Citigroup to buy First American Bank

New York, NY, Aug. 24 (UPI) -- Citigroup of New York said Tuesday it will acquire First American Bank of Bryan, Texas.

The transaction is expected to be immediately accretive to Citigroup's earnings.

Terms of the transaction were not disclosed.

The deal will establish Citigroup's retail banking presence in Texas, giving Citigroup over 100 branches, $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 said it 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.

First American Bank, a subsidiary of The Adam Corporation/Group, is a $3.5 billion financial institution with 102 full service banking centers throughout Texas.

Citigroup is the largest bank in the world in terms of assets.

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