The much-ballyhooed battle between Citigroup Inc. (C) and Wells Fargo & Co. (WFC) ended with a whimper Friday, as Citi gave up its pursuit of the assets of Wachovia Corp. (WB) – the Charlotte-based lender that was undermined by its broad exposure to subprime assets.

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Citigroup (NYSE:C) failed bid for Wachovia (NYSE:WB) would have expanded Citi’s deposit base and upgraded their bank infrastructure. But Wells Fargo (NYSE:WFC) swooped in and offered Wachovia $6 more a share and Citi’s plan went up in smoke as did it’s share price. But Citi is great value right now, according to Andrew Gordon.

After a day of dueling lawsuits yesterday (Monday), all parties agreed to halt litigation for two days as Citigroup Inc. (C) and Wells Fargo & Co. (WFC) continued to squabble over rights to purchase Wachovia Corp. (WB).

The battle for battered bank Wachovia Corp. (WB) is heating up with Citigroup Inc.’s (C) win of a court order to extend negotiations, while Wells Fargo & Co. (WFC) contends its merger agreement still stands.

Wells Fargo & Co. (WFC) Friday agreed to buy all of Wachovia Corp. (WB) for about $15 billion in stock, however, Citigroup Inc. (C), which had already agreed to buy Wachovia’s banking operations, immediately issued a protest that could jeopardize the deal.

These are worrying times. Not only for investors, but also for anyone with their savings in US banks. Already, some of the biggest names in banking have gone belly up. How do you know whether you bank is safe or not? Keith Fitz-Gerald in Money Morning says there are three steps you can take to make sure your bank is safe.

The economic releases now and for the immediate future will be weak. “that’s a given, says William Patalon III in Money Morning. Therefore, investors should give them a passing glance, evaluate the consequences and potential remedies, and move on. In fact, the bigger picture should focus on how to correct these assorted problems.

There is something exciting and fascinating about this market. When the Street thinks it finally has things figured out, something goes and throws a really big wrench into the works.