Customers will see little change in Wachovia deal

The sale of Wachovia Corp. to Citigroup Inc. puts Atlanta’s second-largest bank in the hands of a new owner.

But the Federal Deposit Insurance Corp., which is facilitating the deal, sought to assure customers they will barely notice the change.

“For Wachovia customers, today’s action will ensure seamless continuity of service from their bank and full protection for all of their deposits,” the FDIC said in a press release Monday morning.

“There will be no interruption in services and bank customers should expect business as usual.”

The announcement did not make clear whether Wachovia will continue to operate under its name or adopt the Citigroup name.

Charlotte-based Wachovia had a 21 percent market share in metro Atlanta as of early 2007, with $21.19 billion in deposits.

That was second only to Atlanta-based SunTrust, with a 29 percent market share and $32 billion in deposits. Bank of America was third with $13.4 billion in deposits and a 12 percent market share.

Wachovia’s large local presence is due partly to two acquisitions over the years. It bought First Atlanta in 1986 and was absorbed in 2001 by North Carolina-based First Union, which adopted the Wachovia name.

SunTrust mounted a competing bid for Wachovia at the time but Wachovia’s board chose the First Union deal.