Wachovia bought out
The thousands of locals who have accounts with Wachovia are about to watch their money change hands. The FDIC announced this morning that Citigroup has bought out the Charlotte-based bank and will absorb $42 billion of its losses. Longtime residents will remember that it wasn't that long ago that Wachovia was on the other end of a buyout. Back in the summer of 1997, when they gobbled up Charlottesville's Jefferson National Bank for $542 million and Richmond institution Central Fidelity Bank for $2.3 billion.