Citigroup said late Monday it has agreed to acquire European American Bank for $1.6 billion. The Uniondale, N.Y.- based company is a unit of ABN Amro Holding NV.
The sale ends weeks of bidding for the company. ABN Amro is looking to sell the unit to help fund the purchase of its previously announced deal for Michigan National Corp. ABN Amro also recently said it would acquire the U.S. investment banking operations of ING Barings.
European American Bank has $15.4 billion of assets, $11.5 billion of deposits and 97 branches in the New York metropolitan region.