Shareholders of Interstate/Johnson Lane Inc. on Tuesday approved the proposed sale of the company to Wachovia Corp.
The deal is expected to close in the second quarter.
Bank executives plan to merge Interstate/Johnson Lane with the section 20 unit, Wachovia Capital Markets. The company would be called Wachovia Securities Inc. and include IJL Wachovia, a retail brokerage unit, and Wachovia Capital Markets, an investment banking unit.
The Winston-Salem, N.C., bank reached a merger agreement in October with Interstate/Johnson Lane, Charlotte, N.C. The deal is for a stock swap based on $32 per share of Interstate/Johnson Lane, with the exchange ratio to be set on the day of closing.