CHARLOTTE, NC – Shareholders of Wachovia Corp. and SouthTrust Corp. overwhelmingly approved a $14.3 billion deal for Wachovia to acquire the Alabama-based bank on Thursday. The all-stock transaction is expected to create the biggest bank in the Southeast and give Wachovia an opening in the lucrative Texas market.
The Federal Reserve Board approved the merger this month, and the banks have announced they plan to close the deal Monday.
The transaction, which the banks announced June 21, has been valued at $14.3 billion. The deal calls for Wachovia to exchange 0.89 shares of its common stock for each share of SouthTrust.
Wachovia has said it will eliminate some 4,300 jobs, partly through attrition, as part of the acquisition. The company is also not planning to make any major acquisitions — at least for now.
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