The Little Bank Down the Street:

As the United States banking and mortgage crisis looms over daily news, bankers and investors cringe at the state of firms they've been monitoring religiously. For average Americans, however, names like Washington Mutual, Wachovia, Wells Fargo, and Citibank, are nothing more than the little bank down the street; an image many massive corporations work hard to maintain. So just who are these companies? Here is a simple look at the three players topping headlines.

Wachovia Corporation

www.wachovia.com

Based in Charlotte, North Carolina, Wachovia Corporation was created in 2001 by the merging of Wachovia and First Union banks. According to the company, as of June 2008, they were the fourth largest bank holding company in the United States. Wachovia held 812.4 billion dollars in assets; with 447.8 billion dollars in total deposits.

Wachovia's workforce of 120,000 employees serves 15 million households and businesses in 21 states. The recent housing and financial crisis has taken a heavy toll on Wachovia Corporation. On October 3, 2008 they surprised the finance world by rejecting an F.D.I.C. assisted bailout package from Citigroup in exchange for a 100% private sector deal with Wells Fargo. Wachovia's stock shares saw an almost immediate 70% increase; demonstrating strong market confidence in the Wells Fargo negotiation.

Wells Fargo

www.wellsfargo.com

San Francisco based Wells Fargo reported 609 billion dollars in assets in June of 2008. The company employs over 160,000 people and according to their website, Fortune ranks them the 17^th most profitable company.

Though not showing large profit gains, Wells Fargo averages only 17% of their investments in home loans, making the recently collapsing adjustable rate mortgages a small portion of their overall risks. This may contribute to their relative stability in otherwise troubled financial times.

Citi Group

www.citigroup.com

Citi Group claims to have, "the greatest distribution capacity of any financial firm in the world". With over 2 million customers and 350,000 employees throughout the world, their investments are as diverse as they are large. In the second quarter of 2008, the international giant reported North American revenue losses of 2%. However, Europe, Middle East, and African revenue increased 16%.

A successful deal with Wachovia corporation could bolster Citi Group's North American assets, and put them in the driver's seat of an even greater sector of American banking. Current press releases protest the deal between Wells Fargo and Wachovia. Citi Group claims they had exclusive rights to negotiations; a matter that remains to be settled.

*all facts and figures obtained from corresponding company websites and press releases