BANKING

Fed OKs Wells-First Interstate Deal: The Federal Reserve Board, as expected, approved Wells Fargo & Co.’s $12.6-billion takeover of First Interstate Bancorp, removing the last regulatory obstacle to the biggest bank merger in U.S. history. The Fed’s action came shortly after California Bank Supt. Conrad W. Hewitt announced his approval of Wells’ acquisition of First Interstate’s three California-chartered business units. Shareholders of both banks are scheduled to ratify the deal in March 28 meetings in San Francisco and Los Angeles, and the merger will close on April 1. Wells, under a divestiture agreement with federal antitrust regulators, is required by that date to obtain signed agreements to sell 61 branches with $2.5 billion in deposits. Up to 10,000 bank employees, mainly First Interstate’s, will be fired as a result of the merger.