Citigroup To Buy First American Bank In Texas

NEW YORK, Aug 24 (AFP) - Citigroup, the world's biggest financial firm, said Tuesday it has agreed to buy Texas-based First American Bank for an undisclosed sum.
Closely held First American has 100 branches, 3.5 billion dollars in assets, and 120,000 customers in and around Midland, Wichita Falls, Amarillo and Abilene, Texas.
"We are strongly focused on investing in the future growth of Citigroup's businesses. Texas is a highly attractive market, and expanding Citigroup's Citibank retail distribution franchise in the US, especially in important geographies such as this, is a key element of our strategy," said Robert Willumstad, Citigroup's president and chief operating officer.