Wachovia Corp. said Tuesday that it would buy brokerage Interstate/Johnson Lane Inc. for $230 million in stock.

The transaction, announced after the close of trading, will be accounted for as a purchase and is scheduled to close in the first half of next year, Wachovia said.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.