"We received overwhelming support from Wachovia's shareholders today, with approximately 96% of the votes cast by Wachovia shareholders approving the transaction," CEO Bob Steel stated in a release. He added that "the Wells Fargo/Wachovia combination will provide superior growth and long-term value to our shareholders, customers, employees and our communities."

Wachovia and San Francisco-based Wells Fargo agreed to the merger Oct. 3, just days after federal authorities arranged a quick sale of Wachovia to Citigroup for what amounted to roughly $1 per share, or $2.1 billion. Wells Fargo offered $15.1 billion, or $7 per share, with no requirement of government assistance. The final purchase price figures to be just under $12 billion, based on current stock values.

Financially troubled Wachovia was a plum for both banks, with 3,300 branches in 21 states from Connecticut to Florida. New York-based Citi has far fewer operations in the Southeast, while Wells Fargo has even less redundancy with Wachovia along the East Coast.