Vertice Included in Citi/Wachovia Deal

Vertice, the wholesale lending operation of Wachovia Corp., Charlotte, N.C., which was once run by former Mortgage Bankers Association chairman John Robbins, will be making the transition to Citigroup, according to a company spokeswoman. Although Vertice operated under the Wachovia Securities banner, it is part of the parent's corporate and investment group, she explained. (Wachovia did not sell Wachovia Securities or Evergreen Asset Management as part of the deal.) In after-hours trading, before the markets opened, Wachovia's common stock was down to $0.94 per share after closing at $10 on Sept. 26. As of midday on Sept. 29, it had not started to trade. Vertice combined American Mortgage Network, the San Diego-based wholesaler formed by Mr. Robbins, with another Wachovia wholesale operation. Mr. Robbins recently retired as managing director and special counsel for Wachovia Securities. He had not been responsible for the day-to-day operations at Vertice for a couple of years.