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Article: WACHOVIA WINS GO-AHEAD FOR JEFFERSON ACQUISITION THE DEAL, AGREED TO IN JUNE, IS VALUED AT $542 MILLION.(BUSINESS)
- Article from:
- The Virginian-Pilot (Norfolk, VA)
- Article date:
- August 28, 1997
- Author:
CopyrightCOPYRIGHT 1997 The Virginian Pilot-Ledger Star. All rights reserved. Reproduced with the permission of the Dialog Corporation by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: TOM SHEAN, STAFF WRITER
The Federal Reserve has approved Wachovia Corp.'s application to acquire Jefferson Bankshares Inc., the Charlottesville-based parent of Jefferson National Bank.
Wachovia, based in Winston-Salem, N.C., agreed in early June to buy Jefferson Bankshares for an exchange of shares valued at $542 million.
The Wachovia-Jefferson merger application was reviewed by the Federal Reserve Bank of Richmond but required approval by the secretary of the Fed's Board of Governors in Washington, D.C.
The Board of Governors was involved because the president and chief executive of Wachovia's principal bank subsidiary, J. ...