The Federal Reserve Board on Monday approved the merger of NationsBank Corp. and BankAmerica Corp., clearing the way for the creation of the country's first coast-to-coast bank.

Shareholders at both banks are expected to vote Sept. 24 on the $60 billion deal, which would create a $580 billion-asset banking company with 4,800 branches and 14,000 automated teller machines. The Fed said the combined bank will operate in 26 states. Assuming shareholder approval, the banks would officially combine on Sept. 30, a NationsBank spokesman said.

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