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December 1, 2009

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Bank merger finalized

Thursday, Nov. 7, 2002 | 11:18 a.m.

NEW YORK -- Citigroup Inc. today completed its $5.3 billion purchase of Golden State Bancorp, almost doubling the number of Citibank branches and more than quadrupling the company's share of deposits in California.

The deal also creates the third-largest bank in Nevada as Citigroup's Citibank operation will absorb Golden State's California Federal branch network. The transaction will give Citibank about 11.4 percent of the Nevada market with deposits of $2.4 billion. It will trail only Wells Fargo and Bank of America in the Nevada market.

Citigroup will pay $37.11 a share to investors who want cash for a total of $2.3 billion, according to Citigroup's website. Investors who want stock will get 0.833 Citigroup share for each Golden State share and $6.37 in cash. The stock swap involves about 79.5 million Citigroup shares.

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