The Federal Reserve Board approved Wachovia Corp.'s acquisition of Interstate/Johnson Lane Inc. on Wednesday.

Wachovia, based in Winston-Salem, N.C., announced in October that it would buy the Charlotte, N.C., brokerage for $230 million of stock. Interstate/Johnson is to be merged into Wachovia's section 20 securities affiliate, and the business will be renamed Wachovia Securities Inc. Regulatory approval was one of the last steps in the deal, which is scheduled to close April 1.

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