Wells Fargo, Wachovia merger approved

The Federal Reserve Board approved the Wells Fargo and Wachovia merger, according to Business Wire. The deal, which will created the nation's largest retail bank, must be approved by Wachovia shareholders and should be complete by the end of the year.

Reuters also reported this morning that Wells Fargo and Wachovia stocks rose after the announcement of the approval:

Shares of Wachovia rose 10 percent before the bell on Monday the day after the Federal Reserve gave its stamp of approval to the bank's takeover by Wells Fargo & Co.

Wachovia was up 9.7 percent to $5.65 before the market opened, while San Francisco-based Wells Fargo was up 6 percent at $30.00.

The love triangle with Citigroup made this story so much more interesting.