Wells Fargo & Co., whose origins date back to the Gold Rush days, won final regulatory approval Wednesday to acquire First Interstate Bancorp in a merger that will create the nation's seventh-largest bank.
The Federal Reserve approval had been expected after a similar approval by the Justice Department. The central bank usually adopts Justice recommendations. California's banking superintendent also approved the deal.Shareholder approval is still required, but no major objections have been raised, and the banks are planning to complete their merger on April 1.
The merger involves an exchange of stock valued at $13.52 billion, the richest banking merger in history.
Earlier, the deal received joint approval by the Justice Department and the state of California after the banks agreed to sell 61 branches with $2.54 billion in deposits to avoid lessening competition in banking services for small- and medium-sized businesses in almost 30 separate bank markets.
First Interstate Bank has extensive operations in Utah.