The Federal Reserve Board on Wednesday approved Norwest Corp.'s $28.5 billion acquisition of Wells Fargo & Co. When the deal is completed later this month, the combined bank would be the country's seventh-largest, with assets of $191 billion.

Following the Justice Department's lead, the Fed's 95-page order requires the divestiture of 26 branches with $1.18 billion of deposits in 14 markets in Arizona and Nevada.

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