Bank of America Corp. won Federal
Reserve approval of its $48 billion purchase of FleetBoston
Financial Corp. Monday, putting the companies a step closer to forming
the biggest U.S. bank by deposits.
Backing by the Fed helps Charlotte, N.C.-based
Bank of America clear its biggest regulatory hurdle in completing
the merger. Shareholders of the banks are scheduled to vote on
the combination at March 17 meetings, the company said in a
statement announcing the Fed decision. The U.S. Justice
Department approved the transaction in December.
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