Citigroup successfully completed its acquisition of First American Bank in Bryan Thursday. In the closing transaction, Citigroup purchased all of the outstanding common stock of First American Bank. Immediately prior to the acquisition, the privately held Bank was converted to a National Association banking charter and renamed Citibank Texas, N. A. Terms of the agreement were not disclosed.
Robert B. Willumstad, President and Chief Operating Officer of Citigroup, said, “We look forward to bringing our successful banking model to Texas and best serving the needs of its communities, small- and middle-market enterprises and consumers.”
Ajay Banga, President of North America Retail Banking at Citigroup said, “We have been eager to enter the commercial and retail banking business in Texas for a long time. Texas is a vital and dynamic growth market for our company. Now the presence of our Citibank offices and financial centers will help demonstrate our commitment to the State, where we already have 16,000 employees engaged in a variety of Citigroup’s businesses.”
Citibank Texas, N.A. will be headquartered in Dallas, as the majority of Citigroup’s operations are based in the Dallas-Ft. Worth area. Citibank intends to retain former First American Bank branch and sales staff throughout the state along with approximately 200 non-branch personnel based in the Bryan-College Station area. In the coming months, the 106 First American office and branch locations will be converted to the Citibank brand name, offering business and retail customers an outstanding array of innovative products and services, based on Citibank’s best-in-class branch business model.
Citigroup has had a presence in Texas for many years. In 2004, Citigroup and the Citigroup Foundation awarded more than $2,700,000 in grants and sponsorships to charitable and non-profit organizations in communities across Texas to support financial education, general education, child development, and community development programs, among others. Its businesses in the state include Smith Barney, Citibank’s Sales and Service Center in San Antonio, CitiFinancial International, CitiFinancial branches, CitiFinancial Auto and CitiFinancial Home Equity Operations, Citigroup's Industrial Equipment Finance unit, Citicorp Credit Services, Inc., CitiMortgage, CitiStreet, the Citigroup Private Bank, Citigroup Corporate and Investment Banking, and the American Health and Life Insurance Company.