The Federal Reserve Board has approved Wachovia Corp.'s acquisition of Jefferson National Bankshares, Charlottesville, Va.
The $542 million deal would give $48.5 billion-asset Wachovia, Winston- Salem, N.C., 96 offices in Virginia. Tuesday's Fed approval did not require any branch closures.
The merger has been approved by the boards of directors of both companies but remains subject to the approval of Jefferson National's shareholders. They are expected to vote in October; if approved, the deal is expected to close by the end of that month.
Jefferson National, $2.1 billion-asset parent of Jefferson National Bank, is the fifth-largest banking company in Virginia.
The purchase is one of three recent deals by Wachovia to expand its presence outside the Deep South. It has also agreed to buy 1st United Bancorp, Boca Raton, Fla., and Central Fidelity Banks Inc., Richmond, Va.