Over the years, Wachovia grew from a regional bank headquartered in Winston- Salem, N.C., into a national powerhouse by making a number of acquisitions, including First Atlanta in the mid-1980s. In 2001, SunTrust made a bid to take over Wachovia, but the bank rejected the unsolicited offer and stuck to an earlier decision to merge with Charlotte-based First Union.

Citigroup's takeover of Wachovia could have other repercussions, banking experts said. Wachovia's front office and professional staff based in Atlanta could see job reductions as positions are consolidated, said Walt Moeling, a banking lawyer with Atlanta firm Powell Goldstein. Wachovia had said in August it would cut more than 11,000 jobs nationally.

Moeling also said the buyout should "rationalize" the local market for CDs.

To bolster capital, "Wachovia has been destroying the local deposit market by paying outrageously high rates for several months, which has penalized the entire banking market," he said.

He said he expected Citigroup to be a formidable competitor in the local market.

"I don't think too many people in New York City know how to say 'y'all' or 'ain't,' " Moeling said, referring to Citigroup's home base. "But I'm sure they can learn."

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