Citigroup has bought First American Bank, one of the largest independents in Texas. Terms of the transaction are not being disclosed.
The deal gives Citigroup over 100 branches in Texas, $3.5 billion in assets, and approximately 120,000 new customers in the state. The transaction is expected to close in the first quarter of 2005, subject to applicable regulatory approvals.
Citigroup currently plans to retain all of First American’s branches and selling locations throughout the state and to provide continued employment to the existing First American sales force. Following the acquisition, First American branch locations will be converted to Citibank Financial Centers under the Citibank brand name.