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CHARLOTTE, NC-In a surprising move ending a tumultuous week,locally based Wachovia Corp. has agreed to be purchased by SanFrancisco-based Wells Fargo & Co. for $15.1 billion. The deal,approved by both banks' boards Thursday night, negates the need fora pendingtakeover by New York City-based Citigroup Inc. that wasarranged by the FDIC over the past weekend and would have includeda $42-billion bailout of Wachovia's loan losses.

"This deal enables us to keep Wachovia intact and preserve thevalue of an integrated company, without government support,"Wachovia Chairman and CEO Bob Steel said in a statement issuedearly Friday morning. "The market presence and composition of ourbusinesses, along with our service-oriented cultures, areextraordinarily complementary and this combination creates greatpotential for sustained stability and growth."