Financial Roundup: 3 Big Deals Official, ING Reorganizies, Citi Bosses Lose Out, the Skinny on Fannie Mae

(MoneyWatch)  Three big deals done -- It's official. Bank of America has taken over Merrill Lynch, making it the largest bank in the U.S. with assets of $2.7 trillion. Wells Fargo & Co. owns Wachovia Corp. and PNC Financial Services Group has bought Cleveland's National City Corp. [Source: The Wall Street Journal]

ING jockeys for recovery -- Holland's ING Group NV has split up withs wealth management business with an eye towards a recovery in investments. Split apart are the bank's retirement services, annuities, insurance and investments. [Source: American Banker]

And no corporate jets, either -- Under federal pressure, Citigroup CEO Vikram Pandit and Chairman Win Bischoff are forgoing their 2008 bonusses since the bank got $45 billion from the government. Corporate jet use will also be restricted. [Source: Chicago Tribune]

Adams National merges with W. Va. bank -- West Virginia-based Premier Financial Bancorp is buying Abigail Adams National Bancorp based in Washington. The $10.9 million merger will help the D.C. bank survive the financial crisis. [Source: The Washington Post]

The skinny on Fannie Mae -- A lengthy magazine article claims that Fannie Mae and Freddie Mac were not major culprits in the meltdown, but had been under seige for their successes, big profits, hard-driving CEOs and special status as Government Sponsored Enterprises. [Source: Vanity Fair]