WASHINGTON (Reuters) - The Federal Reserve on Wednesday approved Bank of America Corp's (BAC.N: Quote, Profile, Research, Stock Buzz) purchase of investment bank Merrill Lynch & Co. (MER.N: Quote, Profile, Research, Stock Buzz).
Bank of America announced it would buy Merrill for $44 billion in mid-September as investors fled from financial services firms and Lehman Brothers' faced bankruptcy.
The deal needed regulatory approval, though, and a blessing from the Fed, which weighed the merger's impact on the banking sector.
Bank of America, the largest U.S. depository bank, has total consolidated assets of $1.8 trillion or roughly 11 percent of the nation's total, the Fed said.
(Reporting by Patrick Rucker; Editing by Andrea Ricci)
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