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Fed Approves Wachovia Corp. Buyout of Virginia's Jefferson Bancshares.(Originated from Richmond Times-Dispatch, Va.)
Knight Ridder/Tribune Business News, August, 1997
Aug. 28--The Federal Reserve has approved Wachovia Corp.'s planned buyout of Jefferson Bankshares Inc., the major federal regulatory approval required before the deal can be closed.
The boards of both banks already have given their OK, and Jefferson shareholders will vote on the deal in October, though no specific date has been set, said Paul E. Mason, a spokesman for Wachovia.
Wachovia stockholders don't have to vote because the deal does not meet the size threshold that would require the approval of its shareholders.
Wachovia, based in Winston-Salem, N.C., expects to close on the transaction by the end of October.
It also plans to buy Central Fidelity Banks Inc., the third-largest bank based in Virginia. Mason said...
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