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NEW YORK CITY-The Federal Reserve’s board has approved the purchased of locally based Merrill Lynch by Bank of America. The deal has Merrill valued at about $50 billion, and the management of Charlotte, NC-based Bank of America says it expects to close the transaction by the end of the year.

After the deal is completed, Bank of America is said to have 20,000 financial advisers and $2.5 trillion in assets. The purchase was first announced in September. Read the full Associated Press report here.

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