What Wachovia customers need to know

* If you have certificates of deposit with Wachovia or Citigroup, you do not need to make changes. Wachovia CDs will be separately insured by the FDIC for six months after the merger, or until maturity.

* You can't use Citi branches and ATMs until the deal is complete and Wachovia and Citi branches are integrated. If approved by regulators and shareholders, the deal will close by year's end and the integration is expected to be complete by the end of 2010.

For now, continue to bank as usual at Wachovia branches and ATMs or online at Wachovia.com.

* Wachovia will remain a public company with two main operating subsidiaries: Wachovia Securities, the nation's third largest brokerage firm, and Evergreen Asset Management, a leading provider of asset management services.

* Deposits are insured by FDIC Insurance for $100,000 per same type of legal ownership, per insured bank. Each person's deposits in self-directed retirement accounts at the same insured bank are added together and insured up to $250,000. Find out more at www.fdic.gov/index.html.

* The FDIC said Wachovia customers with questions should call their normal banking representative, service center, 1-800-922-4684 or visit www.wachovia.com. The FDIC consumer hotline is 1-877-ASK-FDIC (1-877-275-3342) or go to www.fdic.gov.

ABOUT THE NEW COMPANY

* The combined company will have more than $600 billion in U.S. deposits, about 9.8 percent of the total, and the most worldwide -- $1.3 trillion. It will have more than 4,300 U.S. branches.

* Layoffs are expected for Wachovia's workforce of 120,000, which includes 20,000 in Charlotte. In a statement, Citi said it expects to realize "more than $3 billion of annualized expense synergies through the consolidation of overlapping functions." Those cost reductions would amount to about 15 percent of Wachovia's nearly $20 billion expense base in 2007, likely translating to thousands of job cuts.

* The combined retail bank will be based in Charlotte, while the combined corporate and investment bank will be based in New York, Citigroup's headquarters city.

* A standalone company based in Charlotte, still called Wachovia, will remain that will house the Wachovia Securities brokerage firm, the Evergreen asset management arm and insurance services.

THE DEAL

* Under terms of the transaction, Citigroup is paying $2.1 billion to Wachovia in common stock -- essentially $1 per Wachovia share -- and assuming the company's $53 billion in senior and subordinated.

* Wachovia shares fell 82 percent to $1.84 from Friday's $10 closing price. The transaction, which is expected to close by year end, has been approved by both boards but requires shareholder and regulatory approval.

* Citigroup will assume $53 billion worth of debt and absorb up to $42 billion in losses from Wachovia's $312 billion loan portfolio. (The FDIC will cover any remaining losses.) Citi also will issue $12 billion in preferred stocks and warrants to the FDIC.

* Citi will cut its dividend in half, to 16 cents from 32 cents, and raise $10 billion.

Sources: Wachovia, Cox News Service, The Charlotte Observer