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New York-based Citigroup Inc.'s purchase of Wachovia Corp. doubles the size of Citi's ATM network. Citibank now operates the nation's third-largest bank-ATM network with 8,577 machines, ranking behind Charlotte, N.C.-based Bank of America Corp's 18,531 ATMs and New York-based JPMorgan Chase & Co.'s 14,272. The Citi/Wachovia deal, announced this morning, continues the shakeup of the 10 largest bank-owned ATM operators, as two familiar names–Wachovia and Washington Mutual–will disappear for good. In purchasing Charlotte, N.C.-based Wachovia, Citigroup leaps over Wells Fargo Bank as the owner of the third-largest ATM network. Wells Fargo operates 6,950 machines. Citigroup says it purchased Wachovia for approximately $2.16 billion in stock, and it assumed Wachovia's senior subordinated debt, totaling approximately $53 billion.
