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Citibank paying $1.6 billion for European American Bank

NEW YORK (AP) -- In a move to expand its presence in the New York metropolitan area, Citibank announced late Monday that it will pay $1.6 billion for European American Bank, which has branches in New York City and Long Island.

Citibank's purchase of EAB from the Dutch bank ABN Amro also involves the assumption of $350 million in outstanding preferred stock, the banks said in a statement.

Citibank is the banking arm of the New York-based Citigroup Inc., already the nation's largest banking company in terms of assets and one of the biggest financial services companies in the world. Its assets as of last June 30 totaled more than $792 billion.

EAB, headquartered in Uniondale on Long Island, is a state-chartered bank with $11.5 billion in deposits, $15.4 billion in assets and 97 branches.

The deal, expected to close in mid-2001, is subject to approval by bank regulators.

Retail sales jump by 0.7%

WASHINGTON (AP) -- Lured into stores by deep discounts and better weather, Americans pushed up sales at the nation's retailers in January by a strong 0.7 percent, the biggest jump in four months.

The Commerce Department's report showed that the advance was widespread with shoppers snapping up building supplies, home furnishings, clothes and cars. They even ate out more.

January's performance was better than the 0.5 percent gain many analysts were forecasting and was the best showing since an 0.8 percent rise in September. In December, retail sales rose a tiny 0.1 percent.

Nissan recalls Quest minivans

GARDENA, Calif. (AP) -- Nissan Motor Co. has announced a voluntary recall of some models of its Quest minivans after finding fuel tank hoses that had cracked.

The recall covers 1993 through 1998 Federal model Quest minivans manufactured between April 13, 1992 and Aug. 2, 1998.

The recall covers about 268,000 vehicles.

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