Sep
29

Wachovia Merger Makes Citigroup S.C. Banking Leader

By
September 29, 2008

By James T. Hammond – Columbia Regional Business Report

Citigroup Inc.’s takeover of Charlotte-based Wachovia Corp. will make the big New York bank a retail-banking leader in South Carolina, and remove the corporate headquarters for the successor to the old South Carolina National Bank even further from the state.

When Wachovia took over South Carolina National Corp. in 1991, SCN was the largest bank based in the state, with more than $7 billion in assets and 164 offices statewide.

Today, Wachovia has 137 branches in South Carolina. It has 14 branches in Richland County and nine branches in Lexington County, with $2.9 billion total deposits in the two counties, said Christine Shaw, a spokeswoman for Wachovia.

According to Wachovia’s Web site, it has 30 branches in the Midlands of South Carolina. In 2007, FDIC figures ranked Wachovia No. 2 in South Carolina in terms of total deposits, behind only Charlotte-based Bank of America.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:
http://www.columbiabusinessreport.com/news/164-wachovia-merger-makes-citigroup-s-c-banking-leader

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