Fed approves Wells Fargo-Wachovia buyout - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

Fed approves Wells Fargo-Wachovia buyout

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WASHINGTON - The Federal Reserve has approved Wells Fargo's $11.7 billion acquisition of Wachovia today.

The Fed's move comes after federal antitrust regulators backed the deal Friday, allowing San Francisco-based Wells Fargo to buy the Charlotte North Carolina-based bank.

Citigroup Thursday walked away from its own efforts to buy Wachovia, which was hit by a $5 billion run on deposits in late September after the failure of West Coast rival Washington Mutual, according to court documents filed Friday by Citigroup.