Wachovia was praised for its stability and excellent customer service by a Stamford consulting firm on the same day the bank announced it was being bought by Citigroup for $2.1 billion.

Wachovia said today it intends to sell its retail bank, corporate and investment bank and wealth management businesses to Citigroup. Under terms of the transaction, Citigroup will pay $2.1 billion to Wachovia and assume the senior and subordinated debt of Wachovia Corp.

Wachovia said it will remain a public company with two main operating subsidiaries: Wachovia Securities, a large national brokerage firm, and Evergreen Asset Management, a provider of asset management services.

But in a national survey of more than 17,000 middle-market businesses conducted by Stamford financial consulting form Greenwich Associates, Wachovia was among a handful of regional banks singled out for praise for their customer service and a “perception” of stability.

"As middle-market businesses add new banking relationships in an effort to ensure an uninterrupted flow of reasonably priced credit, they are seeking out institutions that they see as offering more stability," said Greenwich Assoc. consultant Pete Garrison in a statement. Wachovia won a total of 13 national and regional Greenwich Excellence Awards for Middle Market Banking, the consulting firm announced today.

Wachovia had assets of $812.4 billion as of June 30, the bank said.