The Charlotte (N.C.) Observer reported the sale was approved by 76 percent of shareholders.

Wachovia Chief Executive Officer Bob Steel said while he said he was excited about the deal's prospects he admitted it came with mixed emotions.

A handful of shareholders spoke at the meeting. One person accused the board's management of "raw greed," while others urged the bank to look out for its workers.

Charlotte shareholder activist John Moore criticized the board for failing to avoid acquisitions that enriched management at the expense of workers and shareholders, the newspaper reported.

The deal is expected to close Dec. 31.