Citibank Thursday dropped out of the fight to take over failing Wachovia, leaving the door open for Wells Fargo to acquire the institution. Citigroup still wants someone to pay about $60 billion in legal fees they claim they piled up in the process.
Meanwhile The Bank of Floyd was cited in a National Public Radio (NPR) report as a small, local bank whose conservative financial practices have kept it out of trouble.
Wall Street may be on a roller coaster and credit markets in a deep freeze, but many smaller, local banks aren’t yet feeling the pinch. They lend only as much money as they take in and stayed out of the subprime mortgage business. Leon Moore, of the Bank of Floyd in Floyd, Va., says his bank hasn’t taken a federal loan in 10 years.