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WASHINGTON — Wells Fargo & Co., the California bank that’s acquiring Wachovia Corp., agreed to reduce its customer deposits to comply with U.S. bank-merger law should the combined company control more than 10 percent of deposits nationwide, the Federal Reserve said.
Wells Fargo and Wachovia would have controlled about 10.1 percent of deposits as of June 30, the Federal Reserve said in a statement Tuesday elaborating on its Oct. 12 approval of the transaction.
Wells Fargo committed to sell five Wachovia branches with about $1.33 billion of deposits in California and one in Colorado with $127 million of deposits, the Fed said.
