FDIC ACTS ON CHANGE IN CONTROL NOTICE FILED BY CITIGROUP
FOR IMMEDIATE RELEASE PR-83-2000 (11-30-2000)
Media Contact: Phil Battey (202) 898-6993
The Federal Deposit Insurance Corporation today announced that it would not disapprove acquisitions of two banks, Hurley State Bank, Hurley, South Dakota; and Associates Capital Bank, Inc., Salt Lake City, Utah; by Citigroup, Inc., New York, New York. The acquisitions may proceed immediately. Citigroup notified the FDIC of the proposed acquisitions on September 18, 2000. The FDIC reviewed the notices as required under the Change in Bank Control Act. The letter notifying Citigroup of the FDIC's decision is attached.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 10,101 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
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