The U.S. Federal Reserve late Monday approved the $47 billion purchase by North Carolina-based Bank of America (NYSE: BAC) of Boston's FleetBoston Financial (NYSE: FBF).The deal will create the nation's second-largest banking company. The combined company will be called Bank of America and will have assets of about $938 billion.The companies still need to receive shareholder approval for the deal, with votes scheduled March 17. The transaction is expected to close in April.Bank of America and FleetBoston, which has a major presence in New Jersey, announced the deal in October.