail Banking at Citigroup, commented, "We have been eager to enter the commercial and retail banking business in Texas for a long time. Texas is a vital and dynamic growth market for our company. Now the presence of our Citibank offices and financial centers will help demonstrate our commitment to the State, where we already have 16,000 employees engaged in a variety of Citigroup's businesses."

Citigroup said that the 106 First American office and branch locations will be converted to the Citibank brand name over the next few months.

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