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American Financial Pays $11.1M for 21 Vacant Citibank Branches

JENKINTOWN, PA-The branches are in California and Nevada and are among 33 overlapping locations that resulted following Citibank West's acquisition of California Federal Bank last year. Citibank owns seven of the branches and has leasehold interests in 14.

By Marita Thomas | Updated on August 20, 2003

JENKINTOWN, PA-Locally based American Financial Realty Trust has entered into an agreement to buy 21 vacant bank branch properties from Citibank (West) FSB, a subsidiary of Citigroup Inc., for an aggregate price of approximately $11.1 million. The branches are located in California and Nevada and are among 33 overlapping branches that were consolidated into adjacent ones following Citibank’s acquisition of California Federal Bank in 2002.

The portfolio includes seven owned properties and 14 others for which American Financial will assume Citibank’s leasehold interest. The closing is expected to take place later this month.

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