For more on the financial crisis, check out’s Webinar , “Wall Street In a Freefall—The Winners and Losers.”

CHARLOTTE, NC-Monday’s merger of locally-based Wachovia Corp. with New York City-based Citigroup Inc. could go a lot more smoothly in markets where both banks don’t have large volumes of redundancy, particularly in the Southeast, according to commercial real estate observers. Wachovia is a dominant name on bank branches and office buildings in many markets where Citigroup has only a minimal presence.

“I don’t think there is a tremendous amount of overlap,” Nicholas Schorsch, chairman and CEO of American Realty Capital Trust Inc., tells Schorsch, whose firm divests excess single-tenant properties such as bank branches, adds that the expanded network will put Citigroup in a better position to rival the nation’s largest banks from a customer service standpoint.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.